Shenzhen officials are planning to bring more than 30 Fortune 500 enterprises to Qianhai this year and generate foreign investment of more than US$7 billion, a new government report stated.

Shenzhen Mayor Xu Qin delivered the report at yesterday's opening of the Fifth Session of the Fifth Shenzhen Municipal People's Congress, the city's top lawmaking body. The report reviewed Shenzhen's achievements last year and detailed development plans for 2013.

Qianhai is a 15-square-kilometer coastal strip in Nanshan District that Shenzhen and Hong Kong are developing into a modern service industry hub.

"We will actively introduce modern service projects and trading platforms to the area, expanding channels and providing innovations for overseas businesses using RMB," the mayor said.

Qianhai's management administration had signed contracts with 52 enterprises, including 20 Fortune 500 enterprises, through December. Massive infrastructure construction is ongoing in Qianhai.

Shenzhen is home to 189 Fortune 500 enterprises.

The planned boost to Qianhai development is part of the city's efforts to accelerate its drive toward becoming a more international city.

"Shenzhen will strive to attract more than 10 multi-national companies and institutions interested in establishing their headquarters in Shenzhen," Xu said. "We will encourage local enterprises to seek overseas development, get involved in overseas mergers and acquisitions, and set up R&D centers."

In addition, the report states, Shenzhen will continue to strengthen international exchanges with the help of overseas Chinese professionals, embassies and consulates. The city has inked friendship agreements with 44 foreign cities, including Atlanta and Houston in the United States.

"The current campaign to promote use of the English language among local residents will continue, with more bilingual public signs to be completed, as well," the mayor said.

The report also sets a GDP growth rate target of 9 percent for 2013, 1 percent lower than the target for 2012. The city plans to increase emphasis on the quality of development while also stimulating economic growth and increasing personal incomes.

(Source:Shenzhen Daily)