Number of firms registered in Qianhai rises 68 per cent, but small players can’t get a look in

The number of companies registered in the Qianhai special economic zone rose 68 per cent to 124,000 last year.

Almost half of them are financial firms, a trend that is likely to continue as Beijing promotes the zone as a financial services hub, according to officials and analysts.

Brokers and accountants, however, urged Qianhai to further relax its rules to allow smaller players to operate.

Witman Hung, principal liaison officer for the Hong Kong office of the Qianhai Authority, said 53,088 companies were newly registered at the economic zone next to Shenzhen. The gross economic product of the area rose 38 per cent year-on-year to 141 billion yuan, while the total tax revenue from the companies operating there climbed 55 per cent to 27 billion yuan.

“We have seen more companies registered in Qianhai and start operating in the area last year. This trend is going to continue with the launch of the Qianhai Shenzhen-Hong Kong Fund Town this year and also due to the opportunities arising from the One Belt, One Road projects,” Hung said at the annual media briefing in Hong Kong on Wednesday.

Thirty-nine per cent of the firms in Qianhai are from Hong Kong, with the rest from mainland cities and overseas. By sector, 47 per cent of the companies are financial firms, 28 per cent are in technology and professional services, 16 per cent are modern logistic and 11 per cent are in information services.

Big players such as Ping An Insurance and internet giant Tencent are planning to move in, while HSBC and Hang Seng Bank have branches there.