This undated photo shows a view of the Qianhai Special Zone in Shenzhen, Guangdong province. (LIANG XIASHUN / FOR CHINA DAILY)
Riding high on favorable policies designed to boost collaboration between Hong Kong and Shenzhen, Qianhai is looking to play a bigger role as a trailblazer of institutional innovation and cross-boundary employment in the post-pandemic era, said Witman Hung wai-man, principal liaison officer for Hong Kong at the Shenzhen Qianhai Authority.
Hung told a news conference in Hong Kong on Tuesday that despite a turbulent 2020, Qianhai Shenzhen-Hong Kong Cooperation Zone saw a 13 percent year-on-year increase in the number of registered companies and a 13.4 percent growth in tax revenue as Shenzhen’s first pilot free-trade zone develops into the “Shenzhen-Hong Kong Modern Service Industry Cooperation Zone”.
During the pandemic-ravaged year, Qianhai’s use of foreign capital rose 11.7 percent to US$4.31 billion, accounting for 49.6 percent of Shenzhen’s total and 3 percent of the country’s total. Hong Kong capital contributed 88.3 percent of Qianhai’s foreign investment
During the pandemic-ravaged year, Qianhai’s use of foreign capital rose 11.7 percent to US$4.31 billion, accounting for 49.6 percent of Shenzhen’s total and 3 percent of the country’s total. Hong Kong capital contributed 88.3 percent of Qianhai’s foreign investment.
Established in Shenzhen as a barren stretch of reclaimed land near the city’s boundary with Hong Kong in 2010, Qianhai welcomed 300 registered Hong Kong-funded enterprises to the district when Hung took up his post in 2014. A year later, that figure rose to 2,000.
By the end of 2020, Qianhai housed 11,300 Hong Kong-funded companies. Hung said the coronavirus pandemic slowed down the growth in the number of registered enterprises. As Hong Kong’s checkpoints have been closed for more than a year with no timetable for reopening, many Hong Kong-based company owners face difficulties performing the most basic tasks, such as traveling to Shenzhen to open a bank account.
Hung says that Qianhai can make a difference far beyond the growing number of registered companies. “Looking ahead, the pilot cooperation zone has what it takes to bet big on its role as a trailblazer of institutional innovation and cross-border employment,” he noted.
Copyright 1995 - 2021. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily. Without written authorization from China Daily, such content shall not be republished or used in any form.
HONG KONG NEWS