Federation of Hong Kong Industries chairman Stanley Lau Chin-ho has urged the management authority of Shenzhen’s Qianhai special economic zone to specify the types of industries that it is seeking.
The vague definition of the high-end service industries to which the zone is aiming to appeal has made many firms hesitant to register in Qianhai, the Hong Kong Economic Journal reported Wednesday, citing Lau.
“Wholesaling is a kind of service industry, so distributors of Rolex watches are allowed to register in Qianhai,” said Lau, citing a response from the authority.
However, the authority said a Dongguan-based maker of mid-market watches may not be allowed to set up a wholesale branch in Qianhai, Lau said.
He said it is unclear whether the Qianhai authority’s definition of “high-end” refers to the price of products or the level of sophistication of the services.
At the end of last year, more than 1,000 Hong Kong firms had registered in the zone, making up less than 10 percent of the total.
Lau said the Qianhai authority should better coordinate its positioning with the nearby special economic zones Nansha and Hengqin, as the opening of the Guangdong free-trade zone, which includes the three cities, is imminent.
Shenzhen-based Synergy Trade and Logistics Group (China) Co. Ltd., is one of the firms that has registered in Qianhai.
Chairman Lam Lap-fong said the firm needs an operating record of three years in the zone to qualify for funding and other advantages from the Qianhai authority, and his firm has yet to benefit from registering in the zone.
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