Main points of "Opinions"
watch out for
Study the establishment of Guangzhou Futures Exchange.
Study and explore the establishment of Guangdong-Hong Kong-Macao Greater Bay Area International Commercial Bank in Guangdong Pilot Free Trade Zone.
It will further facilitate mainland banks in Guangdong-Hong Kong-Macao Greater Bay Area to provide cross-border fund remittance services for mainland residents who have purchased insurance products in Hong Kong and Macao.
Support Guangdong-Hong Kong-Macao Greater Bay Area mainland residents to purchase wealth management products sold by Hong Kong and Macao banks through Hong Kong and Macao banks, and Hong Kong and Macao residents to purchase wealth management products sold by mainland banks through Guangdong-Hong Kong-Macao Greater Bay Area mainland banks.
Pilot cross-border investment of private equity investment funds.
Support the cross-border capital flow of venture capital funds and facilitate the cross-border exchange of profits from scientific and technological innovation industries.
Support Guangdong-Hong Kong-Macao Greater Bay Area mainland residents engaged in market procurement trade, cross-border electronic commerce and other new trade formats to open personal foreign exchange settlement accounts in Guangdong-Hong Kong-Macao Greater Bay Area mainland banks (referring to 9 banks in the Pearl River Delta, excluding the branches opened by the above banks in Hong Kong and Macao, the same below), and handle foreign exchange settlement and purchase with relevant documents.
trade
Support Guangdong-Hong Kong-Macao Greater Bay Area mainland residents engaged in market procurement trade, cross-border electronic commerce and other new trade formats to open personal foreign exchange settlement accounts in Guangdong-Hong Kong-Macao Greater Bay Area mainland banks (referring to 9 banks in the Pearl River Delta, excluding the branches opened by the above banks in Hong Kong and Macao, the same below), and handle foreign exchange settlement and purchase with relevant documents.
Study and establish an integrated local and foreign currency bank account system suitable for the development of Guangdong-Hong Kong-Macao Greater Bay Area, and promote the facilitation of cross-border trade, investment and financing settlement. We will carry out pilot projects for Hong Kong and Macao residents to witness the opening of personal second-and third-class bank settlement accounts and optimize bank account opening services.
Piloting the cross-border cash pool business of local and foreign currencies in Guangdong-Hong Kong-Macao Greater Bay Area Mainland.
Further facilitate multinational enterprise groups to adjust and collect the surplus and deficiency of local and foreign currency funds among domestic and foreign members, realize the on-demand exchange of local and foreign currencies in the fund pool, and implement macro-prudential management of cross-border fund pool business.
Support Hong Kong and Macao to develop offshore RMB business, and support Hong Kong to develop more risk management tools such as offshore RMB and commodities. Gradually expand the scale and scope of cross-border use of RMB in Guangdong-Hong Kong-Macao Greater Bay Area, and promote the convenient cross-border circulation and exchange of RMB in Guangdong-Hong Kong-Macao Greater Bay Area.
finance
Support mainland banks in Guangdong-Hong Kong-Macao Greater Bay Area to issue cross-border loans to institutions or projects in Hong Kong and Macao under the macro-prudential framework. Support the branches of Hong Kong and Macao banks in the Mainland to provide loan services for the construction of Guangdong-Hong Kong-Macao Greater Bay Area.
Support Guangdong-Hong Kong-Macao Greater Bay Area mainland financial leasing companies, auto financing companies, securities companies, fund management companies, futures companies, insurance companies and other institutions to use RMB for pricing and settlement in cross-border financing, cross-border guarantee and cross-border asset transfer. Support qualified financial companies, securities institutions and other non-bank financial institutions in Guangdong-Hong Kong-Macao Greater Bay Area to conduct settlement and sale of foreign exchange in an orderly manner, and handle spot settlement and sale of foreign exchange and RMB and foreign exchange derivatives business for customers.
