Claudia Wei

claudiamente@hotmail.com

INNOVATION is vital to Qianhai’s efforts to create a world-class business environment where adopted rules and regulations are in line with international standards to boost the future development and construction of the Guangdong-Hong Kong-Macao Greater Bay Area, according to Qu Jian of China (Shenzhen) Development Institute (CDI).

Qu, vice director of CDI, a State-level think tank that has been involved in the general planning of Qianhai and related research regarding its development over the past decade, made the remarks at a symposium in Qianhai on Sunday.

Qianhai has been committed to innovation-driven development since its inauguration. Official statistics show that a total of 520 institutional innovations, mostly in economy and social governance, have been introduced in Qianhai by the end of 2019.

Among them, some 50 innovative policies and practices have been promoted across the country and 167 duplicated citywide in Shenzhen.

Further innovation efforts are needed for Qianhai to integrate into the international market to attract investment and high-end professionals to the free trade area, said Qu.

Economically, he said, innovative policies will be important to facilitate cross-border investment, finance and international trade, while a tax reform will also help attract innovative resources to Qianhai.

Qu said Qianhai should work on innovative policies regarding talented people, such as granting green cards to innovative-thinking professionals and entrepreneurs from around the world to work in Qianhai, as high-end talented people are among the factors that are most crucial to the quality growth of Qianhai’s economy.

The quality economic development will be made possible in a rule-of-law business environment, he said.

Qu also suggested that the Qianhai authority should turn to high technology to enhance its efficiency while lowering the costs in its daily management and supervision.

The symposium was organized by the Qianhai authority following a tour of the free trade area by experts to offer advice and insights for Qianhai development.