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Shenzhen-Hong Kong youth internship program Qianhai Cooperation Zone will comprise the
in finance and the Shenzhen-Macau-Hong Kong market. The Qianhai Shenzhen-Hong Kong
Fintech Professional Program (SHMFTPP)29 have Modern Service Industry Cooperation Zone
also facilitated institutional-level collaboration will be the piloting site in the cross-boundary
to improve the quality and efficiency of talent financial initiatives between Shenzhen and Hong
training. In addition, the Opinions30 propose to Kong. It will be the window of demonstration for
establish a high-level knowledge center for the the opening up of China’s financial industry as the
financial services for innovation and technology trial region for cross-boundary RMB businesses.
enterprises, carry out Shenzhen’s financial talent Finally, it is the way in for Hong Kong to integrate
cultivation program, focus on cultivating versatile with China’s ongoing initiatives for the reform
talents with technology and finance expertise, and opening of China’s financial industry.
and drive the integration of industry, academia,
and research. Mr. John Lee, Chief Executive of the Hong
Kong Special Administrative Region (HKSAR),
Future prospects for the financial delivered the 2023 Policy Address on 25 October
market development in the GBA 2023, rolling out a series of measures regarding
participating in and facilitating the development
On 29 June 2023, the People’s Government of the GBA to seek to deepen mutual access with
of Shenzhen Municipality published the mainland financial market. Such measures
Shenzhen’s Implementation Plan on the include taking advantage of the financial
Opinions on Providing Financial Support for reform and innovation measures in the Qianhai
the Comprehensive Deepening Reform and Co‑operation Zone to expand the businesses
Opening Up of the Qianhai Shenzhen-Hong of Hong Kong financial institutions in Qianhai,
Kong Modern Service Industry Cooperation facilitating Hong Kong’s limited partnership funds
Zone (Qianhai Implementation Plan), in which it to be qualified under the QFLP to participate
proposes six main aspects with 115 articles. It in private equity investment in the mainland,
also provides explanations and specifications and co‑establishing the Shenzhen‑Hong Kong
on the 30 measures as stipulated in the Financial Co‑operation Committee with the
Opinions on Providing Financial Support for the Shenzhen authorities in the first half of 2024.
Comprehensive Deepening Reform and Opening The committee will advise and offer suggestions
Up of the Qianhai Shenzhen-Hong Kong Modern in respect of bolstering mutual access to the
Service Industry Cooperation Zone, with the aim financial markets, co‑operation on fintech and
of detailing its implementation with designated green finance, and exchange of financial talents.
responsible units. According to the Qianhai During the same period, the HKSAR Government
Implementation Plan, governance is conducted published the Northern Metropolis Action Agenda,
under the umbrella of the Shenzhen branch of which makes strategic plans for development of
the People’s Bank of China, the Shenzhen office the Northern Metropolis and integrates deeply
of the China Banking and Insurance Regulatory with the urban planning of Shenzhen. The
Commission, the Shenzhen office of the CSRC high‑end professional services and logistics hub
and the Local Financial Regulatory Bureau of in the Northern Metropolis, located just across
Shenzhen Municipality and other government the bay from the Qianhai Shenzhen‑Hong Kong
bodies. The major financial institutions in the Modern Service Industry Co‑operation Zone and
Nanshan District, will be committed to helping
29 Implementation Plan on the Opinions on Pro- enterprises in Qianhai, Nanshan and elsewhere
viding Financial Support for the Comprehensive Deep- in the mainland to expand their overseas
ening Reform and Opening Up of the Qianhai Shen- markets by capitalizing on Hong Kong’s unique
zhen-Hong Kong Modern Service Industry Cooperation strengths in professional fields such as finance,
Zone, Shenzhen Government Online, http://www. insurance, wealth and risk management and its
sz.gov.cn/gkmlpt/content/10/10703/post_10703647. legal, mediation and arbitration, accounting and
html#20044, 10 July 2023 other professional services that are in line with
30 https://www.cnbayarea.org.cn/policy/poli- international practices. These measures are the
cy%20release/policies/content/post_1134058.html
94
in finance and the Shenzhen-Macau-Hong Kong market. The Qianhai Shenzhen-Hong Kong
Fintech Professional Program (SHMFTPP)29 have Modern Service Industry Cooperation Zone
also facilitated institutional-level collaboration will be the piloting site in the cross-boundary
to improve the quality and efficiency of talent financial initiatives between Shenzhen and Hong
training. In addition, the Opinions30 propose to Kong. It will be the window of demonstration for
establish a high-level knowledge center for the the opening up of China’s financial industry as the
financial services for innovation and technology trial region for cross-boundary RMB businesses.
