Investment in Shenzhen's Luohu hits new high

BEIJING, Nov. 30, 2022 /PRNewswire/ -- This is a report from China.org.cn.

The 2022 Luohu Investment Promotion Conference kicked off on Nov. 24 in Luohu district, south China's Shenzhen, the country's first special economic zone which was established in 1980. Twelve of the world's top 500 enterprises and 10 foreign businesses attended the conference.

Themed "New Luohu, Towards the Future," the conference aimed to invite enterprises from around the world to unleash the tremendous industrial potential of Luohu.

102.4 billion yuan investment attracted

At the conference, investment deals worth 102.4 billion yuan ($14 billion) among 60 projects were inked, involving cooperation with global top-500 companies including Hengli Petrochemical Co., Ltd., industry leaders like Vanguard, and unicorn companies. Twenty project representatives attended and signed deals at the conference.

This year, Luohu held nearly 100 investment promotion events and its officials conducted more than 500 visits to enterprises outside Shenzhen. It has engaged in 161 new projects and successfully settled 43 new projects from outside the city, with the two figures ranking first among all districts in Shenzhen.

Luohu awarded licenses to 16 investment partners, including the Internet Professional Association and Dah Sing Bank (China), to create competitive advantages and foster a new industrial driving force. In the future, the investment partners will seek common development with Luohu and jointly create a new model of targeted investment promotion.

Hendrick Sin, president of the Internet Professional Association, said that the association decided to become one of Luohu's investment partners due to the district's beneficial business environment and solid foundation in finance and other advantageous industries. The association will leverage its resources in Hong Kong and the advantages of Shenzhen-Hong Kong synergy to build Luohu into an ideal place for Hong Kong enterprises to invest in the Chinese mainland.

In addition, the conference was the first to utilize naked-eye 5D holographic extended reality technology in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).

Business environment constantly improved

Over the past 40 years since China's reform and opening-up, Luohu has broken records in Shenzhen and persevered in exploring the path toward high-quality and sustainable industrial development. With a solid economic foundation and a continuously improving business environment, Luohu constitutes a fertile ground for innovation and entrepreneurship.

Luohu has allocated 1 billion yuan and offered a "1+3+N" industrial policy package to facilitate the development of enterprises settling and investing in the district. More specifically, "1" indicates one overall special fund management method for industrial development; "3" refers to the three implementation rules in investment attraction, high-quality development and sci-tech innovation; and "N" points to many special policies supporting competitive industries.

"Talent and enterprises are gathering in Luohu, making the district's value as a center in Shenzhen increasingly prominent," noted Fan Defan, the head of Luohu district. Enterprises and institutions in the finance, trade, business service and strategic emerging industries in Luohu will benefit from local subsidy policies, with some receiving a maximum subsidy of 100 million yuan. For leading talents, the district will offer an award of up to 800,000 yuan alongside housing concessions.

Luohu has launched a mini program connected to the "Luohu Enterprise Service Platform" (you may click https://lhqf.szlh.org.cn/server to know more about the platform) to help enterprises access relevant information to clarify specific policies.

Land is the material basis for high-quality economic growth. At the conference, it was stated that Luohu has set aside about 50 hectares of land and 2 million square meters of high-quality industrial space for industrial development. Supporting policies regarding land usage, housing purchases, and rentals have also been implemented. In the future, Luohu will provide more than 6 million square meters of high-quality industrial space through urban renovation, land preparation, and improvements to the quality and efficiency of industrial parks.

The land will be used for specific purposes. For example, the Qingshuihe base will house a platform and other forms of companies, while the Sungang base will host enterprises in such industries as home items and automobiles. Meanwhile, the Shenzhen-Hong Kong zone for deep-integrated development will expand the cross-border economy and promote in-depth cooperation between Shenzhen and Hong Kong in areas including commerce and consumption, special finance and sci-tech services. The zone will improve modern business and trade.

A refreshed Luohu exudes new vitality

Luohu is booming with new vitality on its new journey. As a transportation hub, the district boasts the most land ports and the largest customs clearance volume in Shenzhen, with its Luohu Port, Wenjindu Port and Liantang Port particularly renowned. It also has railways and a high-density subway network, thereby making the district a hub for people, logistics, capital and information flows between Shenzhen and Hong Kong.

With large flows comes high consumption needs. In Luohu, the wholesale, retail, accommodation, catering and related sectors account for a quarter of the district's GDP. Its night economy also ranked No. 8 among the top 100 counties and cities in China in 2021, the only district in Shenzhen to enter the top 10 list.

Currently, Luohu is contributing to accelerating the integration between Shenzhen and Hong Kong and building a "one-hour traffic circle" in the GBA. It is the first district in Shenzhen to introduce policies to support professionals from Hong Kong and Macao to start businesses and find employment. In addition, it has established four Guangdong-Hong Kong-Macao talent partnership bases.

Furthermore, Luohu is vigorously developing five distinct consumption blocks serving fashion consumption, international high-end consumption, culture-based consumption, and other consumption models.

Moreover, Luohu continues to consolidate its advantages in terms of a favorable business environment, a high quality of life, and an effective ecological protection system. Luohu sincerely invites global enterprises to invest in the district for common development.

You may click http://www.szlh.gov.cn/English/ to know more about Luohu.

Investment in Shenzhen's Luohu hits new high

http://www.china.org.cn/business/2022-11/30/content_78545273.htm