Progress in cooperation and reform to support Hong Kong corporations

Qianhai has made fresh progress in Shenzhen-Hong Kong cooperation and international cooperation since Sept 6,2021, when the Plan for Comprehensively Deepening the Reform and Opening-Up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone began its implementation.

Located in Shenzhen, in South China's Guangdong province, the Qianhai zone rolled out measures this year to provide "all-around support" for Hong Kong residents and companies in Qianhai. They cover nine aspects including housing, starting a business, finance, employment and scientific and technological innovation.

Qianhai and Hong Kong released 18 measures on Sept 2 to promote the interactive development of venture capital industries in Shenzhen and Hong Kong. The measures are of great significance to the pragmatic and innovative cooperation between Shenzhen and Hong Kong in the financial sector, a Qianhai official said.

A mechanism for regular finance-related communication and cooperation between Qianhai and Hong Kong has been created to promote extensive Shenzhen-Hong Kong cooperation in the financial sector to serve the high-quality development of the real economy, the official added.

The General Administration of Customs announced 18 measures on Sept 7 supporting Qianhai in its efforts to deepen reform and opening-up and to serve as a trial area for innovative measures promoting comprehensive reform and opening-up of the Guangdong-Hong Kong-Macao Greater Bay Area.

The Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub, boasting a space of 139,000 square meters, has so far incubated 335 entrepreneurial teams from Hong Kong.

Chuangbohui (Shenzhen), an incubator founded in 2018 by Hong Kong and Taiwan residents, has nearly 6,000 sq m of office space in the north area of the Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub.

Liu Jia, executive vice-president of Chuangbohui and a Hong Kong resident, told Shenzhen Special Zone Daily that the company is the first space focusing on providing services for young innovators and entrepreneurs from Hong Kong, Macao and Taiwan in the Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub.

Thanks to Qianhai's support policies for startups, Chuangbohui has so far incubated 30 entrepreneurial teams, including 29 from Hong Kong, Macao and Taiwan, Liu said.

During the past year, Qianhai has also stepped up efforts to pursue high-quality international cooperation and has achieved notable results.

Established in October 2021, the Qianhai Shenzhen-Hong Kong International Financial City is now home to more than 200 financial institutions.

A group of world-class international financial institutions, such as AXA, UBS and PayPal, have set up operations in Qianhai. In the first half of this year, the added value of Qianhai's financial industry increased by 18.1 percent year-on-year, said a Shenzhen Special Zone Daily report.

Qianhai has hosted high-level events including the Shanghai Cooperation Organisation Youth Technology and Innovation Forum. International organizations such as the Singapore International Mediation Centre have settled in the area.

Qianhai's GDP reached 175.57 billion yuan ($24.29 billion) in 2021, a year-on-year increase of 10.5 percent. The amount of paid-in foreign capital was $5.82 billion, up 14.9 percent year-on-year.

The total import and export volume was 1.74 trillion yuan, an increase of 20.3 percent over the previous year, official statistics showed.

From January to June this year, Qianhai saw paid-in foreign capital reach $3.53 billion, an increase of 17.4 percent compared with the same period last year.

The north area of the Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub. FENG XIAO/FOR CHINA DAILY