Gazing out at the expansive waters, did you know that what we now call Qianhai Bay was once known as Dachan Bay? This area, now a bustling hub of modern development, holds layers of history beneath its reclaimed land.
Welcome to Qianhai Bay. This is a place where ambition meets innovation. Qianhai is officially known as the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone. It is a commercial development in Shenzhen.
Qianhai covers almost 15 square kilometers. Nearly all of it is reclaimed land. This area aims to drive innovation in modern services. It aspires to become a central hub for modern service development.
Qianhai also serves as a pilot area for cooperation between mainland China and Hong Kong. It facilitates industrial reform and sustainable economic growth in the Pearl River Delta.
By 2020, railways and roads were completed. Qianhai is within a one-hour commute of the Pearl River Delta. It is also within a 30-minute commute of Hong Kong.
Shenzhen has the highest GDP per capita in China. It also leads in foreign export volume. The city excels in patent applications and patents owned per capita among major Chinese cities. This makes Qianhai a prime location for economic activity.
In 2012, the State Council approved special policies for Qianhai. These policies cover finance, taxation, legal matters and human resources.
Qianhai experiments with expanding offshore RMB fund flow-back channels. It supports Hong Kong’s development as an offshore RMB settlement center. The area establishes a cross-border RMB innovation zone. This facilitates the growth of RMB financial services.
Eligible companies in Qianhai benefit from a 15 percent preferential corporate income tax rate. Furthermore, eligible professionals employed in Qianhai are exempt from personal income tax.
Qianhai supports Hong Kong arbitration agencies. They can establish affiliated agencies here. The area also supports joint operations of mainland and Hong Kong law firms.
The Shenzhen Qianhai Cooperation Zone People’s Court specializes in foreign-related commercial cases. It also handles Hong Kong, Macao, and Taiwan commercial disputes.
Qianhai aims to attract a professional international workforce. This includes professionals from Hong Kong, Macau, and Taiwan. It also welcomes Chinese professionals working or studying abroad.
Hong Kong education service providers can establish international schools in Qianhai. Similarly, Hong Kong health care service providers can establish hospitals here.
Hong Kong and Macau telecom operators can form joint ventures with mainland Chinese operators in Qianhai. The area also has a dedicated telecommunications channel. This provides faster telecom services for businesses in Qianhai.
Qianhai focuses on finance, modern logistics, information services and technology services. It also prioritizes other professional services.
The Qianhai administration plans to boost financial innovation. They aim to relax currency flows between Qianhai and Hong Kong. This reinforces Hong Kong’s role as an offshore RMB settlement center.
Hong Kong banks can extend commercial RMB loans to Qianhai-based entities. These loans are not subject to central bank benchmark rates. This cross-border yuan loan program increases the yuan’s global liquidity. It also promotes its internationalization.
The Qianhai Equity Trading Centre provides loans to Qianhai enterprises. It launches RMB-denominated wealth management products on the Hong Kong capital market.
Qianhai has implemented policies to improve logistics services across mainland China and globally.
The Qianhai Bay Free Trade Port Zone includes seven warehouses. They cover a total area of 400,000 square meters.
Qianhai will promote software and IT services. It will also facilitate cooperation between mainland and Hong Kong telecom operators.
Qianhai prioritizes innovative technologies and creative design services. It also focuses on consulting and management services.
Qianhai is expected to create 650,000 jobs and house 150,000 residents. Residents have access to parks, public transportation, shopping and education.
The Qianhai Enterprise Dream Park is modeled after Silicon Valley. It includes office buildings and a multi-purpose hall.
The Qianhai Youth Hub fosters innovation among young entrepreneurs. It provides venture capital and networking opportunities.
Qianhai’s transformation is truly remarkable. From Dachan Bay to a modern metropolis, it embodies the spirit of innovation and collaboration. As you explore Qianhai Bay, remember its rich history and its promising future.