is a crucial part of the renminbi's future.

對人民幣的前途有關鍵影響

In seven years, this place will become a world-class city -

再過七年 這裡將變成世界級的城市窗口

an important stronghold where China meets the world.

以及中國對外交往的高地

Qianhai is a pilot zone.

前海是個示範區

It's an economic test area

是經濟試驗區

where rules on tax, currency movement and investment

採取略為寬鬆的稅制、貨幣流動

are relaxed.

以及投資管制

It's another step on the path

顯示中國…

to opening up China's economy and its currency.

…在開放經濟以及人民幣上 再邁進一步

China doesn't take leaps into the unknown.

人民幣 中國貨幣的故事 摸著石頭過河

The huge changes underway in the country's economy

中國並非盲目地前進

are being carefully managed and are tested in the pilot zones

目前巨幅的經濟改革

before they are adopted more widely.

是經過精心管理 而在廣泛施行之前

They call it "crossing the river by feeling the stones".

要先在示範區試驗

In China, we do believe

這就是北方話所說的 「摸著石頭過河」

that the stage approach is the right way

中國的觀念認為…

and it is the key to success.

按部就班才正確

When we say it's a pilot zone, it means that you test new things.

而且是成功的關鍵

You learn and gain new experience, and then you can change plans

所謂示範區 就是試驗新方式的地區

before the initiative is rolled out across the country.

我們在其中學習、累積新經驗 調整計劃

For a company to be operating inside a pilot zone,

然後才將行動在全國推展

there could be opportunities

在示範區內營運的公司

to sell different products, and have different businesses

可得到機會

or have your same business, but achieve higher efficiencies.

來推廣各種產品 以及經營多元業務

Sometimes, there are things you can do in the zone,

或者同樣的業務 但是達到更高效率

but not in the rest of the country.

有些可在示範區內實行的事

Qianhai was set up in 2010.

不能在國內廣泛實行

Now the land reclamation has been completed,

前海在2010年設立

we have attracted more than 1,800 companies.

目前我們 在全面完成填海的基礎上

25 businesses from the world's top 500 have registered here,

已經引進了1800多家企業 在這裡登記註冊

bringing a total registered capital of over 200 billion RMB.

世界500強的企業裡 有25家已在此落戶

EASTTOP is a logistics company

註冊資本金額已超過 人民幣兩千億元

in the southern Chinese city of Shenzhen.

東方嘉盛

It plans to expand into nearby Qianhai to take advantage

是在深圳市的物流公司

of a more business-friendly environment in the pilot zone.

他們計劃向附近的前海擴充

EASTTOP is a leading third-party logistics provider in China.

以充分享受示範區內 有利企業的環境

We provide importing and exporting for businesses and warehousing

東方嘉盛是中國領先的 第三方物流服務供應商

and a domestic distribution.

我們為企業提供 進出口服務、倉儲

On top of that, we provide

以及國內付運

supply chain-based financing services.

除此之外

What are your current business challenges?

我們還提供

One of the challenges is financing cost

以供應鏈為基礎的融資

because we have a large amount of cash flow,

你們的業務目前面臨哪些挑戰？

from cross-border transactions.

其中一個挑戰是資金

Why has EASTTOP registered in Qianhai?

因為我們有大量…

Some of the key reasons, I would think,

…跨國交易的現金流

are easier access into international markets

東方嘉盛為何要在前海註冊？

and, also, preferred tax treatment,

我認為其中主要的目的

such as lower corporate tax.

是更便於接觸國際市場

Building hasn't started yet, but Steven says

而且此地有稅項優惠

EASTTOP's Qianhai new headquarters will be ready in just a year's time.

比如較低的企業稅

We're already registered in Qianhai.

目前雖然未動工興建

Now we're looking to acquire the land and start the construction.

但是東方嘉盛說 他們的總部會在一年內完成

What financial deregulations will help your business?

我們已經在前海註冊

First of all, it will help us with lowering the costs of financing

現在正在買地並且著手興建

and borrowing from the Hong Kong market.

