SHENZHEN, China, Sept. 03, 2024 (GLOBE NEWSWIRE) -- 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.