In the short term, Shenzhen aims to spend the next 10 years learning from and catching up with the best cities in Asia including Hong Kong, Singapore and Seoul. In the long term, Shenzhen aimed to become a world-class international metropolis in the 2030s.

But an academic in Guangdong has cast doubt on Shenzhen overtaking Hong Kong in a decade.

The Shenzhen authorities' statement, issued online on Tuesday, listed eight strategies to realise these aims, with the priority being strengthening co-operation between Hong Kong and Shenzhen.

Shenzhen wants to develop a shared shipping logistics centre, an international financial centre, a scientific and technological innovation centre, and an exhibition centre.

Shenzhen aims to achieve parity with Hong Kong, Singapore and Seoul not just in terms of gross domestic product, but in many key areas - from innovation, to urban management, the legal system, the environment and social welfare.

The Shenzhen authorities' announcement follows a path laid out by Guangdong's new party secretary, Wang Yang, who this year called on the city to 'have the courage to challenge modern world cities'.

Mr Wang has often said there was no room for complacency and that Shenzhen needed to raise itself to world-class city standards.

Cheng Jiansan, an economist with the Guangdong Academy of Social Sciences, said Shenzhen's new move showed Guangdong urgently needed to look for drivers of economic transformation.

'The proportion of industry, especially manufacturing, in Guangdong's GDP is too high,' Professor Cheng said. 'It would be quite dangerous for the Pearl River Delta to keep relying on its manufacturing export base if the global economy slows down. We can see the potential risk just in front of us raised by the [US] subprime crisis.'

He said Shenzhen was chosen by the provincial and central government as a test case for innovative and high-end services industries.

'Most of Guangdong's cities, like Dongguan, Shunde and Foshan, were still relying on labour-intensive manufacturers and on overseas orders.

'Compared to these cities, Shenzhen is the best choice since it at least has the advantage of having a chain of high-tech innovative businesses and is close to Hong Kong.'

But Shenzhen might need at least 20 years or more to overtake Hong Kong, he said, adding that Hong Kong would be the leading city in the service industry in the Pearl River Delta for the long term.

'Many Hongkongers are worried that Hong Kong will become marginalised. But I see no need for concern,' he said. 'Shenzhen cannot upgrade its service industry by itself.

'All it could do is to co-operate with Hong Kong, and divide or share some production and assembly functions with Hong Kong's world-leading logistics and finance sectors.'

Priscilla Lau Pui-king, associate professor of business studies at Polytechnic University, said Shenzhen's success would largely depend on the national policy.

'For example, Shenzhen has long been hoping to become a financial centre in the region. But it's just unrealistic if the central government does not relax the convertibility limitation on the yuan,' she said.