Shenzhen releases measures to deepen FTZ's reform, innovation

Shenzhen in South China's Guangdong province released 39 measures to further deepen the reform and innovation of the Qianhai and Shekou Area of the China (Guangdong) Pilot Free Trade Zone on July 8.

The measures cover four aspects: creating a sound investment environment, improving trade facilitation, promoting financial innovation to serve the real economy, and advancing trials in the field of human resources.

To create a sound investment environment and attract more foreign investment, the Qianhai and Shekou Area is allowed to introduce innovative tax services in line with international standards. Wholly foreign-owned construction enterprises in the area, when undertaking Sino-foreign joint construction projects in the province, will be free of restrictions on the proportion of Chinese and foreign investment.

The Qianhai and Shekou Area will be granted the administrative authority to register free import and export technology contracts, as well as the record management of imported cosmetics with no special purposes. The application of single-window platforms for international trade throughout the city, in which cross-border traders can submit regulatory documents at one location, will be promoted in the area to improve trade facilitation.

Financial institutions in the Qianhai and Shekou Area are permitted to handle renminbi derivatives and other businesses for overseas agencies in accordance with relevant regulations under the premise of legal compliance and controllable risks. The area is also encouraged to carry out pilot work in securitizing intellectual property rights.

The approval authority for the establishment of Sino-foreign joint ventures or wholly foreign-funded human resource recruitment agencies will be delegated to the Qianhai and Shekou Area. The area is also authorized to formulate regulations on the management of professionals from Hong Kong and Macao in accordance with national laws and regulations.