Qianhai advisers suggested that the Central Government consider setting up the funding operation headquarters of the Asian Infrastructure Investment Bank (AIIB) bin Qianhai.
A joint proposal by members of the Central Committee of the Chinese People’s Political Consultative Conference (CPPCC) said Qianhai has unique advantages and favorable conditions to be the location for AIIB’s head office for funding as the free trade zone is an experimental zone and open to cross-border yuan transfers.
“Shenzhen’s foreign trade has ranked No.1 among Chinese cities for more than 20 years and it has close trade links with Asian countries. It also has a relatively complete financial system and is capable of innovation,” the Shenzhen Special Zone Daily reported yesterday, quoting the proposal.
The AIIB is based in Beijing, yet its funding office could be set up in Qianhai, the core area of Guangdong-Hong Kong cooperation.
By the end of 2015, 2,787 Hong Kong-funded enterprises had registered in Qianhai, 107 percent more than the previous year. The tax revenue of the companies reached 2.88 billion yuan (US$441 million) in 2015, accounting for 30.2 percent of total revenue for the zone.
The proposal also suggested central agencies give more preferential policies to overseas professionals, including Hong Kong people who want to work and live in Qianhai.
According to a work plan released by the Qianhai Authority, around 10,000 Hong Kong-funded enterprises will start businesses in Qianhai and 100,000 people from Hong Kong will work or engage in businesses in Qianhai by 2020.