Qianhai to Scrap Access Restrictions for Hong Kong and Macao Investors

The Standing Committee of the Shenzhen Municipal People’s Congress recently passed the Shenzhen Special Economic Zone Qianhai-Shekou Free Trade Pilot Zone Regulations and the amended Shenzhen Special Economic Zone Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone Regulations, both of which will come into force on 1 October 2020. The following are some of the main points of these two sets of regulations:

• Adherence to the administrative model of “no interference unless regulations are breached”
• Establishment of a Guangdong-Hong Kong-Macao special cooperation zone for innovation
• Support for the launch of a pilot programme for skilled migrants in the pilot free trade area
• Land to be made available for short-term businesses for up to five years
• Hong Kong, Macao, Taiwan and foreign-funded enterprises registered in the Qianhai cooperation zone to be allowed to choose, by agreement, applicable laws in civil and commercial contracts.

Source: Shenzhen Municipal People’s Congress Standing Committee