Shenzhen, China’s Silicon Valley, Celebrates 40th Anniversary as Special Economic Zone

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  • Bloomberg QuickTake: Now published this video item, entitled “Shenzhen, China’s Silicon Valley, Celebrates 40th Anniversary as Special Economic Zone” – below is their description.

    Shenzhen, China’s Silicon Valley, is celebrating its 40th anniversary as a special economic zone. Bloomberg’s Allen Wan gives us a tour of the city, home to tech companies like Huawei, ZTE and Tencent, which owns social media platforms WeChat and QQ. China’s policy makers are seeking to turn the area into a global innovation hub, boost infrastructure connectivity between cities and strengthen Hong Kong’s role as an international center of finance, shipping and trade as well as the center for the offshore yuan business. China is also letting Shenzhen play “a key role” in science and technology innovation in the Guangdong-Hong Kong-Macau Greater Bay Area. Shenzhen will be granted favorable policies including privileges in yuan internationalization. The southern Chinese city was told to work toward giving “citizen treatment” to Hong Kong and Macau residents who work there, and was also encouraged to allow talented foreigners with permanent residency in China to start businesses in the city.

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    In This Story: China

    China is the third largest country in the world by area and the largest country in the world by population. Properly known as the People’s Republic of China, the political territory of the country includes the former nations of Tibet and Hong Kong. The capital is Beijing.

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  • In This Story: Hong Kong

    Hong Kong, officially the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR), is a metropolitan area and special administrative region of the People’s Republic of China on the eastern Pearl River Delta of the South China Sea. With over 7.5 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world.

    Hong Kong became a colony of the British Empire after the Qing Empire ceded Hong Kong Island at the end of the First Opium War in 1842. The colony expanded to the Kowloon Peninsula in 1860 after the Second Opium War and was further extended when Britain obtained a 99-year lease of the New Territories in 1898. The whole territory was transferred to China in 1997. As a special administrative region, Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of “one country, two systems”.

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