The 2023 Luohu Investment Promotion Conference kicked off on Nov. 23 in Luohu district, south China's Shenzhen, the country's first special economic zone established in 1980. A total of 200 listed companies and industry leading companies attended the conference.

Achievements in attracting business

The conference witnessed the signing of 68 high-quality projects with a total investment value of 123.6 billion yuan, including eight invested by Fortune Global 500 companies and five by top 500 Chinese companies.

Luohu aims to build a modern industrial system with high added-value, strong competitiveness and resilience, a world-class shopping area, and a service provider serving for the Greater Bay Area and the rest of the world. Leveraging on policy and capital support, and boasting ample space and sound development environment, Luohu is confident to achieve these goals, and welcomes more friend to gather in the district.

During the past three year, a total of 49 Global Fortune 500 companies and top 500 Chinese companies invested in Luohu, and 47 centrally-administered state-owned enterprises set up their branches in the district. This year, 223 major projected were launched in Luohu. At the conference, Luohu also certified 20 excellent business attraction projects.

Building an international consumption center

Xiao Jiarui, deputy head of the Luohu district, introduced a number of measures to build Luohu into an international consumption center, including a three-year action plan in this regard.

In the next three year, Luohu will promote five commercial projects covering a total of 89,000 square meters. Five consumption blocks will be built in Dongmen, Caiwuwei, Renminnan, Shuibei, and Sungang areas, featuring fashion, high-end brands, Shenzhen-Hong Kong integrated consumption, jewelry industry, and automobile services.

Luohu has also launched Shenzhen's first policy to support the live-streaming industry, with the highest subsidy of 5 million yuan for live-streaming industrial bases and 50 million yuan for live-streaming enterprises.

Luohu also strives to attract wholesale and retail industry leaders, large e-commerce platforms, chain brands, and innovative experiential enterprises. These businesses are eligible for a maximum support of 100 million yuan for three years at most.

For various levels and types of "first stores" established in Luohu, the highest support is 3 million yuan. Support will be given to various industries including gold and jewelry, automotive consumption, home furnishings and building materials, handicrafts, and fine arts. For instance, gold and jewelry headquarters enterprises and listed companies can get a maximum fund of 1 billion yuan.

"By 2026, the total retail sales of consumer goods in Luohu is expected to reach 160 billion yuan, with online retail sales of 20 billion yuan and the introduction of 100 flagship brands. Luohu consistently supports the development of consumption with the utmost sincerity, the best environment and the best ecological conditions," said Xiao Jiarui.

Exploring integrated development of Shenzhen and Hong Kong

Luohu will also release a three year action plan for integrated development of Shenzhen and Hong Kong, which features five major plans and over 20 signature projects, said Deputy Head of Luohu District Xia Dong.

The district aims to align with industries, rules, and elements of Hong Kong, and becomes a demonstration zone for Shenzhen-Hong Kong integrated development that is able to allocate global resources.

Luohu aligns with major platforms within Shenzhen to seek the application of relevant regulations. It also deepens the integration of mechanisms with Hong Kong in terms of business environment and public services, with a focus on establishing an internationalized regulatory framework.

Luohu also pioneers the nation in initiating a cross-border credit pilot. As of October, more than 400 credit cards have been issued, and loan applications have reached nearly 3 billion yuan.

Focus on cross-border applications and scenarios needed by Hong Kong residents and enterprises, the district will create a top-notch business environment characterized by market-oriented practices, rule of law, and internationalization.

Luohu will work to enhance port services, optimize custom clearance services for passengers, and implement a program for frequent travelers at the Luohu Port. Efforts will be made to effectively dovetail with infrastructure projects of railways and highway proposed in the northern metropolitan area.

Constructing a demonstration zone for modern service industrial clusters

During the conference, Luohu debuts industrial policies in three industries including aesthetic medicine, planning, design and consultation, as well as lawyers, accounting and asset appraisements. Those policies include subsidies of up to 100 million yuan, rent discounts of 50% to 70%, and providing accommodation for employees of eligible institutions.

With a focus on seven major sections of modern finance, modern commercial logistics, high-end commercial services, software information, tourism, health services, fashion, Luohu introduced a slew of measures to support high-quality development of the finance industry, service industry, software information industry and artificial intelligent industry.

It is estimated that the value of Luohu's modern service industry will reach 250 billion yuan by 2026.