Shenzhen’s Qianhai & Shekou pilot free trade area is making big strides in promoting business and personnel development in Hong Kong and attracting foreign capital as the area strives to take the lead in driving the country’s opening up amid an uncertain international environment.

According to the latest official statistics, the cumulative transaction volume of Qianhai free trade accounts hit 1 trillion yuan ($137 billion), with nearly 80 percent of the balance of payments relating to cross-boundary transactions with Hong Kong.

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The nation's first cross-boundary data validation platform was put online, helping small and micro enterprises in Hong Kong to successfully secure loans of more than HK$100 million ($12.89 million).

Thanks to a raft of preferential policies, an increasing number of Hong Kong-funded enterprises have set up office in the Qianhai & Shekou area of the China (Guangdong) Pilot Free Trade Zone (Guangdong pilot FTZ), with the number reaching 8,048.

The area also provides strong support for nurturing startups from Hong Kong. So far, Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub has incubated 1,450 entrepreneurial teams, of which 943 are from the special administrative region.

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In terms of talent development, 26 categories of Hong Kong and Macao professionals — including certified architects, tax accountants and tour guides — can now practice in Qianhai after registration.

Zheng Yongnian, dean of the School of Public Policy at the Chinese University of Hong Kong (Shenzhen), said the Qianhai & Shekou area serves as a model for China’s pilot free trade zones and its core experience of development lies in “reform, opening up and innovation”.

“Amid a volatile international capital market, Qianhai can attract a large amount of foreign investment and embrace unprecedented opportunities as it accelerates its pace of high-level opening up,” he said.

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Fan Gang, president of Shenzhen-based think tank China Development Institute, outlined the role Qianhai should play in advancing cooperation between the mainland and Hong Kong.

“Qianhai should take the lead in promoting active and one-way opening up to Hong Kong, focus on promoting the convergence of rules and mechanisms, make good use of Hong Kong's professional services, financial markets and international networks, and strengthen connections with the city in economic and social development,” he said.

Apart from the Qianhai & Shekou area of Shenzhen, the Guangdong pilot FTZ also covers the Nansha area of Guangzhou and the Hengqin area of Zhuhai.

The Qianhai & Shekou area’s imports and exports accounted for 72 percent of the Guangdong pilot FTZ’s total and nearly 6 percent of Guangdong province’s total in 2024. Meanwhile, its actual use of foreign capital took up 61 percent of the Guangdong pilot FTZ’s total amount and 12 percent of the province’s last year.

Contact the writer at sally@chinadailyhk.com