Qianhai practices to be implemented in Shenzhen
FORTY-EIGHT innovative measures developed in Qianhai, including cross-border ratepaying, central warehouse management mode, cross-border blockchain payment and ancillary judicial practices, will be replicated and put into use in the city, said the Qianhai Authority at its annual achievements release conference Thursday.
As an experimental area that is assigned to offer new solutions for the country’s reform and development, Qianhai has already contributed 31 measures to the city, of which nine practices have been adopted nationwide.
Du Peng, vice director of the Qianhai & Shekou Area of (China) Guangdong Pilot Free Trade Zone, said 21 practices were created to make investment, import and trade more convenient. “For instance, investors can now choose to pay their taxes with offshore bank accounts, through our online platforms or our authorized banks,” said Du. “We have worked with local taxation departments to simplify the procedures for payments and tax write-offs.”
“To foster the development of cross-border e-commerce, we have cooperated with several institutions to intervene into goods’ quality and source tracing. We encourage stores to sell bonded goods by exhibiting the goods and guiding customers to purchase through online platforms.
“We also created our central warehouse, allowing goods management, logistics and trade to be handled in one place. Merchants and customers can check the status of clearance on the Internet. Some small domestic appliances and tolls were exempt from the mandatory certification,” said Du.
As one of the pillar industries in Qianhai, the finance sector has generated 11 new measures. Among them, the private equity investment funds operated by exclusively foreign-owned enterprises and cross-border blockchain payment are the most prominent practices. It has also promoted mutual insurance products, agricultural products, price index insurance products and micro-credit loans.
“We have also explored ways to control the risks of commercial activities, planning and construction,” said Du. The area has invited institutions, such as third-party assessing agencies and mediation, notary and arbitration institutions to provide services.
The authority also said that Hong Kong residents can now get Qianhai’s free Wi-Fi by registering with their Hong Kong phone number. Previously, they had to provide a mainland phone number to register for the free service.