In these days of cross-border finance amid massive job cuts, a key question for the unemployed in the banking world is how to penetrate the next frontier – the great financial wall of China.迷你倉新蒲崗The good news is that a little crack may have just opened, in the form of the Qianhai special economic zone, which dreams of becoming the “Manhattan of Guangdong” by packaging itself as the renminbi (RMB) trade settlement centre. The bad news is that, without much differentiation from other financial-capital wannabes across China, Qianhai may just be another mad mainland scheme.“I haven’t seen any immediate differentiator yet,” says Chris Chan, a professor of Ivey Business School in Asia. “Qianhai can borrow from Hong Kong’s expertise, but it needs to differentiate itself, especially vis-�-vis other zones, such as Shanghai’s Pudong.”Chan cites “positive speculation” about Qianhai’s prospects, especially as it can benefit Hong Kong with its potential to offer “profitable channels for offshore RMB deposits. However, similar zones have been set up, such as those in Tianjin and Bohai in the past 5-10 years,” Chan says, adding that these cities have not really taken off as financial capitals. “Qianhai must be careful in positioning itself.”As announced in June 2012, Qianhai – a 15 square-kilometre special economic zone built largely on reclaimed land in Shenzhen and near Hong Kong – will serve as a testing ground for free RMB convertibility. This means that, if all goes according to plan, companies registered in Qianhai can buy and sell RMB-denominated financial products between the special zone and the rest of the world, thereby bypassing China’s notoriously closed capital-account regime.On the jobs front, property and construction are expected to lead the way in Qianhai, followed by hotels and tourism. Not far behind are the financial engineers.“We think Qianhai will become an established onshore platform for most Hong Kong and international financial institutions currently operating i迷你倉出租 the region and I’m sure it will attract others that aren’t yet,” says Shenzhen-based Mark Tibbatts, director for southern China at Michael Page International. “It will also be a key platform for Chinese institutions to invest in Hong Kong and overseas and, as such, we expect to see a strong mix of both.”Tibbatts and his team expect to see the usual population of investment and commercial banks, asset managers, securities houses and investment funds all establish operations in Qianhai initially. “We also expect to see both front and back office operations located there over time,” he adds. Not that Qianhai will be giving Hong Kong a run for its money anytime soon. “With Qianhai still very much in an embryonic stage, there is no comparison to make,” Tibbatts says.Chan, the Ivey professor, also sees Qianhai as an attractive option for people familiar with investment, fixed-income and equity markets on the mainland. “It may offer specialised job types, such as in commercial banking or foreign exchange trading,” he says.To attract even more investors and talent, Qianhai will offer a corporate income tax of 15 per cent compared with 25 per cent for the rest of China and 16.5 per cent in Hong Kong. Personal income tax will be ‘equalised’ for an effective rate of 15 per cent, similar to Hong Kong. It will also drop business taxes on certain insurance income and offshore outsourcing services.These developments mark another chapter in the economic integration of southern China and the motherland’s prolific birthing of Hong Kong clones. And that, in the final analysis, can only be good for the city’s daring and enterprising financial talent.“Hong Kong is a global financial hub, and while it’s proximity to China has been hugely advantageous, the development of Qianhai isn’t going to jeopardise its reputation among financial-service industry professionals worldwide,” Tibbatts says. “If anything, it should enhance the strength of Hong Kong’s capital markets significantly.” Rex Aguado迷你倉
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