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stealing some limelight from the recent reform efforts of shanghai's free-trade zone, shenzhen's qianhai unveiled a detailed plan thursday that it hopes to implement this year in fields including financial innovation, cooperation with hong kong and urban construction.
wang jinxia, spokesman for the authority of qianhai shenzhen-hong kong modern service industry cooperation zone of shenzhen, said at a press conference thursday that qianhai could make impressive breakthroughs in those three fields this year.
qianhai leaders are still seeking policy support for most of the plan's 46 measures, which address five major aspects of qianhai and guangdong-hong kong-macao free trade development.
eighteen of the measures are focused on financial innovation. they include allowing qianhai residents and companies to set up cross-border trade accounts with banks in the 15-square-kilometer zone, to help make the yuan fully convertible under capital accounts; piloting the qualified domestic individual investor (qdii2) program, which allows individual mainland investors to directly trade equities overseas; and inviting financial regulators to set up offices in the zone to support its financial experiments.
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"the qdii2 program is expected to be launched in qianhai by the end of the year," wang told reporters. "support for a few other major policies in qianhai will be made public when the time is ripe."
he longde, a director with the qianhai management authority, said thursday that the china securities regulatory commission will open an office in qianhai, which will qianhai the first among all such free-trade zones to have an office of a national regulator.
to deepen its cooperation with hong kong, qianhai plans to sell buildings with a total construction area of 300,000 square meters to hong kong firms this year, employ hong kong professionals to work in the zone and offer some internships exclusively to hong kong university students.
an entrepreneurship program is scheduled to be announced friday to encourage young people in shenzhen and hong kong to set up their own businesses in qianhai.
"by the end of the year, qianhai's urban construction will impress visitors," wang said. "qianhai will see the completion of more temporary office projects, which will house at least 200 company headquarters.
"the number of companies registered in qianhai is expected to break 10,000 this year, yielding a combined gdp of 10 billion yuan," he added.
the qianhai project has been drawing public ire for moving too slowly. three years after its establishment, the zone remains vastly undeveloped and only began showing signs of life last year.
the plan released yesterday acknowledged nine bottlenecks qianhai is facing in seven aspects, including transportation, land reform and cross-border management.
(source:shenzhen daily)