Shenzhen will speed up the implementation of the preferential policies, including tax reduction, facilitating financial services, on the newly expanded Qianhai Shenzhen-Hong Kong Modern Service Cooperation Zone, said Qin Weizhong, Mayor of Shenzhen, at the press conference on September 13.

Last week China's central authorities issued a new plan for further developing the Shenzhen-Hong Kong cooperation zone. According to the plan, the total area of the cooperation zone is expanded to 120.56 square km from 14.92 square km.

(Photo: Nanfang Daily)

Qin said Shenzhen would make full use of the expanded area, optimize the distribution of industries, major platforms, and projects, and quicken the pace to build the area into a new international-level city center.

Besides continuing the existing preferential corporate income tax policy, the city will expand more supportive measures in industry promotion, opening up of finance, law, and trade to the whole area.

Shenzhen will enhance collaboration with Hong Kong in modern service, financial industries, scientific innovation, digital fashion, exhibition economy, marine economy, and professional services.

Back-up policies will be launched to fully leverage Hong Kong's unique advantages as an international financial center, thus improving the area’s functions as China’s financial industry exemplary window and cross-border RMB transaction pilot zone.

Qin stated that Shenzhen would fully support universities, scientific institutions, and enterprises from Hong Kong to set up R&D centers and key labs in Qianhai.

According to the plan, Qianhai will foster a world-class business environment by 2025, introduce protection regulations for investors, and join hands with Hong Kong to build an international legal service center and commercial dispute resolution center.

“Shenzhen will draw up more measures to provide convenience for Hong Kong and Macao residents and make their lives and work easier in Qianhai. "The city will strive to connect with Hong Kong and Macao in public services such as education, health care, and social security.

This year, Shenzhen has issued 18 regulations to help Hong Kong and Macao residents to settle down in the city. Currently, 3,652 Hong Kong talent have developed their business in Qianhai, and 245 Hong Kong enterprise teams have started here.

Author | Abby

Editor | Wing, Keane, Jerry, Nan