怎麼放寬金融規定 會對你們業務有利？

Also, the access to global markets is easier to expand internationally.

首先在融資 以及從香港市場借貸方面

What will the new Qianhai base mean to your staff?

都能得以減輕成本

Lower personal tax for certain talents

而且在這裡能夠接觸全球市場 讓我們較容易在國際擴展

and also a better living environment

新的前海大本營 對你的員工有何益處？

with an education system and legal system

部份人才可享受 較低的個人所得稅

much closer to that of Hong Kong.

而且有更好的生活環境

EASTTOP is not alone in taking advantage

教育制度以及法律體系

of the business opportunities in Qianhai.

更接近香港的制度

Hundreds of businesses across many sectors

東方嘉盛並非唯一

are registering for a place in the zone.

充分利用前海商機的企業

The businesses set up in Qianhai include finance, modern logistics,

各行各業數以百計企業

information and technology services,

都在前海註冊

as well as cultural and creative industries.

在前海聚集的企業包括 金融、現代物流

Financial businesses make up 63% of the industry here.

信息服務、科技服務

How important is Qianhai to China's economic growth?

和文化創意產業

It represents the image, the standard

金融業所佔比例達到63% 是主要的行業類型

and the format of China's next stage of reform.

前海對中國經濟發展 具有什麼樣的重要性？

Also, it's a new pilot zone for China's economic system.

它代表了中國下一步 改革開放的形象、

From this zone, we can explore, with other countries, new ways

水平和模式

to develop service industries.

也意味著中國的經濟體制改革 有了新的試驗田

By 2020, Qianhai will contribute 150 billion RMB to national GDP.

在這個試驗田裡我們進一步 與世界各國一起來探討

Qianhai will yet bring more growth to this part of southern China.

服務業發展的新路向

Hong Kong, Shenzhen and, in fact, all of the Pearl River Delta

到2020年前海將形成 1500億人民幣以上的GDP

will feel the effects of this new pilot zone.

前海會為華南帶來進一步增長

Will Qianhai have an effect on the currency?

香港、深圳 乃至整個珠江三角洲

Yes, actually, in the past, quite a lot of RMB flowed out

都會感受到這個新示範區的影響

from China to Hong Kong, to London and to Singapore.

前海對人民幣是否會有影響？

Now the companies registered in Qianhai can borrow RMB from Hong Kong,

會的 在過去人民幣大量地外流

so the RMB from overseas can flow back to China

從中國流向 香港、倫敦、新加坡等地

to support China's economy domestically.

現在企業在前海註冊 可從香港借人民幣貸款

And what will this mean for the internationalisation of RMB?

所以人民幣又從海外回流中國

Qianhai is the pilot for the RMB internationalisation,

來支持國內的經濟

for the inflow from overseas to China,

那麼這樣對人民幣國際化 會產生什麼效果？

so once the flow increases,

前海是人民幣國際化…

we can make more pilots and duplicate the cases.

…從海外回流中國的示範區

Qianhai is going to be important for China in the coming years,

所以這流量一增加

but it is just one of many steps on the path of change for this country.

我們就可進行更廣泛試驗 並複製這些經驗

If we talk about the reform process,

在未來這些年 前海對中國會相當重要

then we will see, in the immediate future,

但這只是中國 大規模改革過程中的一步

that the interest rates will rise, financial markets will open up more

如果深入看改革過程

and we will perhaps see the bond market double in size.

就可看到在眼前的日子

So, the end game would be

利率會上升 金融市場會進一步開放

by the time you've reached the opposite side of the river,

甚至可能見到債券市場 再增長一倍

the financial markets will be entirely open

其結果是…

and the RMB will be fully convertible.

…等你摸著石頭過到河對岸

What's happening in Qianhai,

金融市場會完全開放

just across the water from here in Hong Kong,

而人民幣可全面兌換

could be a taste of the future.

前海與香港

If the pilot works, the reform could spread across the country,

只有一水之隔

taking the renminbi closer to full convertibility

前海可說是預覽未來的鏡子

with the rest of the world.

如果試驗成功 改革行動將在全國推展