Blue Ocean

29 June 2012 By Wei Gu

A planned $45 billion financial zone just over the border in Qianhai won’t just allow for experiments with currency conversion. It’s also set to test incorporating Hong Kong legal ideas into China. It shows influence doesn’t only go one way.

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China on June 29 announced plans to build a new financial services hub from scratch at Qianhai Bay, a barren stretch of reclaimed land in the southern city of Shenzhen, close to the border with Hong Kong.
Qianhai will serve as a special economic zone with preferential policies such as lower taxes, financial liberalisation, and a Hong Kong-style legal system.
The area, with $45 billion investment planned, will become an offshore yuan “experimental zone”. Eligible firms will enjoy preferential 15 percent corporate tax rate.

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