The Dream Factory of China

Source :Qianhai Communication Center

Qianhai has greatly enhanced its market competitiveness in the financial sector after having introduced innovative financial policies and services in the free trade area over the past years during its pursuit of a mission to build a pilot demonstration zone of an open financial industry in the country.

According to official statistics, Qianhai has taken a total of 87 financial innovations and six cross-border financial services to boost the development of its financial industry.

From 2013 to 2019, the number of Qianhai-registered financial enterprises increased by nearly 23 times and the tax revenue from the financial enterprises grew by nearly 89 times.

The financial industry has become the main contributor to Qianhai’s tax revenue for five years in a row. In 2019, Qianhai’s tax revenue from its financial industry grew by 14 percent to reach 23.83 billion yuan (US$3.41 billion), accounting for 56 percent of the total tax revenue of Qianhai.

Under the Closer Economic Partnership Arrangement (CEPA), the Shenzhen-Hong Kong financial cooperation has deepened.

Hang Seng Qianhai Fund Management, the country’s first Hong Kong-owned public fund management company was established in Qianhai in June 2016. Merchants Union Consumer Finance Co. Ltd., the country’s first consumer finance company, and HSBC Qianhai Securities, the country’s first Hong Kong-funded securities company, were set up in Qianhai in 2014 and 2017, respectively.

WeBank, the country's first private Internet-only bank, and Shenzhen Tongxin Micro Loan Co. Ltd., the country’s first private micro-credit company, were established in Qianhai in 2014.

Qianhai has applied advanced technologies such as artificial intelligence, big data, and cloud computing in controlling financial risks.

The Qianhai authority and the National Computer Network Emergency Reponse Technical Team (CNCERT) have jointly developed the Eagle Eye System to control financial risks in the free trade area.

The system has monitored more than 50,000 financial enterprises and sent out risk alarms to 803 enterprises. The system has also identified 39 platforms that engage in illegal foreign-exchange transactions and 79 companies of illegal gold transactions.