Shenzhen to Invest $5.88 Billion in Qianhai Area, Securities Times Reports

The southern Chinese city of Shenzhen plans to invest 40 billion yuan ($5.88 billion) in its Qianhai area to make it the “Manhattan” of the Pearl River Delta, the Securities Times reported today, citing the local government.

The investment in the 15 square kilometer area of the city will be made over the next three years, the Shenzhen-based newspaper reported. The government is looking at the possiblity of offerring a low tax regime similar to Hong Kong’s and of allowing free convertibility of the yuan in the area, according to the report.

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