The Dream Factory of China

Guangsong Pilot Free Trade Zone Qianhai & Shekou Area should spare no effort in becoming a new global financial center, a wealth management center, a financial-technology center, a capital market docking center, an offshore financial center and a global finance talents communication and training center, according to Wei Dazhi, an economist with Shenzhen University and councilor of the Guangdong Provincial Government.

Wei said that currently China is working on forming a new open economic system, which will provide an integrated domestic and foreign trade system, and convenient investment and export procedures. To build such a system requires that the free trade zone sets up an example to figure out what the Chinese economy needs, what changes it should make and what roles the coastal areas should play, Wei said.

“Facing the challenges that were brought on by the global economic change, I think for the Qianhai and Shekou area there is no other choice but to seize the opportunity to grow fast due to its strategic position and its practices,” Wei said. “It has to maintain economic growth and discover and foster the new growth engine by transforming the economic development mode, creating a new economic mode and industries, and optimizing the current pattern of economic development. In a word, it should provide the replicable methods.”

Wei also said that the area should further promote Shenzhen-Hong Kong cooperation and help to develop the Hong Kong-Macao-Pearl River Delta-mainland economic pattern. “The development of Guangdong Pilot Free Trade Zone will improve the institutional interaction between Guangdong, Hong Kong and Macao and help realize the long-term stability and prosperity of Hong Kong and Macao,” he added.

“As opposed to other China free trade zones, Qianhai is supported by Shenzhen’s enormous innovations and capital. Ninety percent of the city’s enterprises are privately owned, which also are the most dynamic and creative ones. Besides, the city’s import and export total ranked first for 23 consecutive years and its GDP is estimated to outperform Shanghai within eight to 10 years, thus, Shenzhen is the veritable dream city and Qianhai will be ahead of the curve.”