Qianhai takes lead in institutional innovation

To date, a total of 319 institutional innovations have been put into practice in Qianhai, including 111 innovations this year. Among all the innovative policies and measures, 131 were either initiated by the area or played a leading role in the country.
The 111 institutional innovations made this year include 27 in investment facilitation, 20 in trade facilitation, 14 in financial innovation, five in interim and postmortem supervision, 41 in rule of law and four in system and mechanism innovation, making contributions to business environment improvement, the trade facilitation and rule of law.
In terms of investment facilitation, Qianhai initiated cross-border tax payment and improved the flexible multi-channel tax payment platform. It applied BIM techniques in infrastructure construction to improve the business environment.
Additionally, the free trade zone published “Guidelines for the Antitrust Works of the Qianhai and Shekou Area of China (Guangdong) Pilot Free Trade Zone” and the first “Outbound Foreign Direct Investment Index” among all free trade zones in the country.
Regarding trade facilitation, the Shenzhen-Hong Kong truck-air-truck reform set the stage for building Qianhai into the center of the city’s export ecosystem. Innovations at Qianhai speed up the development of intelligent customs clearance, further optimizing port efficiency and the customs environment.
As for financial sector opening-up and innovation, Qianhai promoted the pilot project for the cross-border transfer of banks’ nonperforming loans, the first cross-border blockchain payment system in the country, the first cross-institution blockchain finance of WeBank, and the establishment of the first blockchain library app in the country, making itself a highland of fintech development.
Regarding interim and postmortem supervision, Qianhai published the “Qianhai Corruption Perception Index” for carrying out a scientific, systematic and forward-looking evaluation of the integrity of the area.
Regarding innovation in rule of law, the free trade zone applies Hong Kong law to commercial cases and explores the service system for cases involving Hong Kong parties to deepen the legal cooperation between Shenzhen and Hong Kong. The settlement of Shenzhen Intellectual Property Protection (IPR) Center in Qianhai created a comprehensive service platform for IPR.
In May 2017, Shenzhen government printed and promulgated the second edition of 17 Qianhai innovations, promoting them citywide. As of June, 12 innovations from Qianhai have also been included in the third edition of the list of pilot reforms in Guangdong Province, accounting for 60 percent of the total.
On July 26, Qianhai’s market entity name registration facilitation reform was included in the third edition of five innovations of the pilot free trade zones in the country.