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szdaily -> News -> 
Qianhai to scrap market access restrictions for HK, Macao investors
    2020-09-03  08:53    Shenzhen Daily

IN a new move to reconcile Hong Kong and Macao investors, Shenzhen is considering dropping all market access restrictions on investments from the two cities in Qianhai.


A new regulation on Qianhai & Shekou Free Trade Area and the regulation on Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, which will take effect Oct. 1, will “explore the possibilities” of canceling market access restrictions on Hong Kong and Macao companies that invest in Qianhai.


It will also push a negative list management model for cross-border services trade from Hong Kong and Macao.


The legislation also encourages Hong Kong and Macao enterprises to set up offices in Qianhai, with detailed regulations on such “cross-border offices” to be formulated later.


In addition, medicines (excluding vaccines) and medical appliances that have been approved for sale in Hong Kong and Macao but have not been registered on the mainland are allowed to be used in medical institutions in the Qianhai & Shekou Free Trade Area for urgent clinical purposes.


Restrictions will also be reduced or canceled on foreign investors’ access to finance, modern logistics, information, technology, cultural and professional services, as well as health care.


In an innovative practice, the regulations proposed “no violation, no intervention” policy in the supervision of foreign-invested businesses for the sake of liberalization of international investment.


Hong Kong and Macao business entities will be allowed to engage in business activities as long as they are registered in Qianhai. At present, overseas business entities can only conduct businesses on the mainland by setting up subsidiaries or offices.


The Guangdong-Hong Kong-Macao Innovation Special Cooperation Zone will be established in Qianhai to house branches or platforms set up by universities and research institutes from Hong Kong and Macao.


Talent in finance, accounting, architecture, construction, design, patent agency and other fields with overseas professional qualifications may provide services in Qianhai after registration, with their overseas working experience regarded as domestic working experience. Doctors in Hong Kong and Macao will also be able to work in many institutions of Qianhai after registration.


Qianhai will also simplify the procedures of employment and exit and entry for foreign talent, and encourage them to apply for Chinese permanent residence permits.


Lin Jiang, a professor of economics at Lingnan College of Sun Yat-sen University, said the regulations will be of great attraction to Hong Kong and Macao companies who are already itching to enter the mainland market.


(Han Ximin)

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