Qianhai's economy grows 7.8% in first half

The Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone's economy grew strongly in the first half of the year, highlighting the region’s robust growth and economic vitality.

An aerial view of Qianhai's Qianwan, Guiwan areas and Qianhai Bay. Photos courtesy of Qianhai Authority

Economy expanded 7.8% from a year ago in the January-June period to 167.74 billion yuan (US$24.78 billion), with the added value of the modern service industry jumping 11% year on year to 116.52 billion yuan, according to data  recently released by the Qianhai Authority.

Meanwhile, Qianhai maintained strong investment momentum, with fixed-asset investment reaching 70.29 billion yuan in the first half, up 12% year on year and accounting for more than one-fifth of the city’s total.

Its steadily improving economic fundamentals and well-developed industrial support services continue to attract companies of all kinds to establish a presence in Qianhai, injecting sustained momentum into the region’s high-quality development.

A view of Shenzhen Qianhai Comprehensive Bonded Zone.

Since the beginning of the year, Qianhai has welcomed 19,000 newly registered firms, averaging more than 100 new companies daily. It has also attracted and nurtured 44 global service providers with headquarters functions across eight categories, including modern finance, commerce and logistics, information services, and technology services. Meanwhile, 183 Fortune Global 500 companies have invested in and established operations in Qianhai.

Jodell Robotics is among the companies newly registered in Qianhai this year. According to Wei Xiaolong, general manager of Jodell Robotics, the company will focus on developing embodied-intelligence products in Qianhai while upgrading its existing industrial automation products. Leveraging Qianhai’s advantages in talent, industry, and supply chains across the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), the company aims to establish its GBA headquarters there.

A favorable business environment is also attracting foreign-invested and Hong Kong-invested enterprises to Qianhai at an accelerating pace. In the first half of this year, Qianhai utilized 25.01 billion yuan in foreign investment, up 102.9% year on year and accounting for 76.5% of Shenzhen’s total. It also added 1,335 new foreign-invested enterprises. Actual use of Hong Kong investment reached 24.04 billion yuan, up 145.8%, with 1,092 newly added Hong Kong-invested enterprises, accounting for one-quarter of the city’s total.

Containers are stacked at Shekou Container Terminal. 

Qianhai is now home to 11,333 Hong Kong firms, an increase of 14.1% year on year, and has attracted over 13,000 Hong Kong residents. This makes the area an increasingly preferred first stop and destination for Hong Kong businesses and talent looking to establish themselves on the mainland.

Staying committed to its positioning of “bridging Hong Kong, empowering the mainland, and connecting the world,” and closely following its core missions of reform, opening up, and innovation, Qianhai will continue to stabilize economic growth, strengthen industry, and promote development, thereby better serving the city’s overall development and the construction of the GBA.