Wang Jingli

wangjingli0715@163.com

DESPITE sluggish global growth, a total of 6,469 new foreign-funded enterprises were set up in Shenzhen between January and October, an increase of 69% year on year, according to the city’s development and reform commission.

Ho Sing Mak, tax leader from Ernst & Young (EY) China South, believed that Shenzhen’s appeal to foreign-funded enterprises lies in its well-established industrial chain, strong sci-tech innovation capabilities, and high-quality business environment. One of the leading global professional services firms, EY provides consulting, assurance, tax and transaction services.

“As a global city, Shenzhen provides enterprises abundant opportunities and development space, which is also one of the main reasons for attracting foreign investment,” Mak said in a recent interview with Shenzhen Daily.

Additionally, Mak observed that Shenzhen has an important position and influence in the fields of high-tech industry, Internet of Things, artificial intelligence, and new energy, which are also the city’s advantages.

Since 2018, Shenzhen has annually introduced measures to improve its business environment. Mak said that Shenzhen’s continuous efforts to optimize its business environment can enhance entrepreneurial spirit and innovation awareness, gather talents, improve economic efficiency, and further promote the city’s high-quality development.

In the context of wider market opening up and optimized business environment, foreign-funded enterprises will gain more development opportunities in Shenzhen and their confidence in entering Shenzhen will also be greatly improved, according to Mak.

Mak specifically mentioned that on one hand, measures in enhancing rule of law, improving government services, and deepening opening up and digital transformation are very important as companies can benefit from open, fair, and transparent market competition.

On the other hand, Shenzhen’s development will also become a strong driving force for innovation and progress, which will further stimulate market vitality.

With the same bullish view on Shenzhen’s development, EY opened its Greater Bay Area (GBA) Center of Excellence in Qianhai in April, showcasing its determination to play a part in promoting Qianhai’s development with innovation.

In further attracting foreign investment, Mak suggested Shenzhen to go ahead in building its innovation strength as well as expanding international sci-tech cooperation. Additionally, the city can encourage more local enterprises to enter the global market.