After People's Bank of China issued a guideline of financial support to Guangdong, Fujian and Tianjin Free Trade Zones (FTZs) on Dec. 11th, a financial policy promotion conference for Guangdong FTZ was held on Dec. 15th.
"The convening of this conference is in time to let enterprises understand the latest policy and the guideline can promote the facilitation of cross border trade, investment in FTZ," said Liu Weiqing, the chairman of Guangdong Province Navigation Group Co., Ltd.
According to the guideline, policy support will be given to a series of financial reform in Guangdong FTZ, including extending the use of cross border RMB, deepening the administrative reform of foreign exchanges and the regional finance cooperation with emphasis on Guangdong-Hong Kong-Macao ring, enhancing the level of finance service, monitoring the financial risk. It is to establish a finance service system serving for cross border trade and facilitation of investment in FTZ.
On the conference, Chen Yunxian, vice governor of Guangdong pointed out three key points of the guideline: helping financial institutions to operate off-shore RMB finance business, keeping track with international standard of financial rules, building a demonstration zone for implementing the "Innovation-driven" initiative on finance service. Next, Guangdong FTZ will further make effort to summarize replicable innovative experience on finance reform that can be extended to other areas in Guangdong, even in the country.
Zheng Jianrong, Director General of General Affairs Office of Guangdong FTZ said GD FTZ has made huge progress since its operation on April of this year. It launched the first batch of 60 innovative measures and 27 of which have been approved to extend to the whole province by provincial government. Besides, currently GD FTZ has approved above 43,000 enterprises, most of which are high-end industries in international finance and trade, international shipping. Half of them are financial enterprises or institutions.
At the end, financial institutions signed 19 cooperation programs with local enterprises on cross-border RMB financing, the RMB settlement of cross-border e-commerce, cross-border business of non-banking financial institutions, centralized operation of transnational enterprises' foreign exchanges, etc.
Related:Limited RMB convertibility on capital account available in GD FTZ