The Dream Factory of China

A policy introduction conference regarding Qianhai’s financial innovation was held yesterday in Hong Kong with the intention of attracting more Hong Kong enterprises, especially those in financial businesses.

He Zijun, vice director of the Qianhai Authority, introduced Qianhai’s development at the conference, which attracted over 300 attendees from both Shenzhen and Hong Kong banks, as well as insurance, fund and investment companies.

“Hong Kong companies have become the primary economic contributors in Qianhai,” said He. “For instance, Qianhai-registered Hong Kong companies had generated 24 percent of Qianhai’s total revenue by the end of September. In return, one of Qianhai’s missions is to support Hong Kong’s economic development and protect its stability.”

Ding Guoliang, vice president of HSBC greater China region, said as one of the first residents of Qianhai, HSBC has witnessed the changes that have been made in the zone. He also said that over the past years Qianhai has made efforts to offer convenient services to Hong Kong enterprises and has created opportunities for Hong Kong entrepreneurs.

“To create a healthy business environment, Qianhai is adopting Hong Kong’s legal practices, such as setting up an international arbitration center and hiring Hong Kong residents as jurors, which has enhanced trust among its Hong Kong investors,” Ding said.

“Shenzhen will generate the vortex effect because it is attracting the nation’s investment, and as the bridge connecting Shenzhen and Hong Kong, Qianhai will become the ideal place for financial development. I think Qianhai has the potential to encourage cross-border individual investment and nonperforming asset exchange,” said Tang Bin, general manager of Shenzhen Qianhai Financial Assets Exchange Ltd.

According to Qianhai Foresea Cube, Qianhai’s business promotion partner and one of the event’s organizers, this is the second time in the past two years that the Qianhai Authority has held such an event in Hong Kong.