Press Releases in Hong Kong

New Qianhai policies to promote Shenzhen-HK cooperation

This undated file photo shows a rendering of the area of Qianhai economic zone in Shenzhen. (PHOTO PROVIDED TO CHINA DAILY)

The Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone on Monday unveiled several new policies to enhance cooperation between Shenzhen and Hong Kong. 

The polices, which involve finance, industry and talent, are the first detailed measures since the central government launched a new development plan for Qianhai in early September, under which the special economic zone was expanded from 15 square kilometers to 120 sq km.

The Guangdong-Hong Kong-Macao Greater Bay Area’s major financial cooperation platforms and financial infrastructure that set up in Qianhai will be given two million yuan as part of the government’s bid to support their development

In the government document on finance, Shenzhen-Hong Kong financial cooperation is an important part. According to the document, qualified financial institutions from Hong Kong will be given more financial support than others. For example, while exclusive institutions of State-owned and national commercial banks that are newly registered or moved to Qianhai will be given 10 million yuan ($1.6 million) in incentives, their Hong Kong counterparts will be offered 12 million yuan.

The Guangdong-Hong Kong-Macao Greater Bay Area’s major financial cooperation platforms and financial infrastructure that set up in Qianhai will be given two million yuan as part of the government’s bid to support their development. 

READ MORE: Opportunities abound for Hong Kong's construction sector

Foreign-funded enterprises are also incentivized to set up private funds in Qianhai. While qualified wholly foreign-owned enterprise private fund managers will be offered one million yuan, qualified foreign limited partners will be given 500,000 yuan.

The document also encourages banks in Qianhai to support innovation and entrepreneurship among Hong Kong youths. Banks that meet certain standards in granting loans to enterprises founded by Hong Kong youths will be given 1 percent of the amount of the loans in interest subsidies, capped at one million yuan every year.

Banks that conduct cross-border wealth management business will be granted up to 300,000 yuan in financial incentives.

In another government document on promoting the creation of industrial clusters in Qianhai, Hong Kong enterprises will be given more subsidies in commercial property purchases and office renting in Qianhai than their Chinese mainland counterparts. 

According to the policies, qualified headquarter enterprises in Qianhai are entitled to  property-buying subsidies of 3,000 yuan per square meter and other key institutions have 1,500 yuan per square meter. For Hong Kong enterprises, the subsidies are 1.2 times the amount. The same standards apply to office renting. 

Separately, Qianhai also launched a series of measures to promote talent cooperation between Shenzhen and Hong Kong. 

Hong Kong youths who take internships in Qianhai will be provided a monthly subsidy of 3,000 yuan for up to six months.

Living subsidies will be offered to Hong Kong youths who work full time in Qianhai, with 10,000 yuan per month for those with a doctor’s degree, 7,000 yuan per month for postgraduates and 5,000 yuan a month for those with a bachelor’s degree. The subsidies last for up to three years.

ALSO READ: Forum highlights HK’s new opportunities in Greater Bay Area

Financial, accounting, tax, legal and other professionals from Hong Kong who work full time in Qianhai will be offered up to 50,000 yuan in financial incentives.

Organizations that hire Hong Kong youths will also be incentivized. For instance, those who employ more than 30 youths from Hong Kong will be granted 200,000 yuan.

sally@chinadailyhk.com