Qianhai zone plan

The Shenzhen government has approved a detailed plan for China's newest economic reform zone in Qianhai, market intelligence agency aastock.com reported Thursday.

The Qianhai Shenzhen­Hong Kong Modern Service Industry Cooperation Zone, located in the west of Shenzhen, was approved by the State Council in 2010 and will be used as a test zone for direct conversion of the yuan with other currencies, application of lower taxes for service companies and the use of innovative financial products.

The deputy director of the Qianhai Management Bureau, He Zijun, said the plan contains information about the goal and the positioning of the zone, its core industries, its infrastructure, and more.