Some 43 reform and institutional innovation practices from Qianhai and Shekou will be duplicated and promoted citywide, according to an Aug. 19 notice issued by the Shenzhen Municipal Government.
The practices involve the fields of investment facilitation, trade facilitation, financial innovation, pre and post-event regulation, rule of law innovation and institutional innovation.
Qianhai has adopted 10 measures, including a further simplified business registration procedure and one-stop registration, to facilitate investment. Previously, Qianhai simplified market registration by combining multiple certificates into one. Now, registration in Qianhai has been further simplified by combining 30 certificates into one. Market information will be shared among different government agencies and various industries to avoid the repetitive collection of information.
Five measures involved in trade facilitation will be promoted across Shenzhen. An outbound airport service center has been built within a restricted area of Shenzhen Customs. The service center offers integrated services regarding air cargo collection, distribution, diversion, build-up and transportation, allowing enterprises to complete exporting formalities within the customs’ restricted area before loading exported goods onto cargo planes.
The cross-border RMB settlement for financial leasing assets, the Internet insurance big data risk control platform, and the parallel fund assisting cross-border mergers and acquisitions are among the 16 financial innovation measures to be promoted. A measure involving parallel funds assisting cross-border mergers and acquisitions helps mainland enterprises conduct cross-border mergers and acquisitions for overseas companies while addressing the problems of complex transaction structures, long waiting times for approval and huge fund demands by adopting domestic and foreign renminbi (RMB) or U.S.dollar parallel funds. Thus, the fund investors can benefit from the equity appreciation brought by the rapid growth of the enterprise, and achieve a win-win situation for multiple parties.
The seven measures regarding rule of law innovations, especially cross-border notary and legal services, serve enterprises that want to explore the global market and participate in the Belt and Road Initiative by improving notary and legal services, expanding the content of foreign-related notary and legal services, and innovating foreign-related notarization businesses.
Additionally, two practices regarding market supervision and three institutional innovations will also be promoted across the city. For example, Qianhai has released a smart-parking guideline on the management of car parks in urban areas, which offers guidance on the planning and design, development and construction, and operation and management of the parking lots. Under the guideline, underground parking lots are interconnected and operated in an intelligent network.
