On July 23, Qianhai & Shekou Area of Guangdong Free Trade Zone (GD FTZ) announced its detailed construction plan emphasizing on institutional innovation with 72 measures used to deepen reform.
Goals and Positioning:
"Qianhai & Shekou Area will make effort to realize the deeper cooperation among Guangdong, Hong Kong and Macao, finally becomes a new model of free trade zones in China after three to five years of experimental reforms," the general goals mentioned in the construction plan.
Qianhai & Shekou Area will give priority on the development of financial services, modern logistics, information service, technology service, professional services, port service, shipping service and other strategic emerging services. In addition, commitment will also be made to develop Qianhai & Shekou Area into the center of Asia-Pacific region in terms of manufacture-related service industry, an important world trade base and an international hub.
Division of Functions:
According to the plan, Qianhai & Shekou Area is to be divided into three functional zones as follows.
Qianhai Financial Business District:
Covering the areas except for bonded port of Qianhai, where grow finance, information service as well as science and technology industry, to develop into a window for opening up financial industry and a center for manufacture-related service industry.
West Port of Shenzhen:
On the basis of bonded port, where grow logistics, international trade, management of supply chain and high-end shipping service, to develop into an international hub.
Shekou Business District:
Covering the areas except for west port of Shekou, where grow network information service, science and technology service, creative industries of culture and other emerging service industries. It is a district that have complementary advantages with Qianhai.
Key Terms in the Plan:
▪Demonstration area for rule of law
Base on the legal construction of open economy, to build up an institution system in line with international rule.
▪Regulation system for investment and trade
In order to create a regulation measure to in line with high international standard of regulations on investment and trade, to reduce and abolish some restrictions on overseas investment.
▪Cooperation between Shenzhen and Hong Kong
To further the opening up for service industry from Hong Kong, Macao and Taiwan as well as facilitate the service trade between Shenzhen and Hong Kong.
▪Cluster of high-end industry
On the basis of emerging service economy, to develop new trade modes and build up the industry cluster with billions of market value.
▪Cluster of international hub
To integrate the resources and upgrade the industries on west port of Shenzhen and other related ports, promoting the current cluster of ports and airports to become international hub cluster in the world.
▪Innovation on finance
Making effort to construct the demonstration window for opening up on finance as well as the innovative pilot for cross-border RMB loans, emphasizing on cross-border RMB loans business, the connection of Shenzhen-Hong Kong stock market/
▪Driving and motivating effect
Encouraging domestic enterprises and individuals to “going out”, supporting enterprises to participate in the construction of the 21st century maritime silk road.