GDP growth has doubled and achieved three "national firsts"... Here, there has been a 9-year transformation!
2024-05-31
On May 29th, the Guangdong Provincial Department of Commerce, in conjunction with the Qianhai Management Bureau, held a Guangdong Pilot Free Trade Zone Investment Promotion Qianhai Matchmaking Conference in Qianhai, Shenzhen, to comprehensively promote the construction of the Guangdong Pilot Free Trade Zone, with the comprehensive economic strength ranking first in the country, driving the GDP growth of the three major platforms of Hengqin, Qianhai, and Nansha to more than double, and forming a total of 696 institutional innovation achievements. Qianhai Shekou Port is bustling with activity. It is an important mission of Guangdong Pilot Free Trade Zone to promote the Guangdong Hong Kong Macao Greater Bay Area to become a strategic fulcrum of the new development pattern, a high-quality development demonstration site, and a leading area of Chinese path to modernization. Over the past 9 years, the Guangdong Pilot Free Trade Zone has taken the lead in areas such as investment and trade facilitation, financial openness and innovation, Guangdong Hong Kong Macao cooperation, and business environment construction. It has transformed from a "banana forest and green field" to a modern new city, forming a system of innovation, a business environment that is in line with international standards, a unique deep cooperation between Guangdong, Hong Kong and Macao, and a complete modern industrial foundation. At the meeting, it was introduced that the Guangdong Pilot Free Trade Zone has initially established a national "experimental field" for reform and innovation, and has accumulated 696 institutional innovation achievements. Among them, the reform and innovation experience of cross-border RMB full process electronic tax payment has been replicated and promoted nationwide, and the reform and innovation achievements account for 25.7% of the country's total. Eight cases, including the new exploration of cross-border professional service rules in Hong Kong and Macao, have become the best practice cases in the country, accounting for 9.5% of the total. It is worth mentioning that Qianhai, Nansha, and Hengqin have achieved three "firsts" in institutional innovation. According to third-party authoritative evaluations, among the 71 free trade zones in China, Qianhai's institutional innovation index ranks first in the country, ranking first in the China Pilot Free Trade Zone's institutional innovation index, and the business environment is close to the level of Hong Kong and Singapore; The Nansha Investment Liberalization Index ranks first in the country; The Hengqin government's functional transformation index ranks first in the country. The GDP growth of the three major platforms has doubled, attracting 101 Fortune Global 500 companies. From a national perspective, the comprehensive economic strength of Guangdong Pilot Free Trade Zone has jumped to the top in the country, and all economic indicators are among the top in the national pilot free trade zone. From the perspective of Guangdong Province, the Guangdong Pilot Free Trade Zone contributes one-third of the province's foreign investment and 7.8% of its foreign trade imports and exports with a land area of 0.6%, becoming an important window for Guangdong Province's opening-up and an important engine for economic growth. Specifically, regarding the economic growth performance of the three major platforms of Hengqin, Qianhai, and Nansha, it was revealed at the meeting that the Guangdong Pilot Free Trade Zone has driven the GDP of Hengqin, Qianhai, and Nansha to increase from 224.4 billion yuan in 2015 to 526 billion yuan in 2023, an increase of more than double. In terms of attracting foreign investment, Guangdong Pilot Free Trade Zone attracted 101 Fortune Global 500 enterprises to invest in 509 projects, gathered 272 headquarters enterprises, actually utilized foreign capital of 53.9 billion dollars, and accumulated fixed assets investment of more than 1.2 trillion yuan. Sun Bin, Deputy Director of the Department of Commerce of Guangdong Province, stated that after 9 years of unremitting efforts, the Guangdong Pilot Free Trade Zone has been built into one of the regions with the highest degree of openness, the fastest development speed, and the best business environment in the country. Continuously expanding the free and convenient flow of open factors, leading the country in comparison to the policy system of international advanced free trade ports. The Guangdong Pilot Free Trade Zone continues to expand its opening up in investment, trade, finance and other fields, achieving the free and convenient flow of goods, funds, personnel, data and other factors, leading the country. In terms of investment, the negative list of foreign investment access in Guangdong Pilot Free Trade Zone has been reduced from 190 to 27, and the manufacturing industry has been cleared. The negative list of cross-border service trade has been implemented with 6 more open measures compared to the national version. In terms of trade, the One Port Connect and Combined Ports have achieved significant results, achieving full coverage of 9 cities in the Greater Bay Area. The construction of national import trade innovation demonstration zones in Nansha and Qianhai is accelerating. The Hengqin Guangdong Macao Deep Cooperation Zone has officially been closed and put into operation, with a comprehensive implementation of the sub line management model of "first line opening up, second line management, separation of people and goods, and classified management". In terms of finance, the six cross-border initiatives, including cross-border RMB loans, two-way bond issuance, two-way RMB fund pools, two-way equity investment, asset transfer, and financial infrastructure, have taken the lead in landing, and the effectiveness of the free trade (FT) account system has begun to show. In terms of taxation, eligible enterprises within the region can be subject to a reduced corporate income tax rate of 15%. Overseas high-end talents and scarce talents can enjoy a preferential policy of 15% personal income tax. The implementation of the "Hong Kong People Hong Kong Tax" and "Australian People Macao Tax" will take effect, and the tax burden level is close to that of internationally recognized free trade zones such as Hong Kong and Singapore. In terms of cooperation between Guangdong, Hong Kong, and Macao, cross-border payment, cross-border wealth management, cross-border car insurance and other businesses have broken the ice. 23 types of professionals, including architects, physicians, and tax consultants from Hong Kong and Macao, can conveniently practice in the area. (Lai Xin She)
Edit：Lubaikang Responsible editor：Chenze
Source：Southern Network
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