New Measures Released to Support Qianhai in Becoming a Financial Center
A few days after Shanghai obtained a State Council approval to set up a free trade zone, the Guangdong Provincial Government released 36 detailed measures to support Qianghai’s ambition to become a financial center.
These new measures includes giving sub provincial level power to Qianghai to help manage its economy and explore their own mode of opening up, arrived three years after the Central Government approved the area to become a pilot economic zone. Supportive policies were also made public to further help in the rapid development of the area next to Nanshan district. This was also the time the regional governments including Xiamen, Tianjin and Guangzhou are fighting for national support for the establishing of a free trade zone in their own territory.
The measures were to address the 10 aspects of Qianhai development which includes financial innovations, cooperation with Hong Kong, land sales and environmental efforts. The implementation of these measures will begin by the end of the year.
Qianhai will no longer need to obtain any approvals for development plans from Shenzhen and can directly submit applications directly to the provincial government. The measure also improve Qianhai’s appeal to Hong Kong companies by lowering the threshold for firms to establish businesses in Qianhai and allows them to bid for provincial research and development projects as well.