Nonstop pilot reform and innovation marks Qianhai Plan's 1st anniversary
PR97701
SHENZHEN, China, Sept. 7, 2022 /Xinhua=KYODO JBN/--
As a "test field" for China in comprehensively deepening reform and opening up,
Qianhai has demonstrated robust development momentum since the Plan for
Comprehensive Deepening Reform and Opening Up of the Qianhai Shenzhen-Hong Kong
Modern Service Industry Cooperation Zone (Qianhai Plan) was issued by Chinese
central government on Sept. 6 last year.
The vitality of Qianhai's development is constantly presented to the world due
to the all-round opening up. In the first half of this year, the actual use of
foreign capital in the area was 3.53 billion U.S. dollars, up by 17.4% year on
year, according to the Authority of Qianhai.
Qianhai has made greater progress in pilot reform and innovation over the past
year. "Qianhai is characterized by the pilot reform and innovation," said Xu
Weiyu, senior manager of Shenzhen Qianhai PwC Business Consulting Services Co.,
Limited.
The cooperation between Shenzhen and Hong Kong has deepened as the Qianhai
Authority and Financial Services and the Treasury Bureau of Hong Kong Special
Administrative Region (FSTB) recently launched a 18-measure program supporting
the development of Venture Capital in the area. By launching pilot policies and
measures for cooperation, Qianhai has rolled out 725 institutional innovations
in the fields of investment, trade, finance and rule of law, among which 65
have been duplicated for use nationwide.
The Qianhai Plan is widely taken as another opportunity for Qianhai's
development and a good window for upgrading Shenzhen-Hong Kong cooperation.
Qianhai is not confined to the "geographic extension", otherwise, it has made a
"policy expansion" as well.
In July this year, Standard Chartered Bank set up Standard Chartered Private
Equity Fund Management (Shenzhen) Co., Ltd. in Qianhai, and the company's legal
representative Lin Ximing said that in the future, combined with Qianhai's
advantageous environment, more and more foreign institutions will enter the
mainland through Qianhai.
"Both the designing and the implementation of policies have revealed an
orientation toward developing and facilitating industries, thus the enterprises
have been able to do business with ease and confidence," said Owen Wang, vice
president of the Greater Bay Area of Li & Fung Qianhai Supply Chain Management
(Guangdong) Co., Ltd., a Hong Kong-funded enterprise.
Thanks to the dual advantages of Free Trade Zone and comprehensive bonded zone,
Li & Fung supply chain currently managed and operated warehouses with an area
of more than 100,000 square meters in Qianhai and has set up global or
Asia-Pacific service trade and supply chain centers for a number of
international well-known brands. The policies rolled out in Qianhai are "in
line with industrial development", said Wang. Thanks to those policies, the
projects for logistics industry can be "efficiently connected" as soon as
they're implemented and customs clearance is "fast and smooth", he added.
There is no doubt that Qianhai is becoming more open and international. Over
the past year, Qianhai has launched lots of innovations and pilot programs:
taking the lead in realizing Notification and Commitment System for approval of
the business of overseas assignment of seamen, holding Shanghai Cooperation
Organization (SCO) Youth Technology and Innovation Forum, carrying out the
Cross-boundary Wealth Management Connect (WMC) Pilot Scheme in the
Guangdong-Hong Kong-Macao Greater Bay Area (GBA), implementing nine support
policies bringing tangible benefits to Hong Kong, building the GBA
International Arbitration Centre, conducting the GBA Union of Innovation China,
constructing Qianhai-Hong Kong-Macau e-link and releasing a package of 100
one-stop services for international talents etc.
Source: Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry
Cooperation Zone
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