The Dream Factory of China

Source :Qianhai Communication Center

The continuously optimizing rule-of-law environment in Qianhai has greatly encouraged innovation among enterprises in the free trade area, according to a blue book released recently by the Institute of Law of the Chinese Academy of Social Sciences.

The Qianhai Authority has made a series of efforts to optimize its law-based environment to boost high-quality development.

For example, a credit-based system that helps create a transparent and fair market has been established. Under the credit-rating system, more than 170,000 enterprises in Qianhai have been rated according to their credit records. The rating system enables the regulatory authorities to effectively know the credit status of enterprises, so as to improve supervision efficiency, prevent risks and send out early warnings.

In addition, the Qianhai Authority has set up a multidimensional financial risk prevention and control system, which has integrated data from various platforms such as the Shenzhen private equity fund information service platform, the Qianhai public credit platform, the Qianhai corporate address custody service system and the application system of the city’s financial supervision bureau. The system has been conducive in boosting the openness and innovation of the financial industry, while improving the financial environment in Qianhai.

In the judiciary aspect, a professional trial mechanism has been form by the Qianhai Cooperation Zone People’s Court to handle intellectual property-related disputes. The court has hired experts, professional technical investigators and Hong Kong jurors with IPR expertise to work under the mechanism.

The People's Procuratorate of the Qianhai and Shekou free trade area has also actively carried out legal supervision over civil and commercial trials related to foreign, Hong Kong, Macao and Taiwan matters. The procuratorate has reviewed 2,139 ruling documents that the Qianhai court has made from 2016 to 2018 and has hired Hong Kong and Macao professionals as prosecutors or prosecutor assistants to supervise disputes that were heard in accordance with the laws of Hong Kong and Macao.

Qianhai has also built a public law service center where law firms, arbitration institutions, notary institutions and judicial expertise units can provide legal services to enterprises and individuals.