A total of 109 innovative measures practiced in Qianhai-Shekou Pilot Free Trade Zone (Qianhai-Shekou FTZ) last year were released yesterday at its first press briefing in 2017, showcasing the soon-to-be southern financial hub is at a healthy momentum and has the potential to provide more well-tried examples to the rest of the country.
The FTZ authority said that last year the area has generated 24 innovative measures to support easier investment, 31 measures for trade facilitation, 26 practices in financial innovation, four new modes of Guangdong-Hong Kong cooperation, 10 supervision practices to ensure the government, enterprises and finance, e-commerce, trade and information factors all on the right track, and 11 trials to improve the legal environment.
Among those practices, the authority believes that by integrating and simplifying the administrative services for international trade, arranging trade, logistics, information and capital into one channel, carrying out cross-border renminbi transactions, utilizing Internet for online tax services, arbitration and other legal matters, and following the negative list system, the FTZ will create a sound business environment for enterprises.
According to Fu Zhengping, deputy director of the Institute of Free Trade Zone of Sun Yat-sen University, the institution gave the highest score to the FTZ on its institutional innovation for investment and the transformation of government functions.
Tian Fu, director of Qianhai-Shekou FTZ Authority, said nine innovative measures that were made in the FTZ were on the list of the national innovative practices, which was released in November last year. He also said that those measures have successfully saved time and money for Qianhai enterprises and helped them to reduce or remit tax of 660 million yuan in 2016.
“To continue pioneering on innovation, we will build a policy-making platform to connect State departments and local departments, an innovative platform for enterprises, a platform for Shenzhen and Hong Kong’s cooperative innovation and a think tank in 2017,” Tian said.
He also revealed that Qianhai will build a two-way channel of free trade, commodity circulation，investment and innovation for Shenzhen and Hong Kong.
Zeng Yijing, director of the Shenzhen office of Hong Kong Trade Development Council, said over the past few years Hong Kong has joined hands with Qianhai to promote bilateral cooperation and more innovative measures will be made.
“In future I wish to see more interactions between the two cities. Besides of attracting more Hong Kong companies, I would love to see more Shenzhen and Qianhai’s leading companies would set some R&D centers in Hong Kong, creating a better talent circulation,” Zeng added.
Since the establishment of the FTZ in 2015, a total of 208 innovative measures have been made. Among them 67 made the first in China and 37 has been borrowed by other places in Guangdong.
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