Qianhai’s Business Environment Boosts Growth with Over 10% Annual GDP Rise Since 2021

Berita Baru, China – The Plan for Comprehensively Deepening Reform and Opening-up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (hereinafter referred to as the “Qianhai Plan”) was officially released on September 6, 2021. Over the past three years, the GDP, fixed asset investment, and imports & exports of Qianhai have grown at an average annual rate of over 10%, over 15%, and 14.3%, respectively. Enterprises in Qianhai, Shenzhen have been impressed by the remarkable improvements in the business environment. Qianhai has been on a fast track of creating a world-class business environment through a series of measures, such as establishing China’s first “one-stop service” platform for foreign investors, and improving services throughout the full life cycle of enterprises.

“We have greatly benefited from the business environment provided by Qianhai,” said Sun Jinjun, Chief Representative of the Holman Fenwick Willan LLP Shenzhen Representative Office. “I often have colleagues from other countries and both Chinese and foreign clients attending meetings at our Qianhai office, and they often praise the office environment here. Meanwhile, the Qianhai Authority often organizes corporate seminars and policy presentations, providing great support for enterprises in terms of software,” he said.

According to Sun Jinjun, the highlights of Qianhai’s business environment include its institutional innovation capabilities, fast and efficient problem-solving abilities, its advantageous geographical location connecting with Hong Kong and Macao, and its professional government service team. “All policies need to be implemented by dedicated personnel. We received professional, seamless services while establishing our Qianhai office,” he added.

Similarly, many other enterprises in Qianhai are also deeply impressed by its outstanding business environment. First, Qianhai has developed various forms of modern service industries such as finance, law, talent, and logistics. Second, it boasts a series of institutional mechanisms that align with those in Hong Kong, Macao, and the international community. The Qianhai Global Service Providers (QGSP) program aims to introduce and cultivate eight types of global service providers including modern financial services, trade and logistics, information services, sci-tech services, cultural and creative services, commercial services, shipping services, and public services. A total of 167 leading enterprises or institutions under these categories, such as KPMG and UBS, have delivered relevant services in Qianhai. Overall, a new world-class business environment ecosystem has taken shape.

According to a recent evaluation by PwC using the World Bank’s business environment indicators, Qianhai’s total score was close to that of Singapore and Hong Kong. The 2023 Business Environment Blue Book for Qianhai Cooperation Zone released by PwC highlights Qianhai’s excellent overall business environment, and significant progress in Shenzhen-Hong Kong cooperation, and indicates that the goal of creating a globally competitive business environment by 2025, as set out in the Qianhai Plan, is nearly achieved.

As the business environment improves, a growing number of Hong Kong residents are choosing to start businesses in Qianhai. Elvis Yu, Founder of INSPRO and a young Hong Kong resident, is one of them. “Qianhai offers the talents, policies, capital, and market that we need for our startup. Thanks to its proximity of geography and culture, we can start our business faster. After three years of development in Qianhai, we now hold more than ten patents, and our revenue this year has exceeded 10 million yuan,” he said during an interview.

“We are eager to see further advancements in Qianhai’s business environment. Qianhai can go further by actively aligning with high standards both domestically and internationally,” said Sun Jinjun. With the implementation of more industrial support policies in areas such as finance, trade logistics, and professional services, Qianhai is bound to have broad prospects for creating a world-class business environment.