China’s financial reform zone in Shenzhen has been allowed an eightfold expansion that will eventually make it twice the size of New York City’s Manhattan district as part of a plan released by the government to further integrate Guangdong province with the Hong Kong special administrative region.
The Qianhai cooperation zone was expanded to 120.56 square kilometers from 14.92 square kilometers, according to a plan (link in Chinese) released Monday by the State Council and the Central Committee of the Communist Party.
The zone will broaden its focus from financial services, technology and logistics to manufacturing and the marine industry. It will continue to test financial reforms in areas such as cross-border yuan use and boost green finance and connectivity with Hong Kong’s financial markets. It will also host a big data platform for cross-border trade.
Source: Caixin Global