The Qianhai authority is researching the feasibility of making Hong Kong laws apply to commercial contracts signed in the Qianhai Shenzhen-Hong Kong cooperation zone, which is part of the Guangdong free trade zone.
A poll among Qianhai-registered companies showed more than 70 percent of respondents were willing to subject their commercial contracts to Hong Kong laws if their contracts are signed with Hong Kong counterparts, Shenzhen Special Zone Daily reported yesterday.
The survey was done by the national statistics bureau and a company belonging to the Qianhai administrative bureau, Qianhai Data. For years experts have called for Hong Kong laws to be apply in Qianhai, which was designated to pilot new reforms in cooperation with Hong Kong.
The Data poll revealed that 76.45 percent of respondents are willing to comply with Hong Kong laws when signing contracts with Hong Kong-funded firms. About 70 percent believe that Hong Kong laws are more in line with commercial norms.
It was also revealed that 75.29 percent place priority on an equal and fair legal environment when investing in Qianhai. And 81.69 percent believe that Hong Kong laws will encourage Hong Kong-based companies to invest in the zone.
However, making Hong Kong laws applicable in Qianhai faces legislative hurdles. To cope with them, the Qianhai authority and the No. 1 circut court of the Supreme People’s Court have initiated research.
The research concluded it is too early for the Hong Kong law compliance proposal to be approved by the National People’s Congress. It is also difficult for the Supreme People’s Court to issue judicial interpretations.
Currently the Qianhai authority is studying guidelines to allow optional Hong Kong jurisdiction in contracts or drafting standard contract forms that will serve the same purpose.