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China (Guangdong) Pilot Free Trade Zone Qianhai & Shekou Area Of Shenzhen
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China (Guangdong) Pilot Free Trade Zone Qianhai & Shekou Area Of Shenzhen

On April 27, 2015, China (Guangdong) Pilot Free Trade Zone Qianhai & Shekou Area of Shenzhen was initiated. As a crucial part of the Guangdong Pilot Free Trade Zone, the Qianhai & Shekou area is a main part of the economic cooperation between Shenzhen and Hong Kong, covering an area of 28.2 square kilometers and including Qianhai and Shekou. The zone can be divided into three industrial areas: Qianhai Finance Business District, which mainly focuses on developing finance, information services, technology services and other professional services; Shenzhen West Port Area that centers around Qianhai Bay Bonded Area and focuses on developing port logistics, international trade, supply chain management and high-end shipping services; Shekou Business District, which will develop Internet information services, technology services and cultural and creative industries.

GENERAL FACTS OF THE AREA

Bordering Hong Kong and Macao, the Qianhai area is located in the western part of Nanshan Peninsula, Shenzhen, covering an estimated area of 15 square kilometers. Under the guideline of innovation, marketization and globalization and on the basis of one country, two systems, the Qianhai area adopts the principles of opening up and cooperation, mutual benefit and win-win, structural innovation, high efficiency, elite leadership, intensive development, coordinated planning and demonstration to make it a demonstration area of innovation and cooperation of Guangdong-Hong Kong modern service industry.

As the birthplace of China's reform and opening up, Shekou is a pilot field of structural and mechanism innovation and a pioneer of industrial transformation and upgrading. Not only is it the birthplace of many prominent enterprises, such as China Merchants Bank, Ping An Group and China International Marine Containers, but also the source of many inspiring and innovative concepts and slogans, which gained nationwide influence.

DEVELOPMENT GOALS

With the advantages and experiences of Shenzhen's marketization, legalization and globalization, the area aims at making full use of its pivotal function of the 21st-Century Maritime Silk Road, fully integrating the resources of Shenzhen and Hong Kong, gathering high-level global elements, prioritizing its finance, modern logistics, information services, technology and professional services, harbor services, shipping services and other emerging service industries of strategic importance, pushing forward the joint economic development of Shenzhen and Hong Kong, and building a center of productive service industries in the Asia-Pacific region, a key base of world service trade and an international hub port.

CHARACTERISTICS OF DEVELOPMENT PRIORITY TO LEGAL SYSTEM

Drawing on the successful experiences of international financial centers in governing financial innovation and modern service industry development, Qianhai will make bold explorations in legislation, judicature, law enforcement, arbitration, intellectual property right protection and legal services under the basic framework of laws in China. It will strive for breakthroughs in the legal system of the free trade zone and build a legal framework and institutional system fitting its strategic positioning and in line with international trade and investment rules.

INTERNET PLUS ADMINISTRATIVE SERVICE

Aiming at the modernization of the management system and capability, the Qianhai & Shekou area will innovate the administrative management system, inducing the governmental management transformation from pre-approval to pro-supervision which is based on the public credit system. In order to do so, a set of administrative procedures will be eliminated, thus facilitating the decisive function of market in managing the resources.

COOPERATION BETWEEN SHENZHEN, HONG KONG AND MACAO

While opening itself to the global market, the Qianhai & Shekou area will further develop its associations with the service industries in Hong Kong and Macao, which include the efficient flow of service elements between Shenzhen and Hong Kong and the connectivity of the service markets. By improving the degree of liberalization of service trade, a well-organized, highly globalized and effective modern service system will be built, which will eventually turn the whole area into a dynamic engine of the service-oriented economy of Guangdong-Hong Kong-Macao Big Bay Area and a pivot of the global service trade bases.

FINANCIAL OPENING UP AND INNOVATION

Qianhai is approved by the State Council as a demonstration window of financial opening up and an innovative pilot area of cross-border RMB services. Financial innovation will be a crucial area that sets Qianhai apart from the rest of free trade zones. The Qianhai & Shekou area will make full use of its advantages in cross-border cooperation between Shenzhen and Hong Kong, fully supporting the construction of the Hong Kong offshore RMB center. Through financial opening up and innovation, a joint capital market between Shenzhen and Hong Kong will be built, facilitating the free flow and allocation of financial elements between Shenzhen and Hong Kong.

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