People's Bank of China CBRC CSRC SAFE Guangdong Provincial People's Government...

People's Bank of China CBRC CSRC foreign exchangegame Opinions of Guangdong Provincial People's Government on Financial Support for Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone to Comprehensively Deepen Reform and Opening up
Silver hair2023〕42number

The development and construction of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (hereinafter referred to as Qianhai Cooperation Zone) is an important measure to support Hong Kong's economic and social development, improve the level of cooperation between Guangdong, Hong Kong and Macao, and build a new pattern of opening-up. 40Anniversary celebration conference and celebration of Hong Kong's return to the motherland25In the spirit of a series of important speeches at the anniversary conference, in accordance with the decisions and arrangements of the Party Central Committee and the State Council, implement the requirements of the comprehensive deepening reform plan of the Qianhai Cooperation Zone, adhere to the principle of "relying on Hong Kong, serving the mainland and facing the world", comprehensively strengthen the functions of the pilot window for the opening up of the financial industry in the countries of the Qianhai Cooperation Zone and the pilot area for cross-border RMB business innovation, and support Hong Kong's integration into the new pattern of national financial reform and opening up, To enhance the status of Hong Kong as an international financial center, with the consent of the State Council, the following suggestions are put forward.

1、 General requirements

（1） Guiding ideology.

We will build a high-level gateway hub for opening up to the outside world and constantly build new advantages in international cooperation and competition. Relying on the Qianhai Cooperation Zone to strengthen Shenzhen-Hong Kong financial cooperation, further play the role of Hong Kong's international financial center, focus on the cross-border free flow of capital elements, promote the realization of a higher level of capital account opening, and promote the opening and connectivity of the financial service industry between Shenzhen and Hong Kong. Gradually build a financial rule system that is in line with international standards, and create a market-oriented, rule-of-law and international financial environment.

（2） Basic principles.

Improve the level of financial cooperation between Shenzhen and Hong Kong. In accordance with the working idea of combining far and near, giving priority to people's livelihood, and advancing step by step, we will implement a higher level and deeper level of financial opening and cooperation with Hong Kong, promote the convergence of rules and mechanisms with Hong Kong's financial sector, promote the deep integration and development of the mainland and Hong Kong, constantly enrich the new practice of "one country, two systems" development, and jointly promote the construction of the "the Belt and Road" and the construction of the Guangdong Hong Kong Macao Greater Bay Area Play a greater role in high-level participation in international cooperation.

Serve the high-quality development of the real economy. Based on the "expansion" post-industrial system of Qianhai Cooperation Zone, cultivate the financial industry oriented to serving the real economy, actively and steadily promote the innovation of financial institutions, financial markets, financial products and financial supervision, promote the convertibility of capital accounts in stages, promote the liberalization and facilitation of investment and trade, steadily promote the internationalization of the RMB, and implement the policy of financial support for carbon peak and carbon neutrality, To provide strong financial support for Qianhai Cooperation Zone to comprehensively deepen reform and opening up.

We should guard against systemic financial risks. Adhere to the bottom line thinking, establish and improve the regional financial regulatory coordination mechanism, innovate the incentive compatible risk prevention mechanism, rely on technical monitoring, early warning, disposal and other means, carry out cross-border cooperation in regulatory technology under the premise of compliance with the law and controllable risk, improve the financial risk prevention and control system matching with greater reform and opening up, improve the financial rule of law in line with Hong Kong, and prevent cross-border transmission of financial risks, Keep the bottom line of avoiding systemic financial risks.

（3） Overall objectives.

reach2025In, we established and improved the policy system and management system focusing on the expansion of the opening up of the financial industry and the internationalization of the RMB, basically achieved high-level connectivity with the financial market in Hong Kong, improved the financial risk monitoring, prevention and resolution system, and increasingly highlighted the supporting role of finance in the development of the Greater Bay Area of Guangdong, Hong Kong and Macao.

reach2035In, we achieved a higher level of financial openness based on the negative list, efficient and convenient flow of cross-border funds, basically completed the financial field rule system that is in line with the international standards, and the financial environment reached the world-class level, playing a stronger exemplary and leading role in expanding the opening of the national financial industry.

