SHENZHEN S Qianhai, a planned demonstration zone for a modern service industry in China, will introduce Hong Kong arbitration agencies which are believed to be fairer and more transparent in resolving disputes between enterprises.
The city government was also considering setting up a commercial court in the 3.7-square-kilometer area in Nanshan District adopting the Hong Kong legal investigation system which will be China s first in an attempt to build a clean and efficient legal system in the region, according to a government gazette released Wednesday.
Hong Kong courts are said to recognize the importance of noninterference in the arbitration process, with judges giving strong, clear-cut support.
Hong Kong and Shenzhen have high hopes to build Qianhai into the Manhattan of the Pearl River Delta.
Shenzhen plans to pump almost US$5.9 billion to turn Qianhai into an internationally competitive modern service industry zone by 2020.
Hong Kong was coming aboard as the wingman.
Since the adoption of the Qianhai concept, service and business communities in Hong Kong have shown great interest, Henry Tang, Chief Secretary of Hong Kong, said in December.
Shenzhen is seeking to lure internationally recognized companies, with 20 Hong Kong enterprises signing cooperative agreements last month.
The Hong Kong government says this is part of a bigger plan to transform the Pearl River Delta area into a world-class new economic region.
It also hopes Qianhai will serve as a top innovation zone for both Hong Kong and Shenzhen.
(Vivian Li)
