Page 126 - 2024 Special Report on the State of Business in South China
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services relating to people’s livelihood, mutual with economic rebounded 3%, and FDI inflow
access between financial markets, development soared 150% at the same time.
of modern financial services industry, facilitation
of cross-boundary trade and financing, and On 6 September 2021, the government
strengthening financial regulatory co-operation. announced “the Overall Plan for Building
Guangdong-Macau In-depth Cooperation Zone
Among the measures, six are about deepening in Hengqin”31. The plan defines the strategic
financial cooperation between Shenzhen and position of the zone as a new platform to boost
Hong Kong, and prioritizing financial innovation Macau’s appropriate economic diversification,
in the interest of people’s livelihood, such a new space that provides convenience to
as facilitating Hong Kong residents to open Macau residents’ life and employment, a new
mainland bank accounts and conduct credit model to enrich the practice of “one country,
financing, optimizing cross-border investment two systems”, as well as a new high ground for
and financing for Hong Kong companies, and building the GBA32.
providing convenience for Hong Kong financial
professionals to practice in Qianhai. Major efforts will be placed on expanding
four industries:
In July, the government released 115 measures to
further the above Opinion which propose 23 specific 1. Fostering the growth of scientific and high-
tasks, including promoting the establishment of a end manufacturing sectors like integrated circuits,
green finance public service platform in Shenzhen; electronic components, new materials, new energy,
encouraging enterprises from Shenzhen and Hong big data, artificial intelligence, internet of things
Kong to carry out financing leasing businesses such and biomedicine.
as aircraft, ships and automobiles in the Qianhai
Cooperation Zone; encouraging and promoting 2. Developing trade in traditional Chinese
insurance institutions, shipping reinsurance and medicine (TCM) services and a platform for
other businesses; promoting commercial banks innovative TCM research and transformation
to establish technology branches and innovating with self‑owned intellectual property rights and
differentiated technology credit service models; Chinese characteristics.
promoting financial technology innovation and
regulatory tools in the capital market. 3. Expanding industries such as leisure
vacation, conferences and exhibitions, sports
Hengqin New Area of Zhuhai events and tourism as well as “big health” sectors
like leisure and wellness, rehabilitation and
Hengqin is an island located at the western tip of medical care.
Macau and southern tip of Zhuhai. With an area of
106km2, the Hengqin Guangdong‑Macau In‑depth 4. Playing to Macau’s role as a window to
Co‑operation Zone covers the whole of the Hengqin Portuguese‑speaking countries and developing
island. Geographically, Hengqin falls within the a financial services platform linking up China and
boundaries of Zhuhai, yet the co‑operation zone Portuguese‑speaking markets. The Hengqin Plan
will be managed by the Guangdong province as stipulates that assistance will be rendered to the
specified in the government plan. co‑operation zone in launching cross‑border
RMB settlement business, and encouraging and
Amid various headwinds, the GDP of Hengqin supporting domestic and foreign investors to use
co-operation zone edged down 0.5% YoY in 2022, RMB in cross‑border venture capital projects and
however, financial services maintained steady related investment and trade.
growth, with value-added reached 8.1% increase 31 The State Council, http://www.gov.cn/
YoY30. In H1 2023, Hengqin saw steady recovery zhengce/2021-09/05/content_5635547.htm
32 The expansion plan for building Guangdong-
30 Guangdong-Macau In-Depth Cooperation Macau in-depth cooperation zone, http://www.
Zone in Hengqin, https://www.hengqin.gov.cn/stats/ chinadaily.com.cn/a/202109/05/WS6134a902a310e-
tjsj/jjyxqk/content/post_3494167.html fa1bd66d691.html
126
access between financial markets, development soared 150% at the same time.
of modern financial services industry, facilitation
of cross-boundary trade and financing, and On 6 September 2021, the government
strengthening financial regulatory co-operation. announced “the Overall Plan for Building
Guangdong-Macau In-depth Cooperation Zone
Among the measures, six are about deepening in Hengqin”31. The plan defines the strategic
financial cooperation between Shenzhen and position of the zone as a new platform to boost
Hong Kong, and prioritizing financial innovation Macau’s appropriate economic diversification,
in the interest of people’s livelihood, such a new space that provides convenience to
as facilitating Hong Kong residents to open Macau residents’ life and employment, a new
mainland bank accounts and conduct credit model to enrich the practice of “one country,
financing, optimizing cross-border investment two systems”, as well as a new high ground for
and financing for Hong Kong companies, and building the GBA32.
providing convenience for Hong Kong financial
professionals to practice in Qianhai. Major efforts will be placed on expanding
four industries:
In July, the government released 115 measures to
further the above Opinion which propose 23 specific 1. Fostering the growth of scientific and high-
tasks, including promoting the establishment of a end manufacturing sectors like integrated circuits,
green finance public service platform in Shenzhen; electronic components, new materials, new energy,
encouraging enterprises from Shenzhen and Hong big data, artificial intelligence, internet of things
Kong to carry out financing leasing businesses such and biomedicine.
as aircraft, ships and automobiles in the Qianhai
Cooperation Zone; encouraging and promoting 2. Developing trade in traditional Chinese
insurance institutions, shipping reinsurance and medicine (TCM) services and a platform for
other businesses; promoting commercial banks innovative TCM research and transformation
to establish technology branches and innovating with self‑owned intellectual property rights and
differentiated technology credit service models; Chinese characteristics.
promoting financial technology innovation and
regulatory tools in the capital market. 3. Expanding industries such as leisure
vacation, conferences and exhibitions, sports
Hengqin New Area of Zhuhai events and tourism as well as “big health” sectors
like leisure and wellness, rehabilitation and
Hengqin is an island located at the western tip of medical care.
Macau and southern tip of Zhuhai. With an area of
106km2, the Hengqin Guangdong‑Macau In‑depth 4. Playing to Macau’s role as a window to
Co‑operation Zone covers the whole of the Hengqin Portuguese‑speaking countries and developing
island. Geographically, Hengqin falls within the a financial services platform linking up China and
boundaries of Zhuhai, yet the co‑operation zone Portuguese‑speaking markets. The Hengqin Plan
will be managed by the Guangdong province as stipulates that assistance will be rendered to the
specified in the government plan. co‑operation zone in launching cross‑border
RMB settlement business, and encouraging and
Amid various headwinds, the GDP of Hengqin supporting domestic and foreign investors to use
co-operation zone edged down 0.5% YoY in 2022, RMB in cross‑border venture capital projects and
however, financial services maintained steady related investment and trade.
growth, with value-added reached 8.1% increase 31 The State Council, http://www.gov.cn/
YoY30. In H1 2023, Hengqin saw steady recovery zhengce/2021-09/05/content_5635547.htm
32 The expansion plan for building Guangdong-
30 Guangdong-Macau In-Depth Cooperation Macau in-depth cooperation zone, http://www.
Zone in Hengqin, https://www.hengqin.gov.cn/stats/ chinadaily.com.cn/a/202109/05/WS6134a902a310e-
tjsj/jjyxqk/content/post_3494167.html fa1bd66d691.html
126
