This report，by centering on institutional innovation，modern service industry agglomeration and Shenzhen-Hong Kong cooperation，summarizes the new progress made by Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone in the past year. When facing such complicated and fierce situations as the outbreak of COVID-19 occurred，the globalization of the world economy was influenced by counter-globalization thoughts，and the optimization and upgrading of the domestic industrial structures was in a critical stage，Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone focused on two key issues：one is to create new advantages in international competition through high-level opening up，and the other is to promote the increase in global value chain of Chinese industries by means of the agglomeration and development of modern service industry. As a pioneering demonstration of China’s reform and opening up，Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone should continue to grasp the “Hong Kong elements”，promote the dual circulations at home and abroad，deepen the reform of “deregulation，regulation and service”，and give full play to the positive role of the government in the agglomeration and development of modern service.