Encourage foreign investors to invest in financial institutions such as trust companies in Guangdong-Hong Kong-Macao Greater Bay Area. Study and explore the establishment of Guangdong-Hong Kong-Macao Greater Bay Area International Commercial Bank in Guangdong Pilot Free Trade Zone.
It will further facilitate mainland banks in Guangdong-Hong Kong-Macao Greater Bay Area to provide cross-border fund remittance services for mainland residents who have purchased insurance products in Hong Kong and Macao. Encourage the return of RMB insurance funds from Hong Kong and Macao.
Study the establishment of Guangzhou Futures Exchange. Support local corporate financial institutions in Guangdong to issue green financial products such as green financial bonds in Hong Kong and Macao.
investment
Support mainland banks to handle cross-border payment and use of RMB funds for capital projects such as direct investment, foreign debt and overseas listing in Guangdong-Hong Kong-Macao Greater Bay Area for mainland enterprises in Guangdong-Hong Kong-Macao Greater Bay Area, and handle them directly with the receipt and payment instructions submitted by enterprises.
Support Guangdong-Hong Kong-Macao Greater Bay Area mainland residents to purchase wealth management products sold by Hong Kong and Macao banks through Hong Kong and Macao banks, and Hong Kong and Macao residents to purchase wealth management products sold by mainland banks through Guangdong-Hong Kong-Macao Greater Bay Area mainland banks.
Support institutions in Guangdong, Hong Kong and Macao to jointly set up RMB overseas investment and loan funds and include them in the statistics of RMB overseas fund business.
Hong Kong and Macao institutional investors are allowed to participate in investing in private equity investment funds and venture capital enterprises (funds) in Guangdong-Hong Kong-Macao Greater Bay Area Mainland through qualified overseas limited partners (QFLP).
Support institutions in Guangdong, Hong Kong and Macao to set up relevant funds in Guangdong-Hong Kong-Macao Greater Bay Area, and support insurance funds and bank wealth management funds to participate in relevant funds according to regulations.
Support qualified financial institutions and non-financial enterprises in Hong Kong and Macao to issue financial bonds, corporate bonds and debt financing instruments in the Mainland.
Non-investment enterprises in mainland Guangdong-Hong Kong-Macao Greater Bay Area are allowed to use the income from capital projects or RMB funds settled for domestic equity investment in line with production and operation objectives.
Interpretation of all parties
enterprise
Li Chuyuan: This kind of support policy can be described as "timely rain"
Li Chuyuan, Party Secretary and Chairman of GPHL, said in an interview with Southern Reporter that the central bank and other four ministries and commissions proposed to increase financial support for Guangdong-Hong Kong-Macao Greater Bay Area's construction, especially in the critical period of resuming work and production in the post-epidemic era. Such support policies can be described as "timely rain", and we are very excited.
Li Chuyuan said that GPHL has been actively involved in the construction of Guangdong-Hong Kong-Macao Greater Bay Area. After more than half a year's research and preparation, GPHL International Headquarters officially settled in Macau on June 35, 438+10/October 3, and held the unveiling ceremony for the establishment of GPHL (Macau) International Development Industry Co., Ltd. Next, we should actively introduce specific cooperation projects to achieve in-depth cooperation in Guangdong and Macao's medical and health industry.
Li Chuyuan also said that Guangzhou Pharmaceutical Group (Macau) International Development Industry Co., Ltd. was established by Guangzhou Pharmaceutical Group, Nanyue Group and local enterprises in Macau. This is not only the industrial cooperation between Guangdong, Hong Kong and Macao, but also the capital cooperation. Next, we will focus on introducing scientific research projects, medical logistics projects and sales of big health products. Now the central bank and other ministries and commissions have proposed to increase financial support to serve the real economy and promote financial cooperation between the mainland and Hong Kong and Macao. In particular, they have proposed to provide financial support for the development of modern industries and the construction of major projects in Guangdong-Hong Kong-Macao Greater Bay Area, which will help to speed up the project landing. This new policy dividend has also enhanced our confidence in overcoming the impact of the epidemic and stepping up major projects. There are also many measures in the policy aimed at breaking the different financial systems of Guangdong, Hong Kong and Macao, and establishing mutual recognition and interoperability mechanisms and green channels, which I believe will help enterprises overcome some obstacles to cooperation, reduce burdens and increase capacity.
