Written by Toby Wong, China Consultancy Team, CW CPA
On 17 July 2019, CW CPA jointly organized a seminar as part of the “Regional Business Gathering Series – Hong Kong” event with the Commerce Bureau of Shenzhen Municipality and the Shenzhen International Investment & Promotion Association, under the theme of Winning Together in the Hong Kong-Shenzhen Cooperation. The Pacific Basin Economic Council, of which our partner, Mr Thomas Wong, is a member, is a supporting organization as well. Attended by more than 50 people from Hong Kong and Shenzhen, the seminar focused on the high-tech industries of Shenzhen. Michael Walsh, the Chief Executive of the Pacific Basin Economic Council, spoke at the seminar, as well as a few corporate representatives and Shenzhen government officials.
Shenzhen’s economic development in the past 40 years has been impressive. More than 4% of Shenzhen’s GDP was put into the research and development field, which is a higher percentage than both Israel and Korea. Seven Shenzhen-based companies are now listed in the Global Fortune 500 while 280 of the Global Fortune 500 companies run their businesses in Shenzhen. Shenzhen is now the 7th largest stock exchange in the world and has more than 50,000 venture capital and private equity companies. The inauguration of the high-speed rail between Hong Kong and Shenzhen last year has brought the two megacities closer together, facilitating Hong Kong companies to explore opportunities and take advantage of the attractive investment environment in Shenzhen.
CW will continue its role in assisting local and overseas companies to grow in Shenzhen. With the Greater Bay Area concept, more entrepreneurs will no doubt be captured by the fascinating metropolis, Shenzhen.