New Qianhai Bay economic zone on track

Most of the 22 policies about the Qianhai Bay economic zone near Shenzhen have been or is being implemented, and six of them are in the research stage and will be carried out as soon as possible this year, said a top economic official on March 6.

Involved departments are showing positive attitudes toward the six policies, and NDRC has set a deadline for implementing them for the first half of 2013, Zhang Ping, minister of the National Development and Reform Commission (NDRC), said at a press conference during the National People's Congress.

Among the new policies, a sensitive item is about legal practices, which involve the different judicial systems on the mainland and Hong Kong, and will require further research. The other policies will be pursued vigorously.

In June 2012, the central government unveiled 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 breaks, and a strong legal system with nearby Hong Kong playing a key role in its success.