Page 86 - 2024 Special Report on the State of Business in South China
P. 86
Based on issued guidance on supporting the Collaboration in financial regulation
development of the Guangdong-Hong Kong-
Macau Greater Bay Area through financial sector • Thejointmeetingoftheinsuranceregulators
opening up13, the Local Financial Regulatory of Guangdong, Hong Kong, Macau and Shenzhen
Bureau of Shenzhen Municipality, the Shenzhen
branch of the State Administration of Foreign Under the auspices of the China Banking
Exchange (SAFE) and other relevant government and Insurance Regulatory Commission (CBIRC),
bodies made amendments to the policies on the Shenzhen Office of the China Banking
QFLP and QDIE trial schemes in 2021 and gave and Insurance Regulatory Commission, the
these policies a full upgrade. As of the end of June Guangdong Banking and Insurance Regulatory
2022, 177 QFLP management enterprises were Bureau and the monetary authorities of Hong
established in Shenzhen, and 55 QFLP funds were Kong and Macau established the joint meeting
founded with a scale of US$7.6 billion. Capital was of the insurance regulators of Guangdong,
mainly invested in pioneering industries such as Hong Kong, Macau and Shenzhen. As of now,
biopharmaceuticals, high-end manufacturing, big 22 joint meetings have already been held. It
consumption, information technology and new is an important exchange platform for the
materials. This has given the impetus to the next general development of the insurance industry,
round of upgrades, including the establishment the interconnectivity initiatives and the
of 71 QDIE management enterprises, with an enhancement of regulatory coordination for the
expected volume of US$2.015 billion14. four economies.
Since the promulgation of the Opinions • Cooperation in the regulation of cross-
on Providing Financial Support for the boundary public listing
Comprehensive Deepening Reform and Opening
Up of the Qianhai Shenzhen-Hong Kong Modern In regard to the implementation of Trial
Service Industry Cooperation Zone with its 30 Administrative Measures of Overseas Securities
measures, Shenzhen has put more effort in Offering and Listing by Domestic Companies
promoting its implementation and breathing effective on 31 March 2023 , the China Securities
new life into cross-boundary financial reforms.
The Shenzhen branch of the State Administration
of Foreign Exchange, local financial regulatory
bureaus and the local financial regulatory bureau
of Qianhai have begun the amendment of QFLP
regulations, currently in the stage of consultation
and implementation, which is expected to be
completed in the near future.
13 https://research.hktdc.com/en/article/ND-
MyMjI3MDYx
14 The People’s Bank of China, Shenzhen Branch,
Shenzhen’s Cross-Boundary Remittance under the
Cross-Boundary Wealth Management Connect reaches
400 million, QFLP Funds reach a scale of US$7.6
86
development of the Guangdong-Hong Kong-
Macau Greater Bay Area through financial sector • Thejointmeetingoftheinsuranceregulators
opening up13, the Local Financial Regulatory of Guangdong, Hong Kong, Macau and Shenzhen
Bureau of Shenzhen Municipality, the Shenzhen
branch of the State Administration of Foreign Under the auspices of the China Banking
Exchange (SAFE) and other relevant government and Insurance Regulatory Commission (CBIRC),
bodies made amendments to the policies on the Shenzhen Office of the China Banking
QFLP and QDIE trial schemes in 2021 and gave and Insurance Regulatory Commission, the
these policies a full upgrade. As of the end of June Guangdong Banking and Insurance Regulatory
2022, 177 QFLP management enterprises were Bureau and the monetary authorities of Hong
established in Shenzhen, and 55 QFLP funds were Kong and Macau established the joint meeting
founded with a scale of US$7.6 billion. Capital was of the insurance regulators of Guangdong,
mainly invested in pioneering industries such as Hong Kong, Macau and Shenzhen. As of now,
biopharmaceuticals, high-end manufacturing, big 22 joint meetings have already been held. It
consumption, information technology and new is an important exchange platform for the
materials. This has given the impetus to the next general development of the insurance industry,
round of upgrades, including the establishment the interconnectivity initiatives and the
of 71 QDIE management enterprises, with an enhancement of regulatory coordination for the
expected volume of US$2.015 billion14. four economies.
Since the promulgation of the Opinions • Cooperation in the regulation of cross-
on Providing Financial Support for the boundary public listing
Comprehensive Deepening Reform and Opening
Up of the Qianhai Shenzhen-Hong Kong Modern In regard to the implementation of Trial
Service Industry Cooperation Zone with its 30 Administrative Measures of Overseas Securities
measures, Shenzhen has put more effort in Offering and Listing by Domestic Companies
promoting its implementation and breathing effective on 31 March 2023 , the China Securities
new life into cross-boundary financial reforms.
The Shenzhen branch of the State Administration
of Foreign Exchange, local financial regulatory
bureaus and the local financial regulatory bureau
of Qianhai have begun the amendment of QFLP
regulations, currently in the stage of consultation
and implementation, which is expected to be
completed in the near future.
13 https://research.hktdc.com/en/article/ND-
MyMjI3MDYx
14 The People’s Bank of China, Shenzhen Branch,
Shenzhen’s Cross-Boundary Remittance under the
Cross-Boundary Wealth Management Connect reaches
400 million, QFLP Funds reach a scale of US$7.6
86
