BUSINESS

30 FINANCIAL MEASURES ENACTED ​TO EXPEDITE SHENZHEN-HONG KONG FINANCIAL CONNECTIVITY

28/02/2023 12:33 PM

KUALA LUMPUR, Feb 28 (Bernama) -- Qianhai has made another breakthrough in financial innovation and now appears to be the first stop for Hong Kong-invested financial institutions to enter the mainland.

The Opinions on Providing Financial Support for the Comprehensive Deepening of Reform and Opening Up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (the Opinions) was officially released on Feb 23.

According to the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone in a statement, with the Opinions, Qianhai will play a greater role in helping Hong Kong integrate into the overall national development.

The Opinions set out 30 financial measures covering financial services related to people's livelihoods, mutual access between financial markets, the development of the modern financial industry, facilitation of cross-border trade and investment, among others.

The 30 measures have further defined the path to achieving a higher and deeper level of financial opening up and cooperation with Hong Kong.

In a recent interview, Hong Kong and Shanghai Banking Corporation Limited Asia-Pacific co-chief executive, David Liao said the introduction of the 30 measures marked another round of promotion of mutual financial market access between Shenzhen and Hong Kong.

“The measures will lay the foundation for the convergence of financial rules and mechanisms in the Greater Bay Area, and allow the exploration of new paths for the high-level opening up of the mainland's financial industry,” he said.

In recent years, Qianhai's financial industry has constantly aligned with international standards and it has continued to highlight its function as a demonstration window of the opening up of the financial industry in China.

Now, the Opinions have advanced new goals for the opening up of Qianhai's financial industry. The plan is for Qianhai to put together an implementation task list for the Opinions to set up a task plan, roadmap, timeline and accountability system.

Qianhai will strive to hold a Shenzhen-Hong Kong Financial Forum, strengthen the Shenzhen-Hong Kong financial regulatory cooperation system, prevent cross-border financial risks, and promote the further opening up and development of Qianhai.

-- BERNAMA


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