Qianhai & Shekou FTZ reports major development milestones

China (Guangdong) Pilot Free Trade Zone’s Qianhai & Shekou Area in Shenzhen, one of China’s fastest-growing free trade zones, marked a decade of rapid development with the announcement of major milestones achieved since its launch on April 27, 2015.

An aerial view of the Guiwan CBD in Qianhai and Shekou area in Shenzhen. Photos courtesy of the Qianhai Authority

At a press conference held Sunday at the Qianhai International Convention Center, officials detailed the area's progress in advancing institutional innovation and building an open, efficient system for trade, investment, capital flow, transportation, personnel exchange, and data movement.

Over the past 10 years, the Qianhai and Shekou area has become a standout in China's free trade zone landscape. It has prioritized institutional innovation and built an open system characterized by free and convenient trade, investment, capital flow, transportation, personnel exchange, and the safe and orderly movement of data.

Official statistics show that from 2015 to 2024, the area's total import and export value soared from 71.2 billion yuan (US$9.78 billion) to 537.98 billion yuan, a 7.5-fold increase. Actual utilized foreign investment reached US$38.15 billion, accounting for 47.1% of Shenzhen’s total, 16.3% of Guangdong Province’s total, and 67.2% of the China (Guangdong) Pilot Free Trade Zone’s total.

An aerial view of the Mawan Port in Qianhai. 

To date, the area has launched 882 institutional innovation measures, of which 104 have been adopted and promoted nationwide. Moreover, the area’s innovation index has ranked first among all free trade zones in China for three consecutive years since 2022, according to annual assessments by the Institute of Free Trade Zones at Sun Yat-sen University.

These initiatives have significantly reduced costs and improved efficiency for enterprises, enabling them to continually innovate their industrial operation models.

According to Yu Peixuan, assistant to the general manager of Shenzhen Bay Marina Club, Shenzhen implemented a guarantee-free policy to facilitate the free travel of yachts in 2022. This policy reduced customs clearance time for yachts traveling from Hong Kong and Macao to Shenzhen by more than 70% and cut customs clearance costs by approximately 80%. 

“Currently, customs clearance takes about 20 minutes, and our club has become the first terminal in the country to achieve guarantee-free entry, providing a replicable model for the national yacht industry,” Yu said.

Yuan Fuyong, vice director-general of the Qianhai Authority, speaks about innovative initiatives in Qianhai and Shekou area during the conference.

In 2018, inspired by the advanced practices of Singapore and Dubai, Shenzhen Customs introduced the multi-country consolidation (MCC) logistics model in the Qianhai and Shekou area. Under this model, overseas goods and goods for export are unpacked, sorted, and consolidated in special supervision areas. Items destined for the same port of destination are repacked together into the same containers before being shipped abroad.

“This measure has simplified customs clearance procedures, shortened clearance times, and greatly improved efficiency,” explained Feng Lingju, chairman of Transten Global Group.

From 2015 to 2024, annual container throughput at ports in the Qianhai and Shekou area grew significantly, increasing from 9.94 million to 15.99 million twenty-foot equivalent units (TEUs).