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Hong Kong companies planning to move there will offer professional services, like banking, insurance, possibly some brokerage. Affects on plaintiff and defendant can be subject to polar swings.Ĭhina Daily’s enquiries show that the majority of businesses likely to set up in the Qianhai zone are mainland companies. Much of the skepticism among Hong Kong ship owners rests in the cold reality that Chinese courts adjudicate similar cases quite differently … with the degree of variance dependent upon who holds influence over the officials involved. Standards of judgment are different from Hong Kong’s Common Law, so will the financial systems and the maritime systems follow mainland rules. They’re also concerned that Qianhai will apply Chinese civil law when disputes arise. That’s not the sole source of unease for members of Hong Kong’s shipping community. Regardless, the Qianhai plan to build an international shipping center surely will boost Shenzhen’s economy and its international shipping business. That’s how community members see the Closer Economic Partnership Arrangement (CEPA), in general. That includes the financial services sector. The Hong Kong shipping community can’t shake off its skepticism about what all this means for Hong Kong’s economy. It’s been designated for conversion into a shining star just on the horizon: “South China’s Manhattan,” - a proving ground for pioneering financial programs. The 15-kilometer Qianhai zone on the western coastal area of Shenzhen, east of the Zhujiang River is an empty mudflat today. The western Shenzhen port area will merge with the Qianhai free-trade port area, to create a more efficient management structure.
The Wallem Group Ltd, a diversified maritime solutions provider, is one of the first Hong Kong companies to take advantage of the Qianhai invitation, drawn in by an offer of preferential tax policies for shipping companies. Singapore ranked No 2, handling 31.65 million TEUs last year.Īccording to analysts’ forecasts, the Port of Shenzhen port will likely surpass Hong Kong this year, taking over as the world’s No 3 container port, if, as expected global trade continues to recover during the second half of this year. Shanghai’s numbers were up 2 percent over the previous year. The Port of Shanghai handled 31.74 million TEUs in 2012 to retain the No 1 container port ranking around the globe - for the third consecutive year. Still, Hong Kong’s numbers presented a potentially dark cloud, showing a decline in volume for the first time since 2009. Hong Kong held on to its number three ranking having handled 23.10 million TEUs. That was a marginal increase of 1.6 percent over 2011, enabling it to retain its No 4 position worldwide. Last year, the Port of Shenzhen handled 22.94 million 20-foot equivalent units (TEUs) of containers. In fact, Shanghai is the model, as Shenzhen evolves plans to increase the city’s international shipping network and in the hope of attracting higher profile overseas shipping and shipping management firms to set up operations. The Shenzhen development is unfolding much the way Shanghai established its credentials as a major shipping center.
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Part of the effort underway just across the border, is a major expansion of Shenzhen’s port capacity - including a full service shipping management center, shipping center and ship brokerages. The plans were laid out in China’s 12th Five-Year Program. Shenzhen is working double time, setting up service platforms to establish itself as an international trade center. When the Wallem Group Ltd inked an agreement to establish its wholly-owned ship management unit in Qianhai in south China, the long awaited creation of a Shenzhen international shipping center - one of the area’s core development plans - came a step closer to reality.
Simon Doughty, group managing director of Wallem Group Ltd, says the Wallem Group’s headquarters will remain in Hong Kong, and dismissed news reports that Wallem plans to move its Hong Kong operations to Qianhai to take advantage of the cheaper South China office rentals. The Wallem group’s Qianhai decision was influenced by several Chinese ship owners who wanted Wallem to manage their ships.
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