SZ eyes big role as optimal investment destination

Writer: Zhang Yu  |  Editor: Zhang Chanwen  |  From: Original  |  Updated: 2024-03-29

Shenzhen has reaffirmed its commitment to becoming a preferred destination for global investors while pursuing high-quality development.

Calling Shenzhen a promising place for global enterprises to invest, Guo Ziping, head of the city’s top economic planner, gave a rundown of Shenzhen’s efforts in becoming an optimal investment destination at a press conference Thursday.

Elaborating on the industrial policy, the innovation system, factors of production, and the business environment, Guo said that Shenzhen will continue to provide quality services and a sound environment for enterprises to invest in the city.

This year, more practical measures will be rolled out for a bigger, better, and stronger private sector, according to Guo.

The city will endeavor to further reduce the operating costs of private enterprises, expand application scenarios for their products, and ease market access for private firms, and provide stronger support for them to expand overseas markets.

Ye Wenge, deputy director-general of the city’s commerce bureau, said Shenzhen will provide more quality and efficient services for importers and exporters.

This year, the city will accelerate the application of new technologies, such as blockchain, big data, and artificial intelligence, and further enrich digital services for customs clearance, logistics, tax refunds, international settlement, cargo insurance, and trade finance.

In its increased efforts to attract foreign investment, Shenzhen will continue to reduce restrictions on foreign investment access and launch pilot projects designed to ease access in areas of concern to foreign-funded firms, such as health care and value-added telecommunication services, said Huang Xiaoyu, deputy director-general of the city’s investment promotion bureau.

In addition, the city will support the operation of more qualified foreign-funded institutions in areas such as bank insurance and bond funds and encourage foreign investors to establish private equity funds.

In terms of service enhancement, the city will provide one-stop services for foreign investors, coordinate and solve the difficulties faced by foreign-invested enterprises in a timely manner, and enhance regular exchanges with foreign-funded firms and foreign business associations.

Shenzhen remained a popular destination for overseas investors in 2023 and saw 8,002 foreign-invested firms established in the city that year, a year-on-year growth of 86.6%, according to Huang.

From January to February this year, the actual use of foreign investment in the city stood at 7.04 billion yuan (US$973 million).

Shenzhen has reaffirmed its commitment to becoming a preferred destination for global investors while pursuing high-quality development.