International companies are expressing strong confidence in the commercial prospects of Shenzhen and the wider Greater Bay Area (GBA), with many pledging to increase their investments and expand their local operations.

According to a report by China Daily, the companies say they are buoyed by the substantial opportunities stemming from Shenzhen’s upcoming hosting of the Asia-Pacific Economic Cooperation (APEC) meeting later this year.

Financial sector commitments

Richard Li, head of the Greater Bay Area for HSBC China, highlighted the Chinese market as a crucial component driving the British bank’s global business expansion. HSBC is noted as one of the international financial institutions with the most comprehensive investment presence in China, covering banking, funds, insurance, securities, and financial technology. 

Li identified Shenzhen as a central strategic hub within the bank’s GBA framework, capitalising on the city’s increasing prominence in wealth management, technological innovation, and internationalisation. The bank already demonstrated fresh commitment by investing more than 4 billion yuan (US$590 million) to build the HYQ Tower in Shenzhen’s Qianhai special economic zone, which stands as its first fully-owned office complex in south China.

According to Li, the APEC meeting, scheduled for November in Shenzhen, is set to significantly elevate the city’s international profile. For established foreign-funded financial institutions, the event will generate numerous opportunities, including policy dividends, cross-border collaboration, and trade liberalisation.

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“By focusing on key areas such as technology finance, green finance, capital market connectivity, and wealth management, HSBC is poised to play an active and unique role in financial opening up and innovation within the Greater Bay Area,” he told China Daily.

This bullish sentiment is reflected in official figures, which show Shenzhen’s favourable business environment and strong development are drawing increased foreign capital. In the first quarter, the actual (as opposed to approved) utilisation of foreign investment reached 17 billion yuan, an increase of 47 percent compared to the same period last year. During this time, over 2,700 new foreign-invested companies were established, representing a year-on-year rise of more than 15 percent.

ASEAN and technology links

Pattarapong Kanhasuwan, vice chairman of Kasikorn Bank China, also reaffirmed the Thai bank’s commitment to the area. 

Kasikorn Bank operates across various ASEAN countries, with its largest overseas base located in China. He stressed that the GBA is geographically advantageous, providing a direct connection between China and ASEAN.

The bank has already provided substantial capital and developed capabilities and plans to increase investment further in its core banking business and related services, he told China Daily. Kanhasuwan also views APEC as a significant chance for global leaders to forge consensus and advance worldwide economic cooperation amid current geopolitical uncertainties.

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Businesses from other sectors are also drawn to Shenzhen, including the American electric vehicle manufacturer, Tesla. An external affairs representative for Tesla, who remained anonymous, stated that the GBA is one of the company’s most critical markets. 

The spokesperson credited the city’s supportive policies, complete industrial system, and first-rate business environment. Since opening its first South China experience centre in Shenzhen in 2014, Tesla has expanded significantly, now boasting one of the densest business networks nationwide. 

This includes establishing over 40 stores, more than 60 supercharging stations, and 15 destination charging stations, creating an efficient 15-minute urban charging network for local residents.