Wang Liang, Tan Yifan

Cicitan2011@gmail.com

THE dominant economic indicators of Qianhai & Shekou Area of China (Guangdong) Pilot Free Trade Zone rose in the first half of 2017, suggesting the area’s development is in the fast lane, according to Friday’s official data release in Qianhai.

In the first two quarters of 2017, the proportion of tertiary industry and secondary industry increased by 6 percent, readjusting the figure to 17:83. The industries of finance, modern logistics, information services and technology and other services grew by 31.9 percent, 140.6 percent, 26.4 percent and 59.7 percent, respectively.

From January to June, over 18.84 billion yuan (US$2.8 billion) was invested in fixed assets in the Qianhai & Shekou Area, up 30.6 percent, and about 16.33 billion yuan of the 18.84 billion yuan was invested in Qianhai.

The free trade area has attracted a total of 143,200 registered companies, and 4,603 Hong Kong enterprises have settled in there, contributing over 5.94 billion yuan in tax revenue by the end of June. The total revenue of the area has increased by 158.8 percent as of June 30.

As a pilot area that was designed to carry out bold innovations, the free trade area has developed 76 innovative practices so far in 2017 with over half of them aimed at providing conveniences to investors and traders.

Tian Fu, director of Qianhai & Shekou Pilot Free Trade Area Authority, said the area now focuses on the integration of administrative institutions to shorten procedures for business registration, customs inspection and clearance. He also said that Qianhai will benefit from opportunities to promote yuan internationalization through the Belt and Road Initiative.

At the data release conference, the authority also inked agreements with the China Council for the Promotion of International Trade to cooperate in building a China Enterprises Cross-border Economic and Trade Cooperation Internet Service Platform, with the goal of allowing companies to check information on projects, seek cooperation partners and realize business-related goals.

Qianhai also signed several other contracts the same day to show the strength of its determination to create a business-friendly environment.