Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone is a commercial development in Shenzhen, China also known as Qianhai New District. Located in Nanshan and encircled by Shuangjie River, Yueliangwan Boulevard, Mawan Boulevard and Qianhai Bay, Qianhai covers an area of approximately 15 square kilometres, comprising almost entirely reclaimed land.
I. Strategic positioning
According to plans made by the Qianhai administration, as the pilot district for cooperation between mainland China and Hong Kong and innovation in the service industry, Qianhai undertakes four functions:
1. An area that will aim to facilitate innovation in the modern service industry;
2. An area that will aim to become a hub of modern services and modern service development;
3. A pilot area for closer cooperation between mainland China and Hong Kong;
4. A facilitator in the industrial reform and sustainable economic development of the Pearl River Delta.
II. Special Policies
The following policies were approved by the State Council on June 27, 2012, including financial, taxation, legal and human resource, etc.
1. Financial Policies
(1) Qianhai shall experiment with the expansion of offshore RMB fund flow-back channels. Qianhai will support the development of Hong Kong as an offshore RMB settlement centre and establish a cross-border RMB innovation zone in order to facilitate the development of RMB financial services.
(2) Qianhai shall support the issuance of RMB loans from local banking institutions to international projects, and from Hong Kong-based banking institutions to Qianhai projects under the stipulations of the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA).
(3) Qianhai shall be supported in its efforts to establish an equity investment parent fund in Qianhai.
(4) Hasten the internationalisation of Qianhai's financial market by opening up to Hong Kong under the stipulations of CEPA.
(5) Qianhai supports the development of innovative financial instruments, and financial products that support the development of the real economy.
(6) Hong Kong and international banking institutions shall be encouraged to establish their headquarters in Qianhai in order to quicken to pace of the internationalisation of Qianhai's financial industry.
2. Taxation Policies
(1) Eligible companies registered in Qianhai are subject to a 15% preferential corporate income tax rate.
(2) Eligible professionals who are employed in Qianhai are exempt from personal income tax.
3. Legal Policies
(1) Qianhai shall support Hong Kong arbitration agencies' establishment of affiliated agencies in Qianhai.
(2) Qianhai shall support the joint operation of mainland and Hong Kong law firms under CEPA and its supplementary agreements.
4. Human Resource Policies
(1) Qianhai's human resource management mechanism shall be innovated and relevant policies and measures shall be formulated to attract a professional, international workforce, including but not limited to professionals from Hong Kong, Macau, and Taiwan, as well as Chinese professionals who are currently working or studying abroad or those who have returned to China.
(2) Professionals with certification from Hong Kong shall be permitted to provide professional services, the boundary of which is confined to Qianhai and to the enterprises and residents of Qianhai. The specific policies, measures, and regulations of such services shall be formulated by relevant regulatory departments.
(3) Professionals from Hong Kong with the certificates of Certified Public Accountant of China shall be permitted to serve as partners of mainland Chinese accounting firms. The pilot trial procedures will be formulated by Shenzhen and will be implemented in Qianhai upon the approval of the Ministry of Finance.
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