Qianhai Achieved Tangible Results in Institutional Innovation at the Third Anniversary of the Qianhai Plan

SHENZHEN, China, Sept. 3, 2024 /Xinhua-AsiaNet/–

In September 2021, the Plan for Comprehensively Deepening Reform and Opening-up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (Qianhai Plan) was released to outline the future development of Qianhai. Over the past three years, Qianhai, a hub for high-level opening-up, has been forging ahead with reform and innovation and delivering tangible results, noted by the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone recently.

Through reform and opening-up, Qianhai aims to become a new engine for the construction of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and the Shenzhen Pilot Demonstration Zone. Institutional innovation is one of Qianhai’s distinctive features. To date, Qianhai has gradually established the “Qianhai Model” for institutional innovation in key areas such as investment facilitation, trade facilitation, financial openness and innovation, and legal innovation.

A string of innovative measures have been launched, such as the administrative confirmation system for business registration, one integrated license, a suspension registration system for businesses, and the Qianhai e-Services Hong Kong-Macao Station. Latest statistics show that Qianhai has launched 241 new institutional innovation achievements since 2021, bringing the total to 835, with 36 of these being promoted nationwide, making a cumulative total of 94. According to the institutional innovation index of China’s free trade pilot zones released by Sun Yat-sen University, Qianhai has ranked first for three consecutive years.

Innovations in the financial field are viewed as one of the institutional innovations with the most typical Qianhai characteristics. In recent years, a series of financial innovation policies have been implemented here, covering aspects such as finance for people’s livelihood, the interconnectivity of the financial market, the development of modern finance industries, the facilitation of cross-border trade and investment, and enhanced cooperation in financial regulation.

“The deep atmosphere of financial businesses in Qianhai enables us to seek cooperation opportunities and achieve win-win success,” said Pan Rui, President of WeLab Group in China. “With the successful implementation of numerous financial innovation cases, Qianhai has become a preferred destination for Hong Kong residents and enterprises going north. A growing number of Hong Kong residents and enterprises have gathered in Shenzhen for development. More financial talents from Hong Kong have chosen to stay in Qianhai, contributing to its future development,” she added.

“The new Hong Kong Enterprise Loan policy provides a new cross-border financing channel for small and micro enterprises (SMEs) like us to seek development in Qianhai. In the past, the operational and credit records of the headquarters in Hong Kong could not be used to support our Qianhai branch in applying for bank loans. With the implementation of the Hong Kong Enterprise Loan policy and the Shenzhen-Hong Kong cross-border credit investigation cooperation, it has opened up new channels for bank loans,” said You Zunni, the head of Gangshun (Shenzhen) International Trade Co., Ltd.

LAiPIC is also one of the beneficiaries of the institutional innovations in Qianhai. In response to the Homecoming Action Plan launched by Qianhai, the company moved its office back to Qianhai in 2019. However, LAiPIC encountered some difficulties on the way back home. At that time, digital and creative companies like LAiPIC could not be listed under the cultural industry or the technological industry. As a result, the company was not entitled to any form of policy support. To address this problem, relevant authorities in Qianhai conducted on-site research at the company and innovatively formulated a wide range of policies for digital and creative industries.

“As the industry evolves rapidly, LAiPIC may not be where it is today without the valuable support or the timely release of support policies,” said Quan Xinghui, co-founder of LAiPIC. When the company encountered a bottleneck during its rapid development, the rapid and efficient implementation of these policies enabled it to set a benchmark, significantly advancing the industry’s growth.

Qianhai’s institutional innovation achievements in key areas such as law, finance, and government affairs have demonstrated its advantages in institutional innovation. This innovation not only helps Qianhai accelerate its comprehensive deepening of reforms but also provides new momentum for Qianhai to advance the comprehensive deepening of reforms in the Greater Bay Area and even China. “Qianhai has unparalleled policy advantages, and we also hope enterprises in Qianhai will continue to benefit from it and embrace greater opportunities,” said Pan Rui during the interview.