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Investment in Shenzhen's Luohu hits new high


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 established in 1980. Twelve of the world's top 500 enterprises and 10 foreign businesses attended the conference.

China.org.cnUpdated:  November 28, 2022

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 established in 1980. Twelve of the world's top 500 enterprises and 10 foreign businesses attended the conference.

The 2022 Luohu Investment Promotion Conference opens in Luohu of Shenzhen, Nov. 24, 2022. [Photo provided to China.org.cn]

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

A night view of Luohu. [Photo provided to China.org.cn]

At the conference, investment deals of 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 conducted nearly 100 investment promotion events and paid more than 500 visits to enterprises outside Shenzhen city. 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 became 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).

What will Luohu offer?

A view of Luohu. [Photo provided to China.org.cn]

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.

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. To be specific, "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 and the "7+1" industrial clusters. These clusters include modern fashion, new materials, intelligent terminals, digital creativity, big health, software and information services, safe energy conservation and environmental protection, and blockchain.

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, it will offer an award as high as 800,000 yuan and housing concessions. Luohu has launched a mini program that allows enterprises to access relevant information to clarify specific policies.

Land is the material basis for high-quality economic growth. At the conference, Luohu 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 improvement of 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 and 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 with ports, railways and a high-density subway network, Luohu is also a hub for people, logistics, capital and information flows. With large flows come high consumption needs. In Luohu, the wholesale, retail, accommodation, catering and related sectors account for a quarter of the district's GDP. It also ranked No. 8 among the top 100 counties and cities in China regarding the night economy in 2021, the only district in Shenzhen to enter the top 10 list.

Head of Luohu district Fan Defan speaks at the 2022 Luohu Investment Promotion Conference, Nov. 24, 2022. [Photo provided to China.org.cn]

"Talent and enterprises are gathering in Luohu, making the district's value as a center in Shenzhen increasingly prominent," noted Head of Luohu district Fan Defan. Luohu has introduced and recognized 504 "elite talents" and established three academician (expert) workstations. It now has a total of 367,800 talents in various fields. Last year, the district recognized 114 new national high-tech enterprises and introduced 89 science and technology enterprises.

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 Hong Kong and Macao professionals to start businesses and find employment. 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, it continues to consolidate its advantages in terms of a favorable business environment, a high quality of life, and an effective ecological protection system.