2、 Deepen Shenzhen-Hong Kong financial cooperation, give priority to financial innovation in the field of people's livelihood, and build a better, more diverse and more convenient financial service system for people's livelihood in the Greater Bay Area of Guangdong, Hong Kong and Macao

（1） Facilitate the opening of mainland bank accounts by Hong Kong residents. Expand Hong Kong residents' proxy witness to open mainland individualsIIClassIIIThe scope of pilot banks for similar bank accounts. Explore to strengthen online business innovation in Qianhai Cooperation Zone, and pilot credit card video interview.

（2） Facilitate credit financing for Hong Kong residents. With the consent of Hong Kong residents, eligible Hong Kong-funded commercial banks in the Qianhai Cooperation Zone are allowed to share the credit status of the same Hong Kong residents held by their Hong Kong parent bank according to law, and provide credit and other financial services for Hong Kong residents to live and work in the Qianhai Cooperation Zone. Support the establishment of Shenzhen local credit reporting platform in Qianhai Cooperation Zone and explore Shenzhen-Hong Kong cross-border credit reporting cooperation. On the premise of complying with relevant laws and regulations and being safe and controllable, Chinese-funded commercial banks and Hong Kong-funded commercial banks with branches in Qianhai Cooperation Zone and Hong Kong are allowed to carry out internal data cross-border flow pilot projects. Explore the cross-border exchange and cooperation between Shenzhen and Hong Kong market-oriented enterprise credit agencies in accordance with the law, and allow the banks in Qianhai Cooperation Zone and Hong Kong to obtain the enterprise credit information of both customers through the enterprise credit agencies on the premise of customer consent, so as to promote the development of cross-border enterprise loan business in both places.

（3） Facilitate cross-border investment and financing of Hong Kong enterprises. Support the innovation and entrepreneurship of Hong Kong enterprises and people in Qianhai Cooperation Zone. Support Hong Kong-funded small and micro enterprises in Qianhai Cooperation Zone500Obtain RMB loans from overseas banks within the limit of 10000 yuan.

（4） Facilitate the practice of Hong Kong professionals. Encourage domestic securities in Qianhai Cooperation ZonefuturesThe operating agencies should increase the proportion of Hong Kong employees and expand the scope of professional competence of Hong Kong professionals. Support the cooperation between banks and non-bank payment institutions to provide cross-border collection and payment facilitation services of personal remuneration based on the actual salary level.

（5） Support Hong Kong to build an asset management center. Hong Kong private banks and family wealth management institutions are allowed to set up franchise institutions in the Qianhai Cooperation Zone, and qualified Hong Kong asset management institutions are supported to set up joint venture financial companies in the Qianhai Cooperation Zone and carry out cross-border asset management business according to law. The Qianhai Cooperation Zone is allowed to expand the types of bonds in the bond market counter business to corporate credit bonds, and expand the main investment and financing channels in the Greater Bay Area of Guangdong, Hong Kong and Macao.

（6） Expand the development space of Hong Kong's financial industry. We will support the high-level construction of the Qianhai Shenzhen-Hong Kong International Financial City, and provide a space carrier for Hong Kong financial institutions to work cross-border in accordance with the law and regulations, as well as for the iterative upgrading of Hong Kong's digital finance, financial technology, etc. Support qualified financial institutions in Qianhai Shenzhen-Hong Kong International Financial City and Hong Kong financial institutions to carry out financial business innovation in accordance with the law, improve relevant international business capabilities, and provide financial services for enterprises to "go global".

