Qianhai poised to be hub of cooperation

The central government has unveiled bold plans for the development of a new financial and commercial hub in the Qianhai Bay economic zone near Shenzhen, which will offer low corporate taxes, tax-free working, and a strong legal regime with nearby Hong Kong playing a key role in its success.

The new zone will officially be known as the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, and has been given "national strategic importance" by the State Council.

Qianhai will focus on financial, logistics and IT services and is set for completion in 2020, said officials.