Qianhai beckoning Hong Kong entrepreneurs through institutional innovation

SHENZHEN,China,April 27,2022 -- April 27 marks the 7th anniversary of the inauguration of Qianhai Shekou FreeTrade Zone,whose day-to-day changes are always fascinating. According toAuthority of Qianhai Shenzhen-Hong Kong Modern Service Industry CooperationZone,in 2021,the number of Hong Kong-funded enterprises registered in Qianhaihas increased by 156% year-on-year,and the actual use of Hong Kong capitalaccounts for 93.8% of the total foreign investments. Its Q1 2022 actual use ofHong Kong capital amounted to US$1.272bn,accounting for 92.97% of its foreigninvestments,a rise of 148.01%.

At the junctures of the global economic recovery,China continues to renew the layout of Qianhai,incorporating the development of Guangdong,Hong Kong and Macao. Institutional innovation turns to be the foundation for cultivating afirst-class business environment in Qianhai,thus enticing many entrepreneursfrom Hong Kong. Any sharp-eyed entrepreneur would lose no time in seizing theopportunities.

Xu Ziyan is among Hong Kong youth to start their business in Qianhai. This 90'sgirl has just registered her company here,believing that Qianhai is the first choice for Hong Kongers to do business in Chinese mainland. Previously,she hasvisited Qianhai many times for feasibility study.

Located in the west of Shenzhen and on the east bank of the Pearl RiverEstuary,Qianhai has been designated a "special area of the Special EconomicZone" since the State Council approved the Overall Development Plan for QianhaiShenzhen-Hong Kong Modern Service Industrial Cooperation Area of ShenzhenSpecial Economic Zone in 2010. Qianhai's institutional innovation is"avant-garde" and its soft services and support are "awesome". "Through variousmeetings,we can speak out our minds straight to the officials. Qianhaigovernment can hear our voices directly," exclaimed Xu Ziyan.

Xu's company focuses on new media business,helping connect Hong Kong brandswith the mainland through "live commerce". "By means of the Qianhai platform,not only can we dock to the supply chain,but also to the enterprises in need,which saves us from troubles,kind of like 'finding a needle in a haystack',"she said.

As the outside world sees it,Qianhai Cooperation Area is unswervingly forginga "Qianhai model" with institutional innovation in investment,trade,financeand rule of law as its core,making it an important "source" to be drawn uponby other places of China.

Sun Lecheng,partner of KPMG Intelligent Innovation Space,points out thatQianhai has set far-reaching goals of institutional innovation in the rules,systems,mechanisms and models. Not only is the standard high,but also "practicable and solid".

Qianhai is known to have been promoting institutional innovation in multiplesectors,including justice,finance,supply chain,integration of services andmanufacturing industries,new technologies,new business models,and so on. Forexample,the Shenzhen-Hong Kong International Law Zone is opened; anInternational Talent Port created,a Multi-Country Consolidation (MCC) andMaritime Transit Hub and an Outbound Air Service Center set up,the QianhaiShenzhen-Hong Kong International Financial City established,the WorldIntellectual Property Organization Technology and Innovation Support Center(WIPO-TISC) inaugurated,and the Guangdong-Hong Kong-Macao New R&D InstitutionsSupport Program is being promoted.

Latest statistics show that,up to now,the Qianhai Shekou Free Trade Zone has launched 685 institutional innovations,and more than 80-billion-yuan(US$12.2bn) worth of goods are gathered from all over the world to QianhaiComprehensive Bonded Zone and then transshipped worldwide.

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