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China will create an experimental business zone in Shenzhen

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Photo from Xinhua Net: Zhang Xiaoqiang, deputy minister in charge of the National Development and Reform Commission, speaks during a news conference about building a pilot zone in Shenzhen's Qianhai area in Hong Kong, south China, June 29, 2012.

 

China will create an experimental business zone in Qianhai, western Shenzhen, expected to be completed by 2020. The new zone will be officially known as the Qianhai Shenzhen-HongKong Modern Service Industry Cooperation Zone. The objective is to internationalise the renminbi and deepen business ties with Hong Kong. The announcement was to mark the 15th annivesary of Hong Kong's handover to China last Sunday, July 1st. 

In order to create this financial and commercial hub, the Chinese government will use US$45 billion. The project will offer low corporatetaxes and tax-free working, facilitating Hong Kong firms in financial services, telecommunications (such as Hutchison Whampoa and PCCW) and other sectors to establish joint ventures in the "experimental zone." Investors can also open private schools and hospitals. 

Moreover, the Chinese Finance Ministry also will be issuing 23 billion yuan, about US$3.6 billion, in yuan-denominated bonds in Hong Kong. The issue is the fourth, and biggest so far. 

 

Sources:

China unveils measures for new Shenzhen business zone - Channel News Asia

Qianhai poised to be hub of cooperation - China Daily

China unveils policies for pilot zone to cement mainland-HK ties - Xinhua Net

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