Since 2014, PwC China and the China Development Research Foundation launched the ‘Cities of Opportunity’ thought leadership series, wherein we observe the development of Chinese cities from multiple angles from a global perspective, while respecting China's actual development status and the characteristics of each city. In March 2021, the Outline of the 14th Five-Year Plan (2021–2025) for National Economic and Social Development of the People's Republic of China and the Long-Range Objectives Through the Year 2035 (‘the 14th Five-Year Plan’ or ‘the Plan’) was passed. It emphasises that the added value of the strategic emerging industries highlighted in the Plan will account for more than 17% of national GDP, while ensuring the roles of core cities and urban clusters are to drive regional coordinated development as a policy priority. Therefore, this special report in the ‘Cities of Opportunity’ series mainly focuses on exploring the opportunities brought about by the development of the Shenzhen and Hong Kong urban cluster. This report, ‘Shenzhen and Hong Kong — Agglomeration of Strengths for Mutual Development’, is the first in this special report series.