The money would be used to fund 311 new projects and 164 existing ones in Qianhai, a 15-square-kilometre development zone in the Pearl River Delta, the Southern Metropolis Daily reported, adding it aimed to become one of the world's largest logistics centres by 2015. Officials involved in the project were not immediately available to comment.
The zone was unveiled in the city's five-year plan last year although no details on spending were provided.
Qu Jian, deputy director of the Shenzhen-based China Development Institute, said the project would not pose a threat to Hong Kong's leading position in the logistics industry.
"If Hong Kong and Shenzhen can pool their resources, we can overtake Shanghai as the world's biggest (in port facilities)," the South China Morning Post quoted Qu as saying.
"Our co-operation would be crucial for us to become the leader in the global logistics business."
Several major multinational companies had already promised to relocate their business to Qianhai, the South China Morning Post reported, adding that no further details were available.
Adjacent to Shenzhen, a booming metropolis that was a sleepy town surrounded by rice fields just 30 years ago, Qianhai aims to lure global supply-chain companies with tax incentives, bank loans and other preferential policies, the newspaper added.
Qianhai aims to become a new engine of growth, generating gross domestic product of 150 billion yuan by 2020, although deepening global economic uncertainty could be a risk factor. (Reuters)
