Foreign businesses are bullish on the development potential of Shenzhen and the wider Guangdong-Hong Kong-Macao Greater Bay Area, pledging to ramp up investments and deepen local business amid huge opportunities promised by the upcoming Asia-Pacific Economic Cooperation (APEC) meeting in the city later this year.
Richard Li, head of Greater Bay Area at HSBC China, said the Chinese market is regarded as a key engine driving the bank’s global business growth. “HSBC is one of the international financial institutions with the deepest investment in the country, with business covering a wide range of areas including banking, insurance, fund, securities, and financial technology.”
Li noted that Shenzhen serves as a core pivot in the bank’s overall strategy in the Greater Bay Area, given its growing role in technological innovation, internationalization, and wealth management.
The British bank has invested over four billion yuan ($590 million) in building the HYQ Tower in Shenzhen’s Qianhai special economic zone, its first wholly-owned office complex in south China.
The senior executive said the APEC meeting — which is due to be held in Shenzhen in November — will significantly enhance the city’s international influence.
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For enterprises already established in the city, especially foreign-funded financial institutions, APEC will bring multiple opportunities including cross-border cooperation, trade liberalization and policy dividends, Li said, adding that HSBC will further expand its investment in the city.
“By focusing on key areas such as technology finance, green finance, capital market connectivity, and wealth management, HSBC is poised to play an active and unique role in financial opening up and innovation within the Greater Bay Area,” he said.
Shenzhen’s appeal to foreign investment has continued to grow, buoyed by a favorable business environment and robust development momentum. According to official statistics, its actual use of foreign investment hit 17 billion yuan in the first quarter, growing 47 percent year-on-year. More than 2,700 new foreign-invested enterprises were established in the same period, representing a yearly increase of over 15 percent.
Pattarapong Kanhasuwan, vice chairman of Kasikorn Bank China, underscored the Thai bank’s long-term commitment to the region. The bank has business operations across multiple ASEAN nations, while China hosts its largest overseas operation base.
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The Greater Bay Area boasts a prime geographical location closely linking China and the Association of Southeast Asian Nations, he said.
“Having already invested significantly in terms of capital injection and capabilities development, we will further invest in the banking business as well as peripheral business.”
He said he views the APEC meeting as a great opportunity for global leaders to align consensus and further global economic cooperation amid geopolitical uncertainties.
Shenzhen has also attracted businesses from further afield. A person in charge of Tesla’s external affairs, who asked not to be named, said “The Greater Bay Area is one of our most important markets. Since Shenzhen is a city that represents innovation and high technology, Tesla’s products enjoy high popularity.”
Shenzhen’s comprehensive infrastructure, including supportive policies, a complete industrial system and a first-class business environment, has contributed greatly to Tesla’s commercial operations, she said.
Since launching its first experience center in Shenzhen in 2014, the first of its kind in South China, the United States electric vehicle maker has seen robust expansion across the city with one of the most dense business layouts nationwide, she said.
So far, it has set up over 40 stores, more than 60 supercharging stations and 15 destination charging stations in Shenzhen, fostering a 15-minute urban charging network for local residents.
Chen Ziyu contributed to this story
Contact the writer at sally@chinadailyhk.com
