'Loop' in limelight
Shenzhen is studying a strategy for developing the Lok Ma Chau Loop boundary area with Hong Kong, Shenzhen Mayor Xu Zongheng said yesterday.
Mr Xu said his government did not have a clear idea about developing the one-square-kilometre loop and the main obstacle to progress on the issue was the division of the area's ownership and administration.
'[We don't have a time frame on] how to develop the loop and when we should start... But we hope to improve cross-border co-operation with all speed,' Mr Xu said.
Shenzhen owns the boundary area but it has been administrated by Hong Kong for more than two decades and any development blueprint by either government needs to be agreed to by both cities.
Mr Xu said Shenzhen was still exploring the feasibility of developing the loop and was promoting research on economic integration issues related to the area.
He said co-operation would focus mainly on financial collaboration, cross-border infrastructure and the plan for a technology park.
A draft government budget submitted to the Shenzhen People's Congress sets aside funding for a feasibility study on pilot financial innovation projects for the area, according to The Southern Metropolis News.