enterprises, carry out Shenzhen’s financial talent Finally, it is the way in for Hong Kong to integrate
cultivation program, focus on cultivating versatile with China’s ongoing initiatives for the reform
talents with technology and finance expertise, and opening of China’s financial industry.
and drive the integration of industry, academia,
and research. Mr. John Lee, Chief Executive of the Hong
Kong Special Administrative Region (HKSAR),
Future prospects for the financial delivered the 2023 Policy Address on 25 October
market development in the GBA 2023, rolling out a series of measures regarding
participating in and facilitating the development
On 29 June 2023, the People’s Government of the GBA to seek to deepen mutual access with
of Shenzhen Municipality published the mainland financial market. Such measures
Shenzhen’s Implementation Plan on the include taking advantage of the financial
Opinions on Providing Financial Support for reform and innovation measures in the Qianhai
the Comprehensive Deepening Reform and Co‑operation Zone to expand the businesses
Opening Up of the Qianhai Shenzhen-Hong of Hong Kong financial institutions in Qianhai,
Kong Modern Service Industry Cooperation facilitating Hong Kong’s limited partnership funds
Zone (Qianhai Implementation Plan), in which it to be qualified under the QFLP to participate
proposes six main aspects with 115 articles. It in private equity investment in the mainland,
also provides explanations and specifications and co‑establishing the Shenzhen‑Hong Kong
on the 30 measures as stipulated in the Financial Co‑operation Committee with the
Opinions on Providing Financial Support for the Shenzhen authorities in the first half of 2024.
Comprehensive Deepening Reform and Opening The committee will advise and offer suggestions
Up of the Qianhai Shenzhen-Hong Kong Modern in respect of bolstering mutual access to the
Service Industry Cooperation Zone, with the aim financial markets, co‑operation on fintech and
of detailing its implementation with designated green finance, and exchange of financial talents.
responsible units. According to the Qianhai During the same period, the HKSAR Government
Implementation Plan, governance is conducted published the Northern Metropolis Action Agenda,
under the umbrella of the Shenzhen branch of which makes strategic plans for development of
the People’s Bank of China, the Shenzhen office the Northern Metropolis and integrates deeply
of the China Banking and Insurance Regulatory with the urban planning of Shenzhen. The
Commission, the Shenzhen office of the CSRC high‑end professional services and logistics hub
and the Local Financial Regulatory Bureau of in the Northern Metropolis, located just across
Shenzhen Municipality and other government the bay from the Qianhai Shenzhen‑Hong Kong
bodies. The major financial institutions in the Modern Service Industry Co‑operation Zone and
Nanshan District, will be committed to helping
29 Implementation Plan on the Opinions on Pro- enterprises in Qianhai, Nanshan and elsewhere
viding Financial Support for the Comprehensive Deep- in the mainland to expand their overseas
ening Reform and Opening Up of the Qianhai Shen- markets by capitalizing on Hong Kong’s unique
zhen-Hong Kong Modern Service Industry Cooperation strengths in professional fields such as finance,
Zone, Shenzhen Government Online, http://www. insurance, wealth and risk management and its
sz.gov.cn/gkmlpt/content/10/10703/post_10703647. legal, mediation and arbitration, accounting and
html#20044, 10 July 2023 other professional services that are in line with
30 https://www.cnbayarea.org.cn/policy/poli- international practices. These measures are the
cy%20release/policies/content/post_1134058.html
94
