President Xi Jinping’s speech at a gathering on Wednesday celebrating the 40th anniversary of the establishment of the Shenzhen Special Economic Zone points the way for the next stage of the nation’s reform and opening-up, with Shenzhen at the forefront of the modernization campaign, playing its role of the pilot and demonstrative zone for socialism with Chinese characteristics. At a time when globalization is in growing danger of reversal, Shenzhen is tasked with blazing a trail for the nation to advance toward a brighter future. As Shenzhen’s next-door neighbor and indispensable partner in social and economic development for decades, Hong Kong stands to benefit from closer cooperation and collaboration in the years to come and will continue to shine with Shenzhen on the world stage.

With the months-long “black revolution” having been defeated and social unrest effectively stopped after the promulgation of the National Security Law, Hong Kong has every reason to seize this precious opportunity and restrategize its future development, taking the “Shenzhen factor” into consideration in its policy formulation. Shenzhen’s next phase of reform and opening-up under a 2020-25 plan recently unveiled by the central authorities will create ample opportunities for Hong Kong, as it did during the previous phase of reform and opening-up. There is no need for Hong Kong to fear the rise of Shenzhen because each of the cities has its own competitive advantages on which they have prospered, and they are likely to continue to do so in the future through continuously enhanced cooperation on all fronts, preferably by way of the Guangdong-Hong Kong-Macao Greater Bay Area development.

Like Shenzhen, Hong Kong plays a significant role by design in this promising mega project, which in all likelihood will eventually create a bigger miracle than the “Shenzhen miracle”. No one but Hong Kong itself can take away this role. Given the long-established partnership of Shenzhen and Hong Kong, underpinned by a strong socioeconomic bond that will only grow in the years to come, it would be almost a crime for Hong Kong not to enhance its cooperation and collaboration with Shenzhen and capitalize on the opportunities that Shenzhen’s next phase of reform and opening-up will create.

We know for a fact that the two cities have their own strengths, and the difference between Shenzhen’s socialist system and Hong Kong’s capitalist system should make them complementary. Working together, the two will make a unique, formidable team as the dual engines of the Bay Area.