The Dream Factory of China

Qianhai achieved double-digit growth in 2019 as a result of sticking to “Qianhai Mode” in pursuing economic development, the annual work meeting of the Qianhai and Shekou free trade area heard yesterday morning.

According to official preliminary estimated statistics, the added value of the enterprises registered in Qianhai and Shekou achieved a year-on-year growth of 12.3 percent last year, while tax revenue reported an 18.8-percent growth from the previous year. The actual use of foreign investment in Qianhai and Shekou reached US$4.484 billion in 2019, up 14.3 percent. The total volume of exports and imports increased 20 percent from 2018, contributing to the development of the foreign trade of Shenzhen and Guangdong Province.

Tian Fu, member of the standing committee of the municipal committee of the CPC and director of the Authority of China (Guangdong) Pilot Free Trade Zone Qianhai and Shekou Area, said at the meeting that Qianhai has been striving to achieve high-quality development by upholding the “Qianhai Mode,” which focuses on institutional innovation.

In 2019, a total of 106 institutional innovations were rolled out in Qianhai, bringing the total number to 520. Among them, 50 institutional innovations have been promoted nationwide, five promoted in the Guangdong-Hong Kong-Macao Greater Bay Area, 69 duplicated in Guangdong Province and 122 citywide in Shenzhen. Qianhai was ranked top for the second year in a row on the institutional innovation index compiled by the Guangzhou-based Sun Yat-sen University.

Shenzhen-Hong Kong cooperation continued to deepen in the free trade area. Qianhai had 1,336 new Hong Kong-funded enterprises registered in the free trade area last year, bringing in 88 billion yuan in registered capital. The actual use of Hong Kong investment reached US$3.949 billion, accounting for 88.1 percent of the total used foreign investment.

Qianhai last year reported a 10-percent annual growth in fixed asset investment, reaching 51.3 billion yuan. Two hundred new buildings have been completed, 164 of which are already put into use.

Tian Fu pledged to greater efforts in creating a fair, transparent and world-class business environment based on the rule of law in Qianhai to facilitate investment and foreign trade. He said Qianhai will offer precise services to its enterprises through institution reforms.

Tian Fu told the meeting that Qianhai should continue to make institution innovation, which is vital in achieving high-quality development.

Units and individuals with outstanding performance in 2019 were honored at the meeting.