Page 84 - 2023 Special Report on the State of Business in South China
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and technological services and professional 2. As a pilot demonstration zone, upgrade the
services; and (ii) building a pilot and demonstration opening-up and functions of the national financial
window for China’s financial industry to open up to industry and cross-border RMB business innovation
the outside world and as an important producer
service center in the Asia-Pacific region. 3. Create a reform and innovation pilot
platform in the GBA
- The Western Shenzhen Port Zone:
Prioritizes port logistics, international trade, supply 4. An opening-up gateway to the world21
chain management and high-end shipping services
while undertaking the function of trading goods On 6 September 2021, the government
and building an international hub port. announced an expansion plan22 of the Qianhai
Shenzhen-Hong Kong Modern Service Industry
- The Shekou Business Zone: Prioritizes new Economic Cooperation Zone, from which we see:
services such as network information, scientific and
technological services and cultural creativity, and 1. The total area of the cooperation zone will be
forms an industrial linkage and complementary expanded by eight times, from 14.9km2 to 120.6km2.
advantages with the Qianhai Area.
2. It will further liberalize services trade
The Qianhai Shenzhen-Hong Kong Cooperation and open the financial sector, including through
Zone overlaps with the functions and policies of supporting links to Hong Kong’s financial market,
pilot free trade zones and follows the three-zone allowing for cross-border renminbi use, allowing
model of “Cooperation Zone + Pilot Free Trade for more convenient management of foreign
Zone + Bonded Port Area”. These policies include exchange and supporting cross-border security
those shared by pilot free trade zones in Chinese investments further.
mainland and also policies unique to the Qianhai
Cooperation Zone, such as a reduced corporate 3. It will also empower Shenzhen's pioneer
income tax of 15%, preferential individual income role of leading a bigger integration of GBA
tax and other tax policies. The comparative economies from financial service, technology
advantages are more prominent. innovation, culture business, health care and legal
service perspectives.
In the past year, all of Qianhai’s major economic
indicators achieved continued growth and a series of According to a notice issued by the Qianhai
new reform and opening up measures were rolled Authority on the promotion of trade, modern
out. In 2021, Qianhai’s GDP reached RMB175.6 billion, logistics, shipping services and commercial
up 10.5% YoY. FDI inflows into the area was US$5.8 development in the Qianhai Shenzhen-Hong
billion, up to 14.9% from the previous year, and the Kong Modern Service Industry Co-operation
total import and export volume reached RMB1.7 Zone, from 15 July 2022 qualifying entities are
trillion, a YoY increase of 20.3%20. So far, Qianhai has eligible for support funds of between RMB3
rolled out 725 institutional innovations in the fields million and RMB30 million a year over the next
of investment, trade, finance and rule of law, among three years23.
which 65 have been duplicated for use nationwide.
21 Government site of Guangdong, http://www.
In the 14th Five-Year Plan, the Qianhai and gd.gov.cn/zwgk/wjk/qbwj/yfb/content/post_3533834.
Shekou areas of Shenzhen will focus on: html
22 The expansion plan for building Guangdong-
1. Cooperate with Hong Kong to build a new Macau in-depth cooperation zone, http://www.
international trade center, a high-end shipping chinadaily.com.cn/a/202109/05/WS6134a902a310e-
service center, an international legal service center fa1bd66d691.html
and a commercial dispute resolution center 23 Qianhai Shenzhen-Hong Kong Modern Service
20 Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, http://qh.sz.gov.cn/tzqh/
Industry Cooperation Zone, http://qh.sz.gov.cn/ yhzc/qtzcsy/content/post_9964816.html
84
services; and (ii) building a pilot and demonstration opening-up and functions of the national financial
window for China’s financial industry to open up to industry and cross-border RMB business innovation
the outside world and as an important producer
service center in the Asia-Pacific region. 3. Create a reform and innovation pilot
platform in the GBA
- The Western Shenzhen Port Zone:
Prioritizes port logistics, international trade, supply 4. An opening-up gateway to the world21
chain management and high-end shipping services
while undertaking the function of trading goods On 6 September 2021, the government
and building an international hub port. announced an expansion plan22 of the Qianhai
Shenzhen-Hong Kong Modern Service Industry
- The Shekou Business Zone: Prioritizes new Economic Cooperation Zone, from which we see:
services such as network information, scientific and
technological services and cultural creativity, and 1. The total area of the cooperation zone will be
forms an industrial linkage and complementary expanded by eight times, from 14.9km2 to 120.6km2.
advantages with the Qianhai Area.
2. It will further liberalize services trade
The Qianhai Shenzhen-Hong Kong Cooperation and open the financial sector, including through
Zone overlaps with the functions and policies of supporting links to Hong Kong’s financial market,
pilot free trade zones and follows the three-zone allowing for cross-border renminbi use, allowing
model of “Cooperation Zone + Pilot Free Trade for more convenient management of foreign
Zone + Bonded Port Area”. These policies include exchange and supporting cross-border security
those shared by pilot free trade zones in Chinese investments further.
mainland and also policies unique to the Qianhai
Cooperation Zone, such as a reduced corporate 3. It will also empower Shenzhen's pioneer
income tax of 15%, preferential individual income role of leading a bigger integration of GBA
tax and other tax policies. The comparative economies from financial service, technology
advantages are more prominent. innovation, culture business, health care and legal
service perspectives.
In the past year, all of Qianhai’s major economic
indicators achieved continued growth and a series of According to a notice issued by the Qianhai
new reform and opening up measures were rolled Authority on the promotion of trade, modern
out. In 2021, Qianhai’s GDP reached RMB175.6 billion, logistics, shipping services and commercial
up 10.5% YoY. FDI inflows into the area was US$5.8 development in the Qianhai Shenzhen-Hong
billion, up to 14.9% from the previous year, and the Kong Modern Service Industry Co-operation
total import and export volume reached RMB1.7 Zone, from 15 July 2022 qualifying entities are
trillion, a YoY increase of 20.3%20. So far, Qianhai has eligible for support funds of between RMB3
rolled out 725 institutional innovations in the fields million and RMB30 million a year over the next
of investment, trade, finance and rule of law, among three years23.
which 65 have been duplicated for use nationwide.
21 Government site of Guangdong, http://www.
In the 14th Five-Year Plan, the Qianhai and gd.gov.cn/zwgk/wjk/qbwj/yfb/content/post_3533834.
Shekou areas of Shenzhen will focus on: html
22 The expansion plan for building Guangdong-
1. Cooperate with Hong Kong to build a new Macau in-depth cooperation zone, http://www.
international trade center, a high-end shipping chinadaily.com.cn/a/202109/05/WS6134a902a310e-
service center, an international legal service center fa1bd66d691.html
and a commercial dispute resolution center 23 Qianhai Shenzhen-Hong Kong Modern Service
20 Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, http://qh.sz.gov.cn/tzqh/
Industry Cooperation Zone, http://qh.sz.gov.cn/ yhzc/qtzcsy/content/post_9964816.html
84
