Summary of Key Points
In the past, the cooperation between Shenzhen and Hong Kong relied on a division of labor where Hong Kong acted as the "front store" and Shenzhen as the "back factory," benefiting from globalization. However, due to the current trend of anti-globalization and geopolitical tensions, the external environment has changed dramatically. The logic of their cooperation has shifted from "who creates benefits for whom" to "working together to mitigate risks and enhance resilience." Both cities need to redefine their roles: Hong Kong should evolve from a "super connector" to a "super value-added partner," using its international services to empower the mainland, while Shenzhen should transform from a pioneer of reform and opening up into a hub for technological autonomy and strength. It is essential to maintain their differences—Hong Kong's international presence and Shenzhen's strong focus on technology. By collaborating through innovation, mutual support in fintech, expanding supply chains overseas, and integrating people's livelihoods, the two cities can become an "international twin metropolis" that supports the country in adapting to the reshaping of global rules.
1. A Major Shift in Cooperation Logic under Sanctions: From "Dividing the Pie" to "Working Together"
The traditional division of labor between Shenzhen and Hong Kong was clear: Hong Kong served as an offshore gateway for the mainland, connecting it with international capital and networks, while Shenzhen focused on manufacturing and innovation, with the goal of expanding the economy. However, with the U.S. sanctions against China, Hong Kong has been targeted with 947 sanctions (the highest number in the country), and Shenzhen with 289, affecting high-precision manufacturing and logistics. Hong Kong can no longer rely on its neutrality to navigate these challenges, just as Shenzhen's technology cannot function independently without international capital and rules. Therefore, the focus of cooperation has changed from competing on contributions to working together. Hong Kong's international strengths need to be integrated into the mainland's industrial chain, and Shenzhen's technological capabilities should leverage Hong Kong's international framework to jointly withstand risks.
2. New Missions: Hong Kong as a "Super Value-Added Partner," Shenzhen as a "Technology Engine"
Considering the national development context, their roles must evolve:
- Hong Kong: From being a "super connector" to a "super value-added partner." Its unique position, combining knowledge of international rules (common law, free port status), and access to the mainland market (80% of global offshore RMB transactions are cleared through Hong Kong), means it can now provide world-class financial, legal, and certification services to help mainland companies expand internationally and promote higher-level openness.
- Shenzhen: From a testing ground for reform and opening up to a leader in technological autonomy. This includes initiatives such as building the Greater Bay Area Science Center, the Guangming Science City, and the Pengcheng Laboratory to strengthen basic research. The Hetao Cooperation Zone serves as a platform for scientific and technological collaboration between the two cities.
3. Differences Are Not Barriers but Sources of Energy for Cooperation
While both cities have their weaknesses—Shenzhen lacks "soft power" (with only 6% of R&D investment in basic research, compared to Beijing and Shanghai) and Hong Kong lacks a strong manufacturing base due to an aging population—these shortcomings complement each other. For example, Shenzhen's international expertise and high-tech capabilities can complement Hong Kong's lack of traditional industries and young talent. The key is to avoid homogenization; if both cities become identical, the dynamic flow of capital and talent would be stifled. The "one country, two systems" framework ensures that each maintains its unique strengths.
4. Four Practical Paths for Mutual Support Through Their Strengths
1. Innovation Collaboration: Hong Kong can focus on research, while Shenzhen converts ideas into products. For instance, the Hetao Cooperation Zone can facilitate a closed-loop process where ideas are developed in Hong Kong, validated in the zone, and produced on a large scale in Shenzhen.
2. Value Empowerment: Fintech and finance can support each other. Hong Kong can help Shenzhen's companies (like Jingtai Technology) gain international recognition through listings and enhance their brand value, while Shenzhen can use blockchain and AI to advance Hong Kong's financial technology.
3. Supply Chain Expansion: Shenzhen provides products, and Hong Kong offers services. This includes helping mainland companies establish overseas bases in Southeast Asia and the Middle East, creating a network that connects innovation in Shenzhen with services in Hong Kong.
4. Integrated Livelihoods: People from Hong Kong can benefit from Shenzhen's consumer opportunities, and Shenzhen can leverage Hong Kong's professional services. The northern part of Hong Kong is close to Shenzhen, allowing for easier cross-border travel and access to resources, fostering a cohesive community.
Conclusion
The cooperation between Shenzhen and Hong Kong is no longer just about complementary urban development; it is a critical step for the country to adapt to global changes. By preserving their unique strengths and combining them, the two cities can become an "international twin metropolis" that is indispensable to each other, enhancing their competitiveness together.