Province issues measures to attract more foreign trade and investment in Hengqin

Pilot projects to protect and facilitate trade and investment will be carried out in Hengqin under China (Guangdong) Free Trade Zone measures announced this week by the provincial government.

For instance, Guangdong will support Hengqin in creating a national demonstration zone that promotes imports and innovation. Called for are "two-step declaration" and "two-stage access" customs clearance, classified supervision of warehouse stock by status, inspection and quarantine of Macao food in temporary storage and transit, separate inspection and collective declarations, and "one certificate for multiple batches."

Hengqin Financial Island [File photo by Yuan Tianxiao]

These measures will promote new business forms such as cross-border e-commerce, bonded exhibition (foreign goods for international expositions and product exhibitions can be displayed and stored with simple customs procedures), parallel import (a non-counterfeit product from another country without permission of the intellectual property owner), and bonded maintenance (goods with component damage, functional failure, and quality defects from overseas are tested, repaired, and re-transported out of China in bonded manner).

In addition, Hong Kong and Macao service providers will be encouraged to invest in Guangdong travel agencies with streamlined approval procedures. The province will use the national tourism supervision service platform to facilitate Hong Kong and Macao investors when handling relevant businesses.

Furthermore, legitimate overseas ship inspection institutions will be allowed to inspect internationally registered ships in Guangdong pilot FTZs including Hengqin. Management measures will promote high-end shipping.

Eligible Guangdong FTZs will import specified drugs and medical devices via cross-border e-commerce retail. Quality supervision, whole-chain traceability, consumer rights and interests protection, and other mechanisms will be established.

In terms of improving judicial review, a one-stop public legal service platform for arbitrating foreign-related issues or those involving Hong Kong and Macao will be established in Hengqin. Training bases for foreign-related experts will cultivate talents in the sector.

Hengqin will also initiate an integrated bank account system unifying domestic and foreign currencies, practices for financial leasing companies to bring in foreign debt more efficiently, and securitization of intellectual property assets.

In all, there are 27 measures in 15 categories to enable Guangdong pilot FTZs to lead in reform and innovation. Locally, they will be coordinated and implemented by the Hengqin Office of the People's Government of Guangdong.