Greater Bay Area: Hengqin, Nansha, Qianhai special zones to speed up roll-out of tax, legal incentives for offshore funds

Name: SCMP
Telephone: +852-2680-8888

The three special economic zones are accelerating their roll-out of preferential tax systems, legal frameworks and streamlined application procedures, a conference heard

Nansha in Guangzhou, Qianhai in Shenzhen and Hengqin in Zhuhai, are three key development zones earmarked by Beijing under the Greater Bay Area project

Reading Time:2 minutes

Why you can trust SCMP

Hengqin (pictured), Nansha, and Qianhai are accelerating their roll-out of preferential tax systems, legal frameworks and streamlined application procedures to encourage more offshore funds. Photo: Shutterstock

Yulu Ao

Published: 7:30am, 31 May 2023

Hengqin, Nansha, and Qianhai, three special economic zones in the Greater Bay Area, are accelerating their roll-out of preferential tax systems, legal frameworks and streamlined application procedures to encourage more offshore funds to invest, a conference heard.

Three top financial officials from the districts said the measures would offer incentives for offshore companies and capital during a panel discussion on Tuesday at a private equity summit in Hong Kong attended by some 700 industry players.

Nansha in Guangzhou, together with Qianhai in Shenzhen and Hengqin in Zhuhai, are three key development zones earmarked by China’s central government under the Greater Bay Area project, which envisions turning Hong Kong, Macau, Guangzhou, Shenzhen and seven other Guangdong cities into a massive financial and technology hub by 2035.

“Low barriers and less limits are set for offshore funds to enter Hengqin,” said Jay Pao, deputy director of the financial development bureau of the Guangdong-Macau In-depth Cooperation Zone in Hengqin.

“We also have a ‘green channel’ targeting enterprises from Hong Kong and Macau, which allow the application to be completed within one month at the soonest.”

The Shenzhen Qianhai Financial Regulatory Bureau is also aiming to shorten the time taken for applications under the Qualified Foreign Limited Partnership (QFLP), a pilot programme that allows foreigners to invest in China. The plan is to ensure applicants receive the results within 10 working days of document submission, said Yin Zhiliang, the bureau’s deputy director general.