Qianhai invites Hong Kong entrepreneurs through institutional innovation

Shenzhen, China, April 27, 2022 /PRNewswire/ — April 27 marks the 7th anniversary of the inauguration of the Qianhai Shekou Free Trade Zone, whose daily changes are always fascinating. According to Qianhai Shenzhen-Hong Kong modern service industry cooperation zone authority, in 2021 the number of hong kong-funded enterprises registered in Qianhai increased by 156% year on year, and the actual use of hong kong capital accounts for 93.8% of total foreign investment. Its actual use of Hong Kong capital in the first quarter of 2022 was $1.272 billionrepresenting 92.97% of its foreign investments, an increase of 148.01%.

At a time of global economic recovery, China continues to renew the layout of Qianhai, integrating the development of Guangdong, hong kong and Macau. Institutional innovation proves to be the basis for cultivating a first-class business environment in Qianhai, thus attracting many entrepreneurs from hong kong. Any keen-eyed entrepreneur would waste no time in seizing opportunities.

Xu Ziyan is among hong kong young people to start their business in Qianhai. This 90s girl just registered her company here, believing that Qianhai is the first choice for Hongkongers to do business in mainland China. Previously, she has been to Qianhai several times for feasibility study.

Located west of Shenzhen and on the east bank of the Pearl River estuary, Qianhai has been designated as a “special zone of the special economic zone” since the State Council approved the comprehensive development plan of the service industrial cooperation zone Qianhai Shenzhen-Hong Kong Special Economic Zone in 2010. Qianhai’s institutional innovation is “forward-thinking”, and its flexible services and support are “brilliant”. “Through various meetings, we can say what we think directly to officials. The Qianhai government can hear our voices directly,” Xu Ziyan exclaimed.

Xu’s business focuses on new media, helping to connect hong kong brands with the continent through “live commerce”. “Through the Qianhai platform, we can not only connect with the supply chain, but also connect with businesses in need, saving us trouble, a bit like ‘finding a needle in a haystack’. “, she said.

From the perspective of the outside world, the Qianhai Cooperation Zone is relentlessly forging a “Qianhai model” with institutional innovation in the fields of investment, trade, finance and rule of law, which makes it an important “source” from which to draw other places of China.

Sun Lecheng, partner of KPMG Intelligent Innovation Space, points out that Qianhai has set ambitious goals for institutional innovation in rules, systems, mechanisms and models. Not only is the standard high, but also “practical and solid”.

Qianhai is known for promoting institutional innovation in multiple sectors, including justice, finance, supply chain, integration of services and manufacturing industries, new technologies, new business models, etc. For example, the Shenzhen-Hong Kong international law zone is open; establishment of international talent port, establishment of multi-country consolidation hub (MCC) and maritime transit and outbound air service center, establishment of Qianhai Shenzhen-Hong Kong international financial city, establishment of the World Intellectual Property Organization Technology and Innovation Support Center (WIPO-TISC) inaugurated, and the Guangdong-Hong Kong-Macao new R&D institution support program is being promoted.

The latest statistics show that, so far, the Qianhai Shekou Free Trade Zone has launched 685 institutional innovations and more than 80 billion yuan ($12.2 billion) goods are collected from all over the world in Qianhai Comprehensive Bonded Zone and then transshipped around the world.

SOURCE Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone Authority

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