3、 Deepen the connectivity of Shenzhen and Hong Kong financial markets and infrastructure, take the lead in cross-border finance, and strengthen the function of cross-border RMB business innovation pilot zone

（7） Expand the business scope of Hong Kong-funded financial institutions. Support the branches of overseas banks, especially those in Hong Kong, in the Qianhai Cooperation Zone to obtain the qualification of fund custody business. Securities companies in the Qianhai Cooperation Zone are allowed to transmit to their mainland customers the securities research report (including the research report issued by banks registered as "registered institutions" in accordance with the provisions of the Securities and Futures Ordinance of Hong Kong) issued by Hong Kong licensed financial institutions providing investment analysis opinions on Hong Kong Stock Connect shares issued by Hong Kong licensed financial institutions after being authorized by Hong Kong licensed financial institutions to provide reference for mainland investors' investment decisions. Support the securities companies in Qianhai Cooperation Zone to carry out cross-border business pilot and underwriting panda bond business in China, and clarify the corresponding regulatory policies for relevant businesses.

（8） Allow financial institutions in the securities industry to carry out direct financing in Hong Kong. Securities companies and futures companies in Qianhai Cooperation Zone are allowed to supplement capital through cross-border financing such as overseas listing. We will support enterprises in Qianhai Cooperation Zone to use Hong Kong (open-end fund companies or limited partnership funds, etc.) platform to finance and develop overseas businesses, and use real estate investment trust funds to list and finance high-quality real estate and infrastructure projects in Hong Kong. Under the premise of legal compliance, explore the futures companies in the Qianhai Cooperation Zone to provide cross-border guarantees, credit enhancement support, domestic guarantees and foreign loans for overseas subsidiaries in specific types of business. Support fund companies in Qianhai Cooperation Zone to actively participate in ETFs（ETF）Mutual listing and mutual recognition of publicly offered securities investment funds in the Mainland and Hong Kong.

（9） We will strengthen cooperation and innovation in bond trading between Shenzhen and Hong Kong. We will support the Shenzhen Stock Exchange to set up a bond platform in the Greater Bay Area of Guangdong, Hong Kong and Macao, and promote the construction of the bond market interconnection mechanism between the mainland and the Hong Kong Stock Exchange. We will support eligible banks and enterprises in the Qianhai Cooperation Zone to directly issue RMB denominated securities products in Hong Kong.

（10） Improve cross-border insurance business. We will accelerate the establishment of an insurance service center in the Greater Bay Area of Guangdong, Hong Kong and Macao in the Qianhai Cooperation Zone. Support insurance institutions in Qianhai Cooperation Zone to cooperate with insurance institutions in Hong Kong to develop cross-border insurance products such as medical insurance, endowment insurance, shipping insurance and credit insurance that meet the requirements for residents in the cooperation zone.

（11） We will explore the mechanism of Shenzhen-Hong Kong private placement link in an orderly manner. The Qianhai Cooperation Zone is allowed to carry out cross-border two-way equity investment facilitation pilot projects in Hong Kong, simplify the application process, further expand the scope of investment, and explore ways to reduce the access requirements of Hong Kong investors. Support the joint development of Shenzhen and Hong Kong venture capital funds and private equity investment funds in Qianhai Cooperation Zone. Give priority to supporting private equity funds registered under the Hong Kong limited partnership fund system to obtain qualified overseas limited partners（QFLP）Qualification and direct application for the establishment of qualified overseas limited partners in Qianhai Cooperation Zone to participate in private equity investment in the mainland. On the basis of total volume management, it allows flexible and independent allocation and replacement of investment projects, and gives priority to supporting institutional entities that have obtained the qualification of qualified overseas limited partners to directly apply for overseas investment qualification of qualified domestic investors after one year of operation. Clarify the non-resident tax status of Hong Kong investors.

（12） Pilot private equity and venture capital share transfer. We will explore and carry out the pilot transfer of private equity and venture capital shares, build a secondary trading market for private equity and venture capital, expand the industry exit channels, enhance liquidity, and promote the healthy development of the industry.

（13） Build commodity spot trading platform according to law and regulations. Support the Qianhai Joint Trading Center of the Hong Kong Stock Exchange to carry out the RMB pricing and settlement business of cross-border spot trading of bulk commodities. Expand the business and functions of the Qianhai Joint Trading Center of the Hong Kong Stock Exchange in accordance with laws and regulations, orderly enrich the trading varieties, and enhance the pricing capacity of bulk commodities.

