Page 124 - 2024 Special Report on the State of Business in South China
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the outside world and as an important producer 2. As a pilot demonstration zone, upgrade
service center in the Asia-Pacific region. the opening-up and functions of the national
financial industry and cross-border RMB business
- The Western Shenzhen Port Zone: innovation
Prioritizes port logistics, international trade, supply
chain management and high-end shipping services 3. Create a reform and innovation pilot
while undertaking the function of trading goods platform in the GBA
and building an international hub port.
4. An opening-up gateway to the world27
- The Shekou Business Zone: Prioritizes new
services such as network information, scientific and On 6 September 2021, the government
technological services and cultural creativity, and announced an expansion plan28 of the Qianhai
forms an industrial linkage and complementary Shenzhen-Hong Kong Modern Service Industry
advantages with the Qianhai Area. Economic Cooperation Zone, from which we see:
The Qianhai Shenzhen-Hong Kong Cooperation 1. The total area of the cooperation zone will be
Zone overlaps with the functions and policies of expanded by eight times, from 14.9km2 to 120.6km2.
pilot free trade zones and follows the three-zone
model of “Cooperation Zone + Pilot Free Trade 2. It will further liberalize services trade
Zone + Bonded Port Area”. These policies include and open the financial sector, including through
those shared by pilot free trade zones in Chinese supporting links to Hong Kong’s financial market,
mainland and also policies unique to the Qianhai allowing for cross-border renminbi use, allowing
Cooperation Zone, such as a reduced corporate for more convenient management of foreign
income tax of 15%, preferential individual income exchange and supporting cross-border security
tax and other tax policies. The comparative investments further.
advantages are more prominent.
3. It will also empower Shenzhen’s pioneer
In 2022, all of Qianhai’s major economic role of leading a bigger integration of GBA
indicators achieved continued growth and a series economies from financial service, technology
of new reform and opening-up measures were innovation, culture business, health care and legal
rolled out. Qianhai’s GDP reached RMB194.9 billion, service perspectives.
up 5.2% YoY. FDI inflows into the area was US$5.9
billion, up to 0.7% from the previous year, and the “30 measures” to boost Qianhai-Hong
total import and export volume reached RMB2.6 Kong financial cooperation29
trillion, a YoY increase of 48.6%26. So far, Qianhai
has rolled out a series of measures in modern In February, the central finance and monetary
service industries such as finance, industrial authorities and the People’s Government of
agglomeration, and commercial logistics, and over Guangdong jointly promulgated the “Opinion on
300 global Fortune 500 MNCs are accelerating their Providing Financial Support for the Comprehensive
footprints in the area. Deepening Reform and Opening Up of the Qianhai
Shenzhen-Hong Kong Modern Service Industry
In the 14th Five-Year Plan, the Qianhai and Cooperation Zone”, which set out 30 measures on
Shekou areas of Shenzhen will focus on: financial reform and innovation, covering financial
27 Government site of Guangdong, http://www.
1. Cooperate with Hong Kong to build a new gd.gov.cn/zwgk/wjk/qbwj/yfb/content/post_3533834.
international trade center, a high-end shipping html
service center, an international legal service center 28 The expansion plan for building Guangdong-
and a commercial dispute resolution center Macau in-depth cooperation zone, http://www.
chinadaily.com.cn/a/202109/05/WS6134a902a310e-
26 Qianhai Shenzhen-Hong Kong Modern Service fa1bd66d691.html
Industry Cooperation Zone, http://qh.sz.gov.cn/syg- 29 Government site of Shenzhen, http://www.
nan/xxgk/xxgkml/tjsj/content/mpost_10487210.html sz.gov.cn/cn/xxgk/zfxxgj/zwdt/content/post_10444994.
html
124
service center in the Asia-Pacific region. the opening-up and functions of the national
financial industry and cross-border RMB business
- The Western Shenzhen Port Zone: innovation
Prioritizes port logistics, international trade, supply
chain management and high-end shipping services 3. Create a reform and innovation pilot
while undertaking the function of trading goods platform in the GBA
and building an international hub port.
4. An opening-up gateway to the world27
- The Shekou Business Zone: Prioritizes new
services such as network information, scientific and On 6 September 2021, the government
technological services and cultural creativity, and announced an expansion plan28 of the Qianhai
forms an industrial linkage and complementary Shenzhen-Hong Kong Modern Service Industry
advantages with the Qianhai Area. Economic Cooperation Zone, from which we see:
The Qianhai Shenzhen-Hong Kong Cooperation 1. The total area of the cooperation zone will be
Zone overlaps with the functions and policies of expanded by eight times, from 14.9km2 to 120.6km2.
pilot free trade zones and follows the three-zone
model of “Cooperation Zone + Pilot Free Trade 2. It will further liberalize services trade
Zone + Bonded Port Area”. These policies include and open the financial sector, including through
those shared by pilot free trade zones in Chinese supporting links to Hong Kong’s financial market,
mainland and also policies unique to the Qianhai allowing for cross-border renminbi use, allowing
Cooperation Zone, such as a reduced corporate for more convenient management of foreign
income tax of 15%, preferential individual income exchange and supporting cross-border security
tax and other tax policies. The comparative investments further.
advantages are more prominent.
3. It will also empower Shenzhen’s pioneer
In 2022, all of Qianhai’s major economic role of leading a bigger integration of GBA
indicators achieved continued growth and a series economies from financial service, technology
of new reform and opening-up measures were innovation, culture business, health care and legal
rolled out. Qianhai’s GDP reached RMB194.9 billion, service perspectives.
up 5.2% YoY. FDI inflows into the area was US$5.9
billion, up to 0.7% from the previous year, and the “30 measures” to boost Qianhai-Hong
total import and export volume reached RMB2.6 Kong financial cooperation29
trillion, a YoY increase of 48.6%26. So far, Qianhai
has rolled out a series of measures in modern In February, the central finance and monetary
service industries such as finance, industrial authorities and the People’s Government of
agglomeration, and commercial logistics, and over Guangdong jointly promulgated the “Opinion on
300 global Fortune 500 MNCs are accelerating their Providing Financial Support for the Comprehensive
footprints in the area. Deepening Reform and Opening Up of the Qianhai
Shenzhen-Hong Kong Modern Service Industry
In the 14th Five-Year Plan, the Qianhai and Cooperation Zone”, which set out 30 measures on
Shekou areas of Shenzhen will focus on: financial reform and innovation, covering financial
27 Government site of Guangdong, http://www.
1. Cooperate with Hong Kong to build a new gd.gov.cn/zwgk/wjk/qbwj/yfb/content/post_3533834.
international trade center, a high-end shipping html
service center, an international legal service center 28 The expansion plan for building Guangdong-
and a commercial dispute resolution center Macau in-depth cooperation zone, http://www.
chinadaily.com.cn/a/202109/05/WS6134a902a310e-
26 Qianhai Shenzhen-Hong Kong Modern Service fa1bd66d691.html
Industry Cooperation Zone, http://qh.sz.gov.cn/syg- 29 Government site of Shenzhen, http://www.
nan/xxgk/xxgkml/tjsj/content/mpost_10487210.html sz.gov.cn/cn/xxgk/zfxxgj/zwdt/content/post_10444994.
html
124
