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    Shanghai released its list last year, covering 1,069 businesses in 89 divisions within 18 main categories. The restrictions were later reduced by 40 percent. Sectors not on the list are open to foreign investors, and those qualifying foreign interests are granted equal footing with Chinese firms in permitted sectors.

    Aiming to rival Shanghai as an international financial center, Qianhai, as well as other newly created economic zones across China, are actively seeking preferential supportive policies, not the least of which are tax incentives. The newer zones are out to realize the same sort of “miracles” which remarkably transformed and advanced former generations of Chinese special economic zones.

    “It’s not all about preferential policies and tax incentives,” Ding Guoliang, vice president of HSBC’s China division, told reporters yesterday. “If there is a tax incentive, that’s good. But what brought us here is the potential huge market the zone offers.”

    APEC (Asia-Pacific Economic Cooperation) officials were brought to the Qianhai seminar by China’s Finance Ministry as China holds the rotating chair of APEC forums this year and will have the opportunity to shape the agenda, focusing on its own areas of interest.

    City leaders, Qianhai firms and Zhang took advantage of the opportunity to share with APEC officials as well as overseas financial experts their thoughts, plans and consultation on innovations Qianhai may carry out as a pilot zone. Primary goals include earning recognition as an international zone and generating increased investment from overseas.

    “Qianhai is creating more opportunities as a test bed,” Arup Chatterjee, senior financial sector specialist with Asian Development Bank, told Shenzhen Daily yesterday. “The innovations will have a ripple effect. If you succeed here, the experience can be applied to other parts of the country or even other parts of the world.”

    Viewing Qianhai as a natural complement to Hong Kong, Chatterjee, an Indian by nationality, said there are similar economic zones in his home country, but they are not as advanced as Qianhai in terms of innovative thinking.

    “Qianhai offers some flexibility to experiment,” said Timothy Bishop, an official with OECD (Organization for Economic Cooperation and Development). “The question is what type of experiment and what will be the result.”