Qianhai Subsidies for Pilot Projects Reached more than 80 Million Yuan
Qinhai zone have spent more than 80 million yuan to subsidize 13 pilot projects after giving the first batch of projects that were given approval last May. Zone authority in response to several worries that the newly opened shanghai free trade zone might outperform the Hong Kong Shenzhen cooperation zone. Furthermore assessments of potential projects are now drawing to a close and a second batch of pilot projects are set to be announced soon.
These projects are put into operation which highlighted four trading platforms ranging from carbon emissions trading to petrochemical trading. The petrochemical trading have already attracted 200 firms and accumulated a total turnover of 2.5 billion yuan while the emission trading platform a first in China saw 185 trades completed and attracted 800 members since it was launched in June. Now Qianhai’s plan to become the Manhattan of the Pearl River Delta is now uncertain as shanghai was now chosen to lead the long awaited reform of foreign exchange and interest rates in China.
But Qianhai authority are not concern that the Free trade zone in Shanghai could pose a challenge to its goal of becoming a financial hub since the tow areas will be complementary and reform zones that are needed to maintain the development of China.
Located on the west coast of Shenzhen, Qianhai have attracted more than 1,700 companies and 70 percent of these companies are in the financial service with a registered capital of 200 billion yuan.