4、 Expand the opening up of the financial industry, take the lead in the field of foreign exchange management reform and RMB internationalization, and strengthen the function of the national financial industry opening up pilot demonstration window

（14） We will expand the opening up of the banking, securities and insurance industries. Foreign financial institutions, especially in Hong Kong, are allowed to set up commercial banks, financial subsidiaries, consumer finance companies and pension management companies in Qianhai Cooperation Zone. We will support eligible banks in Hong Kong to set up branches in Qianhai Cooperation Zone in accordance with the law to expand business in the mainland. Foreign financial institutions, especially in Hong Kong, are allowed to set up securities companies, mutual fund companies, futures companies and fund sales companies in Qianhai Cooperation Zone. Foreign financial institutions, especially in Hong Kong, are allowed to set up life insurance companies, property insurance companies and insurance holding companies in Qianhai Cooperation Zone. Multinational enterprises are allowed to take the lead in setting up a financial center in Qianhai Cooperation Zone to provide services for overseas business activities of Chinese enterprises. Support the establishment of financial holding companies in Qianhai Cooperation Zone by enterprise groups that meet the conditions for the establishment of financial holding companies and have mature conditions. Support qualified domestic and foreign financial institutions and international financial organizations to set up functional headquarters such as research and development centers, scientific and technological innovation centers, and data service centers in Qianhai Cooperation Zone.

（15） Improve the facilitation of cross-border trade settlement. Implement more convenient measures for the settlement of goods trade funds in Qianhai Cooperation Zone, and more convenient measures for the receipt and payment of funds for real and legal goods trade. The qualified enterprises in the Qianhai Cooperation Zone shall be exempted from the prior registration measures for the implementation of special foreign exchange refund businesses such as overdue trade in goods. Support the facilitation of cross-border RMB settlement in cross-border e-commerce and other new trade formats. Banks are allowed to provide efficient and convenient cross-border capital settlement services for qualified enterprises in Qianhai Cooperation Zone to carry out real and legal new offshore international trade. The RMB paid by enterprises in Qianhai Cooperation Zone for import is allowed to be paid to overseas exporters after overseas direct foreign exchange purchase. Support the exploration of online verification of transportation invoices in Qianhai Cooperation Zone to facilitate the transfer of domestic freight. We will support the exploration of the integrated management of domestic and foreign currency receipts and expenditures of individual current accounts in Qianhai Cooperation Zone. Individual residents in Qianhai Cooperation Zone are allowed to handle cross-border RMB remittance and collection business directly with their valid ID card within the annual quota.

（16） Moderately relax restrictions on cross-border investment and financing. The funds in the RMB bank settlement account opened by foreign institutions in the commercial banks in the Qianhai Cooperation Zone can be transferred into time deposits and used to purchase large-value certificates of deposit. Study the development of asset-backed securities by qualified asset management companies (excluding fund management companies and local asset management companies) in Qianhai Cooperation Zone（ABS）Pilot cross-border transfer business.

（17） Explore the effective way of capital account convertibility. Qualified financial institutions in Qianhai Cooperation Zone are allowed to carry out cross-border securities investment and other businesses. It is allowed to carry out the pilot project of canceling the special deposit account for foreign direct investment in RMB capital in Qianhai Cooperation Zone. On the premise of ensuring that the use of funds meets the requirements and the transaction behavior is traceable, the settlement bank can directly handle the entry and settlement of RMB capital for qualified foreign investment enterprises in Qianhai Cooperation Zone without opening a special deposit account for RMB capital. The commercial banks in Qianhai Cooperation Zone are allowed to handle the overseas listing registration business of domestic enterprises. Facilitate the enterprises in Qianhai Cooperation Zone to flexibly carry out cross-border financing under the real business background, relax the restrictions on overseas loans of enterprises in Qianhai Cooperation Zone, and change the proportion of the upper limit of loans to the owner's equity50%Expand to80%。

