On December 21, Guangdong briefed its financial reform and opening up policies at the 2022 Global Investment Promotion Conference for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The conference is underway online and offline in Guangzhou, Hong Kong, and Macao from December 21 to December 22.
Cooperate with Hong Kong and Macao to build the international financial hub of GBA
Guangdong has a strong demand for financial services. The province is home to 13 million market subjects and more than 60 thousand high-tech enterprises. Furthermore, Guangdong enterprises issued more than 5 billion dollars of green bonds in Hong Kong and Macao, and the amount of cross-border RMB settlement with Hong Kong and Macao is over 24 trillion RMB.
(Photo: Nanfang Daily)
Yu Haiping, Director General of the Guangdong Financial Supervisory Authority, said that the financial institutions in the GBA can strengthen cooperation in the green financial system of the GBA, the application of emerging technologies and other fields, to build the international financial hub of GBA.
Encourage cross-border financial innovation
According to Yu, Hengqin in Zhuhai will explore lowering the barriers to entry for Macao-funded financial institutions, promoting the free inflow and outflow of cross-border capital, and promoting capital account convertibility.
Qianhai in Shenzhen will highlight the functions of financial opening up pilot model window and cross-border RMB business innovation pilot area.
(Photo: Nanfang Daily)
Meanwhile, Guangzhou's Nansha will focus on the "comprehensive cooperation among Guangdong, Hong Kong and Macao" and "facing the world" as well as striving for breakthroughs in connection with Hong Kong and Macao's financial markets.
Support foreign-funded enterprises and financial industry talent to work in GBA
It was introduced that qualified overseas securities and funds professionals only need to pass the law and regulation examinations to register as practitioners in Guangzhou and Shenzhen, and Guangdong has been simplifying market access for financial institutions and executives.
In addition, Guangdong has also issued multiple supporting measures in Hengqin, Qianhai, and Nansha, from financial institutions’ establishment to business operations. For instance, enterprise income tax is levied at a rate of 15% on some eligible companies, and personal tax exemptions are implemented for high-end and scarce talent from both China and abroad.
"At present, Guangdong is striving to obtain special financial support policies for Hengqin and Qianhai on the country level, where policies on financial opening up and innovation will be implemented first," Yu added.
Author | Abby, Holly
Poster | Lu Lu
Editor | Wing, Olivia, Steven, Monica, Jerry
