Qianhai invites Hong Kong entrepreneurs via institutional innovation

KUALA LUMPUR, April 27 (Bernama) -- April 27 marks the seventh anniversary of the inauguration of Qianhai Shekou Free Trade Zone, whose day-to-day changes are always fascinating.

According to Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, in 2021, the number of Hong Kong-funded enterprises registered in Qianhai increased by 156 per cent year-on-year, and the actual use of Hong Kong capital accounts for 93.8 per cent of the total foreign investments.

Its Q1 2022 actual use of Hong Kong capital amounted to US$1.272 billion, accounting for 92.97 per cent of its foreign investments, a rise of 148.01 per cent, according to a statement. (US$1 = RM4.355)

At the junctures of the global economic recovery, China continues to renew the layout of Qianhai, incorporating the development of Guangdong, Hong Kong and Macao.

Institutional innovation turns to be the foundation for cultivating a first-class business environment in Qianhai, thus enticing many entrepreneurs from Hong Kong. Any sharp-eyed entrepreneur would lose no time in seizing the opportunities.

Located in the west of Shenzhen and on the east bank of the Pearl River Estuary, Qianhai has been designated a ‘special area of the Special Economic Zone’ since the State Council approved the Overall Development Plan for Qianhai Shenzhen-Hong Kong Modern Service Industrial Cooperation Area of Shenzhen Special Economic Zone in 2010.

As the outside world sees it, Qianhai Cooperation Area is unswervingly forging a ‘Qianhai model’ with institutional innovation in investment, trade, finance and rule of law as its core, making it an important ‘source’ to be drawn upon by other places of China.

Partner of KPMG Intelligent Innovation Space, Sun Lecheng points out that Qianhai has set far-reaching goals of institutional innovation in the rules, systems, mechanisms and models. Not only is the standard high, but also ‘practicable and solid’.

Qianhai is known to have been promoting institutional innovation in multiple sectors, including justice, finance, supply chain, integration of services and manufacturing industries, new technologies, and new business models, among others.

-- BERNAMA