（18） Explore a new mechanism for cross-border payment and settlement. Qualified non-bank payment institutions in Qianhai Cooperation Zone are allowed to carry out cross-border payment business. Facilitate Hong Kong residents to use mobile electronic payment tools for RMB payment in Qianhai Cooperation Zone, and promote the interoperability of mobile electronic payment tools in Qianhai Cooperation Zone. Support qualified institutions in Qianhai Cooperation Zone to access the RMB cross-border payment system（CIPS）And promote the cross-border payment system of RMB to expand the business of Guangdong, Hong Kong and Macao in the Greater Bay Area. In Qianhai Cooperation Zone, we will steadily carry out the pilot project of the local and foreign currency bank settlement account system to provide high-quality, safe and efficient bank account services for market entities.

（19） Expand the offshore account function. Under the premise of account isolation and controllable risk, support eligible commercial banks to steadily carry out offshore banking business within the framework of current laws and regulations and foreign exchange management system. Expansion based on offshore bank accounts（OSA）The scope of offshore business of allows commercial banks that have obtained the qualification of offshore banking to set up offshore banking specialized institutions or legal entities in Qianhai Cooperation Zone to provide financial services for the real economy to carry out offshore business.

5、 Develop characteristic financial industry, and cultivate financial formats oriented to serve the post-expansion industrial system and small and medium-sized enterprises

（20） Promote the development of green finance. Support financial institutions in Qianhai Cooperation Zone to actively carry out green financial product innovation, carry out environmental (including climate-related, the same below) information disclosure pilot, and explore a mutually recognized and unified environmental information disclosure standard for financial institutions in Shenzhen and Hong Kong. Support the establishment of international green finance certification institutions in Hong Kong and other places in Qianhai Cooperation Zone. Encourage international venture capital institutions and venture capital institutions in Hong Kong and other places to invest in green technology and green projects in Qianhai Cooperation Zone and Guangdong-Hong Kong-Macao Greater Bay Area. We will support enterprises in Qianhai Cooperation Zone to issue green bonds and obtain green financing from banks in Hong Kong, and let more enterprises grasp the relevant requirements, main processes and preferential conditions for issuing bonds in Hong Kong by formulating and issuing reference procedures for issuing green bonds in Hong Kong. Strengthen the evaluation of green financial performance of financial institutions. Encourage the training and exchange of green finance talents in Shenzhen and Hong Kong.

（21） Innovate and develop supply chain finance. Study the commercial factoring companies in Qianhai Cooperation Zone that meet the requirements of consistency between import and export and receipt and payment of foreign exchange to handle the commercial factoring business plan based on the real international trade background. Support Qianhai Cooperation Zone and Hong Kong to jointly carry out financial leasing businesses such as aircraft, ships and automobiles. Under the macro-prudential management framework of full-caliber cross-border financing, eligible financial leasing parent companies and their subsidiaries in Qianhai Cooperation Zone are allowed to share the parent company's foreign debt quota. Qualified domestic institutions in the Qianhai Cooperation Zone are allowed to use their own foreign exchange earnings to pay foreign currency rent for domestic operating leases. Encourage eligible microfinance companies, financial leasing companies and commercial factoring companies in Qianhai Cooperation Zone to access the People's Bank of China's credit reporting system.

（22） Increase financial support for the development of marine economy. Support financial institutions in Qianhai Cooperation Zone to carry out shipping financing, shipping insurance, shipping reinsurance and other businesses, expand support areas within the scope of business, and increase support for the development of marine economy. We will support the establishment of investment funds for the port and shipping industry in accordance with the principle of marketization, and improve the level of high-end port and shipping services.

