Hong Kong and Shenzhen have signed a memorandum of understanding related to the development of Lok Ma Chau Loop into an innovation and technology park. Rights to the piece of land were disputed in 1997 until Beijing stepped in that year – the agreement confirms that it will belong to Hong Kong.
It was signed ahead of a Hong Kong/Shenzhen Co-operation Meeting on Tuesday afternoon by Chief Secretary Carrie Lam and Ai Xuefeng, the Deputy Mayor Shenzhen. Lam is tipped to be running for the chief executive position.
Incumbent Chief Executive Leung Chun-ying said the size of the park will be four times of that of the Hong Kong Science Park and will be “Hong Kong’s largest innovation and technology platform ever.”
“It has great and unique meaning to develop innovation and technology in the Loop. The Loop is only a river away from Shenzhen – that it is within ‘one country,’ next to Shenzhen, and within the ‘Hong Kong system'” Leung said. “It has the benefit and convenience of the ‘One Country, Two Systems’.”
He added that the Hong Kong Science and Technology Parks Corporation will form a subsidiary company to be responsible for the park’s development and operation.
Above content is from the published article in the "Hong Kong Free press" on 3 January 2017. To read the full article, please visit here.
