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Shenzhen Facilitates Further Opening of the Guangdong Free Trade Zone

The Shenzhen Municipal People’s Government has issued the Work Plan on Several Measures for Supporting Reform and Innovation in the Pilot Free Trade Zone, a blueprint for deepening reform and promoting innovation within the Qianhai-Shekou Area of the Guangdong Free Trade Zone. The plan puts forward 39 measures designed to deliver on four particular priorities – optimising the investment environment, boosting trade facilitation, promoting innovation in the financial services sector and trialling new human resources strategies.

In terms of the investment environment, the fixed ratio of overseas technical personnel to local staff in foreign-invested construction engineering design companies will be adjusted, while the relevant free trade zone authorities will take over responsibility for issuing construction project licences, including construction permits and safety licences.

When it comes to the financial services sector, the administrative approval process relating to the establishment of branch offices of insurance companies will be streamlined, while further support will be provided for cross-border RMB business services within the Free Trade Zone.

Source: Shenzhen Municipal People’s Government

Content provided by Picture: HKTDC Research
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