Xu Xiaodong: At present, all walks of life are in urgent need of financial support.
Xu Xiaodong, Party Secretary and Vice President of Libai Group, said in an interview with Southern Reporter that the Opinions on Financial Support for Guangdong-Hong Kong-Macao Greater Bay Area's Construction is very grounded! By formulating a series of feasible financial policies and programs, we can effectively promote the development of all walks of life in Greater Bay Area and inject vitality into development. Especially in this year's tense development of the whole environment, all sectors of society are in urgent need of financial support to help.
"For Libai Group, which has long been rooted in the real economy, the promulgation of the Opinions on Financial Support for Guangdong-Hong Kong-Macao Greater Bay Area's Construction has enhanced our confidence in development. The first principle of the Outline of Guangdong-Hong Kong-Macao Greater Bay Area Development Plan is' Insisting on serving the real economy', and insisting that finance should aim at serving the real economy can solve the problems of investment and financing difficulties faced by enterprises in the development process, greatly optimize the financial resources of the real industry in Guangdong, Hong Kong and Macao, and help the development of the real industry. " Xu Xiaodong further pointed out.
Xu Xiaodong also said that the Opinions also played a great role in helping Guangdong-Hong Kong-Macao Greater Bay Area enterprises to expand their global business. For example, at present, some enterprises face difficulties in cross-border investment and financing, payment and settlement, and risk protection when expanding overseas markets, and these have corresponding landing measures in the Outline. These measures also integrate the advantages of financial resources of Guangdong, Hong Kong and Macao, allowing enterprises to expand cross-border business with confidence and enhance the influence of overseas brands, which has played a very important role in enterprise development.
experts and scholars
Shen: "Interconnection" is the core keyword.
Shen, Dean of Greater Bay Area Research Institute of Guangdong University of Foreign Studies, said in an interview with Southern Reporter that "connectivity" is the core keyword of this opinion. This will be another important measure for capital interconnection among Greater Bay Area, China and even the whole world. In fact, networking is an important task for the construction of Greater Bay Area itself. At the critical juncture of the epidemic, the release of the Opinions will greatly stimulate the economy and revive the market. Especially cross-border loans, cross-border financial investment and other measures, Hong Kong and Macao residents can enjoy Greater Bay Area products, invest in mainland financial products, enjoy preferential policies and participate in other projects; Mainland residents can also enjoy the prosperous economic and financial markets of Hong Kong and Macao, which is actually very important to boost the economy. At the same time, in the future, Greater Bay Area will build a unified market, and its economy will be further integrated. A series of complementary advantages, such as international financial center and Shenzhen Innovation and Entrepreneurship Center, Guangzhou as the hub center of the Bay Area, and manufacturing city as the basic center of manufacturing industry, will be fully exerted, which will also be of great benefit to the synergy effect.
Wei: The development of Greater Bay Area and the east wind of overtaking in corners.
Wei, an associate professor at the School of Management of Sun Yat-sen University and director of the Big Data Center, told Southern Reporter that the introduction of the opinions has given Guangdong-Hong Kong-Macao Greater Bay Area the east wind to break the development and overtake in corners under the current severe global economic and financial situation. The Opinions put forward three important directions for Greater Bay Area's financial development. First, efforts should be made to promote interconnection and take the lead in breaking the barriers to financial integration in Greater Bay Area. The second is to focus on the internationalization of RMB. Thirdly, the development of characteristic finance, including green finance and financial technology, is the key direction for Greater Bay Area to occupy an advantage in the financial industry and catch up in international competition.
Jiang Lin: Make Greater Bay Area an Experimental Zone for Institutional Innovation.
