Shenzhen’s Qianhai has unveiled 12 preferential policies supporting professionals and young people from Hong Kong and Macao who live and work in the area.

The policies were announced by the Qianhai & Shekou Area of China (Guangdong) Pilot Free Trade Zone Administration Commission and the Authority of Qianhai at a press conference Saturday and were included in an action plan on the implementation of preferential policies put forward by the leading group for the development of the Guangdong-Hong Kong-Macao Greater Bay Area to help Hong Kong and Macao residents develop, work and reside in the mainland cities of the Greater Bay Area.

A bird’s-eye view of Qianhai. Courtesy of Qianhai Communication Center

The 12 policies, six will facilitate the purchase of homes in Qianhai and access to medical care services for Hong Kong- and Macao-based residents who work or live in the area, and safeguard the equal rights of children of Hong Kong and Macao residents to enjoy the same education as their mainland counterparts.

Three policies will benefit Hong Kong and Macao people engaged in law, architecture and insurance businesses, while three others will support Hong Kong and Macao people who actively participate in the construction of the Science and Technology Innovation Center of the Greater Bay Area.

Also at the conference, Qianhai rolled out 20 reform measures on building a higher-level open economic system using Hong Kong and Singapore as benchmarks. The measures focus on investment and trade facilitation, service and trade liberalization, financial openness, international talent gathering, and institutional mechanism innovation.

The Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub

Additionally, the Qianhai Hong Kong Youth Innovation and Entrepreneurship Center and Qianhai Macao Innovation and Entrepreneurship Center signed a cooperation framework agreement to promote the innovation and entrepreneurship of Hong Kong and Macao youngsters and conduct cooperation in information and mechanism sharing, consultation services and resource integration.

The first batch of Hong Kong and Macao youths to accept government funding from the Authority of Qianhai since the fund opened for application in August was also disclosed at the conference. A total of 83 individuals and enterprises will receive a total of 16.5 million yuan (US$2.4 million) in financial support.

Currently, 198 start-up teams from Hong Kong, Macao, and foreign countries have been incubated in Qianhai. From January to October this year, 1,115 registered Hong Kong-funded firms were registered in Qianhai, bringing the total number of Hong Kong-invested firms in the area to 11,881, with a total registered capital of 1.28 trillion yuan.

– Shenzhen Daily

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Shenzhen Blog Editor