（23） We will support the development of science and technology innovation finance pilot projects. Support the domestic innovative enterprises in Qianhai Cooperation Zone to carry out overseas financing and overseas M&A business and introduce overseas technology. Support commercial banks to set up science and technology branches in Qianhai Cooperation Zone, and explore differentiated management in terms of capital occupation, non-performing loan tolerance, write-off and accountability. Under the premise of legal compliance, risk control and commercial sustainability, encourage banking financial institutions to give full play to their synergy with their subsidiaries, strengthen cooperation with external investment institutions, and explore "loans+External direct investment "and other new business models have helped the internal medicine enterprises in Qianhai Cooperation Zone to go public.

（24） Support the development of financial technology. Support the establishment of leading Shenzhen-Hong Kong financial technology research center or laboratory in Qianhai Cooperation Zone. We will support the deepening of the implementation of financial technology innovation regulatory tools in the Qianhai Cooperation Zone, strengthen the synergy between financial technology innovation regulatory tools and the "regulatory sandbox" of the Hong Kong Monetary Authority, and improve the uniformity, professionalism and penetration of financial technology regulation.

6、 We will strengthen cooperation in financial supervision between Shenzhen and Hong Kong, explore an inclusive and prudent regulatory model compatible with Hong Kong's financial system, and improve the prevention and control mechanism for cross-border financial risks

（25） Establish a Shenzhen-Hong Kong financial supervision cooperation mechanism. We will support Shenzhen and Hong Kong to establish a close cross-border financial regulatory cooperation mechanism and regular consultation mechanism in the Qianhai Cooperation Zone, coordinate to prevent illegal financial activities and cross-border financial risks, and protect the legitimate rights and interests of financial consumption.

（26） Explore cross-border financial regulatory innovation. Give full play to the operational advantages of the legal institutions of the local financial regulatory authorities in the Qianhai Cooperation Zone. Strengthen the exchange of financial management personnel between Shenzhen and Hong Kong. Carry out research and application of regulatory technology and explore relevant pilot projects. We will give full play to the role of Qianhai Cooperation Zone as a "pilot field" in the financial field as a pilot platform for comprehensive deepening reform and innovation in the Greater Bay Area of Guangdong, Hong Kong and Macao.

（二十七）优化金融法治环境。加大对非法金融活动的惩罚力度，支持在前海合作区高标准建设中国（深圳）证券仲裁中心，构建国际化、多元化跨境金融纠纷解决机制，服务保障前海合作区实施国家金融战略，营造良好的金融法治环境。

七、保障措施

（二十八）加强党的领导。坚持和加强党的全面领导，坚决贯彻党的基本理论、基本路线、基本方略，增强“四个意识”、坚定“四个自信”、做到“两个维护”，把党的领导贯穿金融支持前海合作区深化改革开放全过程。坚定不移推动全面从严治党向纵深发展，为前海合作区全面深化改革开放提供坚强保障。

（二十九）加强组织实施。各有关部门要加大业务指导和支持力度，按程序将前海合作区既有相关支持政策覆盖到前海合作区“扩区”后的全部区域。加大赋权力度，加强督促检查，及时总结评估，对效果好、风险可控的经验，复制推广至全国其他地区，如遇重大事项，及时按程序请示报告。加强深港两地金融监管交流与合作，完善信息共享机制，协调解决跨境金融发展和监管问题。支持前海合作区以清单式申请授权方式，在与香港金融市场互联互通、人民币跨境使用、外汇管理便利化等领域深化改革、扩大开放。本意见涉及港澳服务和服务提供者市场准入开放和单独优惠待遇的措施，纳入内地与香港、澳门关于建立更紧密经贸关系的安排（CEPA）框架下实施。

（三十）加强人才保障。制定吸引高层次金融人才的配套政策，着力引进和培养高层次金融人才。加强人员培训和能力建设，培养一批既通晓国际规则、又熟悉中国国情的高层次金融人才。设立深港金融创新发展委员会，承办深港金融论坛，搭建深港两地金融界沟通对话、联系互动、交流合作的重要机制和平台，为深港金融合作提供咨询建议。

人民银行
CBRC
CSRC
SAFE
广东省人民政府
2023year2month17day

Source:http://www.gov.cn/zhengce/zhengceku/2023-02/23/content_5743026.htm