Jiang Lin, an economics professor at Lingnan College of Sun Yat-sen University, told Southern Reporter that the government attaches great importance to the role of Hong Kong in the development of Guangdong-Hong Kong-Macao Greater Bay Area. The promulgation of "Opinions" shows that the government attaches importance to Hong Kong's financial support and financial infrastructure in the construction of Guangdong-Hong Kong-Macao Greater Bay Area. Of course, the effectiveness of Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect and Bond Connect needs to be further improved and deepened. Finally, the relevant construction opinions are very specific, including promoting cross-border credit cooperation and providing credit information service for the Bay Area. The promulgation of "Opinions" is to hope that the cities in the Bay Area can actively focus on these areas that are crucial to the development of new national infrastructure and new finance, and make Greater Bay Area a pioneering experimental area for institutional innovation in the field of modern service industry innovation.
He Fei: Exploring the interconnection of wealth management products
Article 9 of the Opinions mentions exploring the establishment of a cross-border financial management mechanism. Support Guangdong-Hong Kong-Macao Greater Bay Area mainland residents to purchase wealth management products sold by Hong Kong and Macao banks through Hong Kong and Macao banks, and Hong Kong and Macao residents to purchase wealth management products sold by mainland banks through Guangdong-Hong Kong-Macao Greater Bay Area mainland banks. In this regard, He Fei, a senior researcher at the Financial Research Center of Bank of Communications, said in an interview with Du Nan that cross-border financial management was mentioned in Guangdong-Hong Kong-Macao Greater Bay Area's planning before, and this time the opinions were further refined, and it was clearly proposed to establish a cross-border financial management mechanism. Behind it is the intention to explore the interconnection of wealth management products, that is, both mainland residents are allowed to buy products sold by Hong Kong and Macao banks and Hong Kong and Macao residents are allowed to buy products sold by mainland banks. Of course, in actual operation, it is necessary to further introduce operating rules, such as what are the preconditions for purchasing related wealth management products, whether Hong Kong and Macao banks need to set up branches in the Mainland or whether mainland banks need to set up branches in Hong Kong and Macao, or whether wealth management products should be interconnected through network platforms.
financial institution
Yu Baoyu: We are very excited.
Yu Baoyu, general manager of Guangdong Branch of Pacific Property Insurance Co., Ltd., told Southern Reporter that "we are very excited that the central bank and other ministries and commissions have proposed to increase financial support for Greater Bay Area's construction". CPIC Branch has been committed to deepening the insurance field and serving the construction of Guangdong-Hong Kong-Macao Greater Bay Area. In the future, CPIC Guangdong Branch will continue to give play to its core advantages, focus on Guangdong, Hong Kong and Macao property insurance business, and explore innovative modes of cross-border property insurance business.
Song: Provide more development opportunities for the industry.
Song, Vice Chairman and President of Hang Seng Bank (China) Co., Ltd. said: "We very much welcome the promulgation of the Opinions on Financial Support Construction, which will provide more development opportunities for the industry. We hope that relevant measures can be implemented as soon as possible to bring better service and experience to customers in Guangdong-Hong Kong-Macao Greater Bay Area. "
Wang Dongsheng: Help customers grasp the opportunities brought by various financial measures.
Mr. Wang Dongsheng, Vice Chairman and Chief Executive Officer of Hongkong and Shanghai Banking Corporation Limited, said: "HSBC welcomes the Opinions on Financial Support for Guangdong-Hong Kong-Macao Greater Bay Area's Construction jointly issued by the four ministries and commissions, and believes that it can further promote the opening of mainland financial markets, cross-border trade and investment, RMB internationalization, cross-border financial interconnection and green financial development." He also pointed out: "Greater Bay Area has a total population of 70 million, and its GDP exceeds/kloc-0.5 trillion US dollars, which is comparable to new york, San Francisco, Tokyo and other famous Bay Areas. As a leading international financial center and the largest offshore RMB center in the world, Hong Kong can play an important role in promoting the development of Greater Bay Area. Hong Kong and the Pearl River Delta are the strategic focus of HSBC's business development. We look forward to participating in the construction of Greater Bay Area and helping customers seize the opportunities brought by various financial measures. "