Luohu Industry and Information Technology Bureau chief Zhou Jianjun introduced the bureau's work for this year on duty-free mall, digital renminbi and jewelry and jade trade center.

Zhou said Luohu was planning its Greater Bay Area duty-free mall project as an important move to stimulate consumption under the new development paradigm featuring“dual circulation”, and satisfy public demand for a high-quality life.

Luohu will also improve the business circle of Renmin South while upgrading the Shenzhen Railway Station-Luohu Port zone and the Shenzhen-Hong Kong port economic belt, so as to boost commerce in the district based on the prosperity of cross-border e-commerce, night economy and duty-free malls.

Zhou said that, after Luohu piloted the digital renminbi, totaling 10 million yuan ($1.54 million) last year, it planned to prompt more businesses to install payment equipment for digital renminbi, encourage more consumers to use the digital renminbi, and expand its use of digital paying for parking fees, and charging utility bills via the 5G network.

With the support of the country’s central bank, he said Luohu would actively explore the possibility of digital renminbi being used in cross-border trade to facilitate its internationalization.

Talking about the development of the gold and jewelry industries, Zhou said, following the deployment of the Luohu government, the bureau would seek to boost high-quality improvements through creative designs, smart manufacturing and brand creation.

Last year, with the support of the Shenzhen Customs, Luohu created a service platform featuring“bonded jewelry and jade whole industrial chain”, enabling business owners to check the goods online before making a deal. Over the past months, the export-import trade volume realized on the platform had reached nearly 300 million yuan, he reported.

Zhou said the bureau would take concrete measures to boost trade on the platform, and diversify the categories of the commodities in the market, as the supply of jadeite- and coral-related commodities would be increased this year.

Luohu will strengthen its cooperation with the Shanghai Diamond Exchange in a bid to introduce its trade functions by establishing a Shenzhen diamond trade service platform for the Shanghai Diamond Exchange.

This is designed to reduce the transaction costs and financing costs of all jewelry enterprises in the district.

After that, Luohu will try to build an all-factor jewelry trade center in Shenzhen to promote the regional cooperation on the jewelry industry across the Greater Bay Area, said Zhou.