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Thursday, February 18, 2016, 18:30

20% of Qianhai zone economy from HK firms

By Chai Hua / chindailyasia.com

20% of Qianhai zone economy from HK firms
Pedestrians walk past Qianhai Chow Tai Fook Global Goods Shopping Centre, or CTF HOKO, in Qianhai, Shenzhen. The newly opened shopping mall, owned by Chow Tai Fook Enterprises, welcomed some 160,000 visitors on New Year’s Day. (Park er Zheng / China Daily)

HONG KONG - More than 2,439 Hong Kong companies had registered in Qianhai Shenzhen-Hong Kong Modern Cooperation Zone by the end of January, Qianhai Authority’s Principal Liaison Officer for Hong Kong Affairs Witman Hung Wai-man told reporters on on Thursday.

Though the number accounts for only 3.6 percent of the total registered companies in the special zone, they have contributed to more than above 20 percent of its economy.

At the same time, about 2,900 companies from 53 countries and regions with a registered capital of 205.47 billion yuan have been established in the Qianhai and the Shekou Free Trade Zone.

The zone has become a hot spot not only for large multi-national companies, but also startups. About 120 startups have been set up in the Youth Innovation and Entrepreneur Hub (E Hub) there and half are from Hong Kong. The E Hub promised to incubate another 50 HK teams in 2016.

Besides business development, the zone also last year turned itself into a shopping center for international commodities. About 1,500,000 customers visited the Qianhai Chow Tai Fook Global Goods Shopping Centre in the first three weeks of its opening on Dec 7, 2015.

Run by Hong Kong-based property developer, hotel and jewelry group Chow Tai Fook Enterprises Ltd, the shopping mall promised similar, or even cheaper price, than in Hong Kong.

Though the exchange between Hong Kong and Qianhai is becoming closer, Hung said he hopes to see HK insurance companies setting up shop in Qianhai.

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