The Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone ("Qianhai Cooperation Zone") has been developed since 2010. It is a major initiative demonstrating the strengthened cooperation and interaction between Hong Kong and Shenzhen. Qianhai Cooperation Zone has introduced various preferential policy measures for Hong Kong individuals and businesses. Data shows that the number of registered enterprises in the Qianhai Cooperation Zone has increased by 44.9 times in the past ten years, with a remarkable average annual growth rate of 89.2%.

On 6 September 2021, the Central Committee of the Communist Party of China and the State Council promulgated the Plan for Comprehensive Deepening Reform and Opening Up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone ("Qianhai Plan"), which has significantly increased the total area of the Qianhai Cooperation Zone from 14.92 km2 to 120.56 km2. The Qianhai Plan is designed to further open up the Qianhai Zone to the international business community.  

The "new" Qianhai includes the Convention and Exhibition New Town, Ocean New Town Area, Shenzhen Bao'an International Airport and surrounding area, Bao'an Centre and Da Chan Bay Area, Shekou and the two Big and small Nanshan sub-districts. It covers the Dananshan and Xiaonanshan mountain, having 68 km of coastline, 27 rivers, 4 mangrove wetlands, 6 urban parks, and 3 islands. The international airport, the cross-border highway, the 7 port terminals, 5 open ports, 2 railway stations, 4 expressways, 7 urban rail transit and the intercity railway provide convenient access to the zone. The planning of a railway link to the western New Territories will further facilitate its connection with Hong Kong, making the half-hour travel connection with Hong Kong and one-hour living zone within the Greater Bay Area (GBA) feasible.