This undated photo shows a panoramic view of Qianhai of Shenzhen, Guangdong province. (PHOTO / VCG)
Qianhai in Shenzhen announced a detailed plan to forge a Global Service Provider program in eight industries at the 2022 Qianhai Global Investment Promotion Conference on Tuesday.
The conference also witnessed a batch of leading Hong Kong-invested firms, state-owned enterprises, and other industrial bellwethers signing agreements to set up branches in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone. Total investment reached more than 120 billion yuan ($16.53 billion).
The zone also released a basket of measures to attract and support these companies in eight fields, including financial services, technology, information, logistics, and professional services
“We are at the key intersection of the ‘dual circulation’ and have the natural advantage of linking up the domestic and international markets,” said Huang Xiaopeng, deputy director general of Qianhai authority, “so we launched the (Global Service Provider) plan to attract and cultivate companies listed in the national top 20 or the global top 50.”
The “dual circulation” development paradigm, whereby domestic and overseas markets reinforce each other, with the domestic market as the mainstay, was mentioned as a guiding thought in the 14th Five-Year Plan (2021-2025).
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The zone also released a basket of measures to attract and support these companies in eight fields, including financial services, technology, information, logistics, and professional services. It vows to provide them with no less than 1 billion yuan of industrial support funds and about 200,000 square meters of land each year.
It aims to bring in or cultivate more than 300 Global Service Providers by 2025, and achieve 100 billion yuan of added value in the service sector. Specialized enterprises with cutting-edge products in professional segments, also nicknamed “little giants”, are preferred.
“Our goal is to build a core engine for the modern service industry in the Guangdong-Hong Kong-Macao Greater Bay Area and an important productive service center in the Asia-Pacific region,” Huang said.
In addition, the zone also proposed establishing four industrial clusters with a series of preferential policies, including venture capital investment, natural gas trading, cross-border e-commerce, and modern service industries.
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