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Preferential Policies in Shenzhen

Updated:2018-1-4 11:39:35    Source:www.tannet-group.comViews:181

To further accelerate the advancement of Shenzhen Special Economic Zone, the central and local government put forward a number of preferential policies and rules, including specific measures with respect to the following:

Preferential policies to help the advantages of export products in Shenzhen
Shenzhen Inspection and Quarantine Bureau revealed in the second half of 2017 that the Council based on the origin of business model reform, the introduction of a number of measures to play the advantages of innovative enterprise production capacity, boost the local advantages of products 'going out'.

Statistics show that the first 7 months of this year, the Council, including medical equipment, communications equipment, LCD monitors, smart phones, electric cars and other export products issued free trade agreement preferential certificate of origin 62,000, the amount of 2.53 billion US dollars visa, Shenzhen advantage products to obtain free trade agreement tariff concessions about 130 million US dollars.

Preferential Policies for Financial Companies in Shenzhen
In an effort to boost the financial sector, Shenzhen introduced a set of regulations on 1 March, 2017 on supporting the development of the financial sector, aiming to attract more financial companies to the city.

To provide a favourable business environment and reduce operating costs for financial institutions in Shenzhen, preferential policies of land use and rent are offered. Upon approval by the municipal government, large financial companies that buy land to build offices for their headquarters or regional headquarters in Shenzhen can purchase the land at a price lower than the market rate and obtain the land-use right by means of assignment. Those that purchase office premises are entitled to a government subsidy of Rmb1,000 per sqm. The municipal government also plans to build residential quarters and lease them at preferential rentals to the middle and senior management personnel of financial institutions.

Moreover, financial companies can set the salary levels of their employees with reference to the local labour market and the pay-rise guidelines issued by the government.

At the same time, all government departments concerned are required to provide quality services to promote the development of the financial sector. Industry and commerce administration departments will simplify relevant procedures and provide a "one-stop" registration service for financial companies. Meanwhile, personnel and foreign affairs departments will simplify procedures in relation to talent import, overseas training and entry-exit formalities.

Preferential policies offered to Hong Kong investors
Qianhai authorities announced recently that the Qianhai area will give five more preferential policies to Hong Kong investors, facilitating their realization of bigger achievements in the area, where over 4,500 Hong Kong companies have settled in.

The policies will help Hong Kong enterprises explore the mainland shipping market, give more conveniences to Hong Kong supply chain companies on the mainland, support Hong Kong in building its cross-border e-commerce business, encourage Hong Kong cross-border e-commerce practitioners to integrate online and off-line sales strategies, and allow Hong Kong shipping enterprises and investors to invest in the mainland shipping industry and offer related services such as financing and insurance services to mainland companies.

Qianhai will also promote a mutual recognition mechanism for Customs Inspection and Quarantine - allowing companies to pass either Qianhai or Hong Kong inspection and quarantine procedures - in order to help companies save time and costs.

The policies was implemented in the second half of 2017.

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