The Guangdong Branch of the People's Bank of China recently issued the "Administrative Measures for the Electronic Fence Account in Guangdong-Macao In-Depth Cooperation Zone in Hengqin" ("Measures"), aiming at enhancing the facilitation of fund flows between the cooperation zone, Macao, and other overseas areas with risks controlled.
The ease of cross-border money flows enhances trade and investment spaces for enterprises
The "Measures" promote high-level trade and investment liberalization and facilitation through more open cross-border fund flow management policies, relying on multi-functional free trade accounts.
"The policy significantly simplifies the process of cross-border fund services. Enterprises can conduct capital-related transactions other than securities investment between accounts and overseas accounts without being subject to betting against foreign debt, all-caliber cross-border financing, overseas lending related quotas, and approval restrictions. Enterprises no longer need to go to the foreign exchange management department for pre-registration, filing, or opening of special accounts. This is a great boon for our business operations," said Zhang Ying, Deputy General Manager of the Bank of China's Hengqin Branch.
Upgrade of livelihood financial services benefits Macao residents’ lives and employment
In addition to financial services to enterprises, multi-functional free trade accounts also provide financial services to individuals.
Wang Shuai, Head of the Cross-Border Financial Center of the Construction Bank's Hengqin Branch, stated that eligible overseas individuals can directly handle cross-border fund settlement for salary transfers, medical treatment, tourism, and other work and life aspects between multi-functional free trade accounts and overseas accounts or accounts within the cooperation zone based on payment instructions. This will further facilitate the living and employment of Macao residents in the cooperation zone.
Zheng Kai, Deputy General Manager of the Industrial and Commercial Bank of Macao (ICBC Macao), stated that multi-functional free trade accounts provide important financial infrastructure for the cooperation zone. The Industrial and Commercial Bank has already launched multi-functional free trade accounts, and after the formal implementation of the "Measures," ICBC Macao will roll out various service scenarios to provide customers with high-quality cross-border financial services.
Reporter | Clarice
Photo provided to GDToday
Editor | Nan, Will, James
