08 August 2023
On 8 August 2023, the State Council issued the “Development Plan for the Shenzhen Park of Hetao Shenzhen-Hong Kong Science and Technology Innovation and Cooperation Zone” (“the Plan”). The Plan proposed to support venture capital jointly established by venture capital funds in Mainland and Hong Kong and allow cross-border fundings for scientific research projects in Shenzhen and Hong Kong. In addition, the Plan proposed to allow Hong Kong-invested enterprises registered in the customs supervision area of the Shenzhen Park to adopt Hong Kong laws in settling contract disputes and choose Hong Kong as the arbitration area without violating national laws and jeopardizing national sovereignty, security and social public interests.