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  • This muddy field in southern China

  • is a crucial part of the renminbi's future.

  • In seven years, this place will become a world-class city -

  • an important stronghold where China meets the world.

  • Qianhai is a pilot zone.

  • It's an economic test area

  • where rules on tax, currency movement and investment

  • are relaxed.

  • It's another step on the path

  • to opening up China's economy and its currency.

  • China doesn't take leaps into the unknown.

  • The huge changes underway in the country's economy

  • are being carefully managed and are tested in the pilot zones

  • before they are adopted more widely.

  • They call it "crossing the river by feeling the stones".

  • In China, we do believe

  • that the stage approach is the right way

  • and it is the key to success.

  • When we say it's a pilot zone, it means that you test new things.

  • You learn and gain new experience, and then you can change plans

  • before the initiative is rolled out across the country.

  • For a company to be operating inside a pilot zone,

  • there could be opportunities

  • to sell different products, and have different businesses

  • or have your same business, but achieve higher efficiencies.

  • Sometimes, there are things you can do in the zone,

  • but not in the rest of the country.

  • Qianhai was set up in 2010.

  • Now the land reclamation has been completed,

  • we have attracted more than 1,800 companies.

  • 25 businesses from the world's top 500 have registered here,

  • bringing a total registered capital of over 200 billion RMB.

  • EASTTOP is a logistics company

  • in the southern Chinese city of Shenzhen.

  • It plans to expand into nearby Qianhai to take advantage

  • of a more business-friendly environment in the pilot zone.

  • EASTTOP is a leading third-party logistics provider in China.

  • We provide importing and exporting for businesses and warehousing

  • and a domestic distribution.

  • On top of that, we provide

  • supply chain-based financing services.

  • What are your current business challenges?

  • One of the challenges is financing cost

  • because we have a large amount of cash flow,

  • from cross-border transactions.

  • Why has EASTTOP registered in Qianhai?

  • Some of the key reasons, I would think,

  • are easier access into international markets

  • and, also, preferred tax treatment,

  • such as lower corporate tax.

  • Building hasn't started yet, but Steven says

  • EASTTOP's Qianhai new headquarters will be ready in just a year's time.

  • We're already registered in Qianhai.

  • Now we're looking to acquire the land and start the construction.

  • What financial deregulations will help your business?

  • First of all, it will help us with lowering the costs of financing

  • and borrowing from the Hong Kong market.

  • Also, the access to global markets is easier to expand internationally.

  • What will the new Qianhai base mean to your staff?

  • Lower personal tax for certain talents

  • and also a better living environment

  • with an education system and legal system

  • much closer to that of Hong Kong.

  • EASTTOP is not alone in taking advantage

  • of the business opportunities in Qianhai.

  • Hundreds of businesses across many sectors

  • are registering for a place in the zone.

  • The businesses set up in Qianhai include finance, modern logistics,

  • information and technology services,

  • as well as cultural and creative industries.

  • Financial businesses make up 63% of the industry here.

  • How important is Qianhai to China's economic growth?

  • It represents the image, the standard

  • and the format of China's next stage of reform.

  • Also, it's a new pilot zone for China's economic system.

  • From this zone, we can explore, with other countries, new ways

  • to develop service industries.

  • By 2020, Qianhai will contribute 150 billion RMB to national GDP.

  • Qianhai will yet bring more growth to this part of southern China.

  • Hong Kong, Shenzhen and, in fact, all of the Pearl River Delta

  • will feel the effects of this new pilot zone.

  • Will Qianhai have an effect on the currency?

  • Yes, actually, in the past, quite a lot of RMB flowed out

  • from China to Hong Kong, to London and to Singapore.

  • Now the companies registered in Qianhai can borrow RMB from Hong Kong,

  • so the RMB from overseas can flow back to China

  • to support China's economy domestically.

  • And what will this mean for the internationalisation of RMB?

  • Qianhai is the pilot for the RMB internationalisation,

  • for the inflow from overseas to China,

  • so once the flow increases,

  • we can make more pilots and duplicate the cases.

  • Qianhai is going to be important for China in the coming years,

  • but it is just one of many steps on the path of change for this country.

  • If we talk about the reform process,

  • then we will see, in the immediate future,

  • that the interest rates will rise, financial markets will open up more

  • and we will perhaps see the bond market double in size.

  • So, the end game would be

  • by the time you've reached the opposite side of the river,

  • the financial markets will be entirely open

  • and the RMB will be fully convertible.

  • What's happening in Qianhai,

  • just across the water from here in Hong Kong,

  • could be a taste of the future.

  • If the pilot works, the reform could spread across the country,

  • taking the renminbi closer to full convertibility

  • with the rest of the world.

This muddy field in southern China

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中国の未来都市。前海-人民元の発展 第4話 - HSBC NOW (China's Future City: Qianhai - Development of the Renminbi - Episode 4 - HSBC NOW)

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    richardwang に公開 2021 年 01 月 14 日
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