Shenzhen's Qianhai and Shekou Area - part of the Guangdong Pilot Free Trade Zone (FTZ) launched in April this year - is to step up efforts to deepen financial integration between the mainland and Hong Kong, as well as countries along the "One Belt, One Road" initiative, with a proposed offshore securities trading center mulled.
The city's FTZ area formally launched its construction and implementation plans at a press conference on Thursday.
Qianhai and Shekou will study the possibility of setting up an offshore securities trading center to facilitate enterprises in countries and regions along the "One Belt, One Road" in issuing stocks.
The idea of securities trading center is aimed at promoting integration of the mainland's capital market with the real economy of those economies.
Tian Fu, director of the administrative committee of Qianhai and Shekou Area, said the area will focus on opening up the services industry to Hong Kong, Macao and Taiwan, while the Guangdong FTZ will cater to the world.
"We'll promote further liberalization of trade and services between Shenzhen and Hong Kong and increase connectivity in bilateral services markets," he said.
Qianhai, Shekou mull stocks trading hub
A range of innovative financial measures has been introduced, covering the banking, insurance and other sectors.
Branches of mainland commercial banks in Qianhai and Shekou that are already licensed to run offshore businesses will be able to provide offshore banking services, said Chen Feihong, deputy head of the China Banking Regulatory Commission's Shenzhen Office.
"They include Bank of Communications, China Merchants Bank, Ping An Bank and Shanghai Pudong Development Bank," she said. "Bank of Communications is expected to begin operations within two months."
Tang Zhijiang, head of the statistics research division at the China Insurance Regulatory Commission Shenzhen Bureau, said insurance companies will be encouraged to establish branches in Qianhai and Shekou to run cross-border renminbi reinsurance operations.
Besides, insurance organizations in the FTZ will be allowed to invest overseas on a trial basis. Expansion of the investment scope and proportion by insurance firms will be considered, Tang said.
The Guangdong FTZ aims to offer 100,000 middle- and high-end employment posts to Hong Kong residents and attract 10,000 Hong Kong enterprises by 2020.