Guangzhou, Feb. 25 (Xinhua) — China’s central bank and four other authorities have released measures to deepen financial reforms and openness in Qianhai and Hengqin in south China’s Guangdong Province.
The country’s central bank and regulators of banking and insurance, securities and foreign exchange, as well as the Guangdong provincial government, on Thursday released 30 measures to support the commercial development of Qianhai in Shenzhen to achieve a high-level interconnection with Hong Kong’s financial market by 2025.
The measures aim to establish a financial rules system in line with international standards and a world-class financial environment within the Shenzhen-Hong Kong Qianhai Modern Service Industry Cooperation Zone by 2035.
Focusing on deepening financial cooperation between Shenzhen and Hong Kong, the newly released measures will help Hong Kong residents open accounts at mainland banks and strengthen cooperation in credit reporting, while helping enterprises realize credit financing, said the central bank’s Shenzhen sub-branch.
The measures will comprehensively facilitate cross-border trade and investment, as well as cross-border settlement in Renminbi for new business models.
The data shows that more than 2,000 Hong Kong-funded financial institutions have registered in Qianhai.
The five government authorities also released 30 measures to enhance financial cooperation between Hengqin and Macau in Zhuhai on Thursday.
Under the new measures, livelihood-related services for residents in the Guangdong-Macao deepened cooperation zone in Hengqin will be facilitated, including individual cross-border transactions, mobile payments, credit financing, insurance and employment.
The new measures emphasize strengthening financial support for tourism, trade and exhibition industries in Hengqin, as well as promoting the development of international financial leasing and factoring.
The measures expand the scope of cross-border asset transfer and promote cross-border Renminbi settlement, aiming to build a system of financial rules on par with international standards in Hengqin.
Source: Xinhua