Shenzhen is the window to China's reform and opening up.
OVERVIEW
COASTAL
METROPOLITAN
LOW CARBON
DEVELOPMENT
INNOVATION CITY
SISTER CITIES
QIANHAI-SHEKOU FREE
TRADE ZONE
SZ NEWS
On April 27, 2015, China (Guangdong) Pilot Free Trade Zone Qianhai & Shekou Area of Shenzhen was initiated. As a crucial part of the Guangdong Pilot Free Trade Zone, the Qianhai & Shekou area is a main part of the economic cooperation between Shenzhen and Hong Kong, covering an estimated area of 28.2 square kilometers and including Qianhai and Shekou.The efforts will focus on the development of the legal system, the administrative service, cooperation between Shenzhen, Hong Kong and Macao, financial opening up and innovation, integrated function of global commerce and reformative innovation of shipping logistics to build Shenzhen into a pivot of the Maritime Silk Road in the form of Shenzhen-Hong Kong integrated harbor as a new paradigm of free trade zone.
Bordering Hong Kong and Macao, the Qianhai area is located in the western part of Nanshan Peninsula, Shenzhen, covering an estimated area of 15 square kilometers. Under the guideline of innovation, marketization and globalization and on the basis of one country, two systems, the Qianhai area adopts the principles of opening up and cooperation, mutual benefit and win-win, structural innovation, high efficiency, elite leadership, intensive development, coordinated planning and demonstration to make it a demonstration area of innovation and cooperation of Guangdong-Hong Kong modern service industry.
As the birthplace of China's reform and opening up, Shekou is a pilot field of structural and mechanism innovation and a pioneer of industrial transformation and upgrading. Not only is it the birthplace of many prominent enterprises, such as China Merchants Bank, Ping An Group and China International Marine Containers, but also the source of many inspiring and innovative concepts and slogans, which gained nationwide influence.
Drawing on the successful experiences of international financial centers in governing financial innovation and modern service industry development, Qianhai will make bold explorations in legislation, judicature, law enforcement, arbitration, intellectual property right protection and legal services under the basic framework of laws in China. It will strive for breakthroughs in the legal system of the free trade zone and build a legal framework and institutional system fitting its strategic positioning and in line with international trade and investment rules.
Aiming at the modernization of the management system and capability, the Qianhai & Shekou area will innovate the administrative management system, inducing the governmental management transformation from pre-approval to pro-supervision which is based on the public credit system. In order to do so, a set of administrative procedures will be eliminated, thus facilitating the decisive function of market in managing the resources.
While opening itself to the global market, the Qianhai & Shekou area will further develop its associations with the service industries in Hong Kong and Macao, which include the efficient flow of service elements between Shenzhen and Hong Kong and the connectivity of the service markets. By improving the degree of liberalization of service trade, a well-organized, highly globalized and effective modern service system will be built, which will eventually turn the whole area into a dynamic engine of the service-oriented economy of Guangdong-Hong Kong-Macao Big Bay Area and a pivot of the global service trade bases.
Qianhai is approved by the State Council as a demonstration window of financial opening up and an innovative pilot area of cross-border RMB services. Financial innovation will be a crucial area that sets Qianhai apart from the rest of free trade zones. The Qianhai & Shekou area will make full use of its advantages in cross-border cooperation between Shenzhen and Hong Kong, fully supporting the construction of the Hong Kong offshore RMB center. Through financial opening up and innovation, a joint capital market between Shenzhen and Hong Kong will be built, facilitating the free flow and allocation of financial elements between Shenzhen and Hong Kong.