China News Service, May 14 (Xinhua) According to the central bank's website, the Central Bank, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the Foreign Exchange Bureau jointly issued the "Opinions on Financial Support for the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area" (hereinafter referred to as "Opinions"). The "Opinions" propose to promote the development of the offshore RMB market. Support Hong Kong and Macau to develop offshore RMB business, strengthen Hong Kong's global offshore RMB business hub position, and support Hong Kong to develop more offshore RMB, commodities and other risk management tools.
Information figure: Bank staff counts currencies. China News Service reporter Zhang Yunshe
The following is the full text of the "Opinions":
In order to deeply implement the decision-making and deployment of the Party Central Committee and the State Council, implement the requirements of the "Outline of the Guangdong-Hong Kong-Macao Greater Bay Area Development Plan", further promote financial openness and innovation, deepen financial cooperation between the Mainland and Hong Kong and Macao, increase financial support for the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, and enhance Guangdong The support and leading role of the Hong Kong and Macao Greater Bay Area in national economic development and opening up to the outside world, with the consent of the State Council, now proposes the following opinions.
1. General principles
(1) Insist on serving the real economy. Focusing on the financial needs to achieve high-quality economic development and trade and investment facilitation, comprehensively promote cross-border investment and financing innovation, optimize the allocation of financial resources, improve the efficiency of financial resources, improve the quality and efficiency of financial services, and steadily promote the internationalization of the RMB, which is vital for construction It provides strong financial support to internationally competitive first-class bay areas and world-class city clusters.
(2) Persist in cooperation for mutual benefit and win-win results. Innovate the path and model of financial cooperation between the Mainland and Hong Kong and Macao, promote the opening of the financial services industry to Hong Kong and Macao at a higher level, support Hong Kong and Macao's deep integration into the national financial reform and opening-up pattern, take advantage of the unique advantages of the Hong Kong financial system under the "one country, two systems" policy, and support consolidation And develop the status of Hong Kong as an international financial center, and strengthen the financial complementarity, mutual assistance and interaction among the Guangdong-Hong Kong-Macao Greater Bay Area.
(3) Adhere to market orientation. Give full play to the decisive role of the market in the allocation of financial resources. Deepen the reform of the financial market, promote the interconnection of the Shenzhen and Hong Kong financial markets, enhance the convenience of the Guangdong-Hong Kong-Macao Greater Bay Area capital financing, and let the market decide the direction and flow of funds in diversified financial intermediary channels.
(4) Insist on preventing systemic financial risks. Establish and improve the regional financial supervision and coordination mechanism, improve the cross-border capital flow risk prevention and control system that is compatible with financial open innovation, and promote the financial open innovation in the Guangdong, Hong Kong and Macao Greater Bay Area in a stable and orderly manner under the premise of legal compliance and risk control. Mature one, promote one.
2. Promote the facilitation of cross-border trade, investment and financing in the Guangdong-Hong Kong-Macao Greater Bay Area, and enhance the convenience of local and foreign currency exchange and cross-border circulation
(5) Explore the implementation of higher-level trade and investment facilitation pilots. Banks in the Guangdong-Hong Kong-Macao Greater Bay Area (referring to the nine cities in the Pearl River Delta, the same below) are prudently operating and complying with the industry's compliance business, applying more convenient measures when handling trade receipts and payments for qualified enterprises, and further simplifying cross-border RMB Business process, promote trade and investment facilitation, and optimize business environment.
(6) Improve foreign exchange management of new trade formats. To support residents of the Guangdong-Hong Kong-Macao Greater Bay Area engaged in new trade formats such as market procurement trade, cross-border e-commerce, etc., after acquiring foreign trade operation rights, carrying out industrial and commercial registration, or going through other practice formalities, they will be included in the Guangdong-Hong Kong-Macao Greater Bay Area (referred to as beads) Delta Nine Banks, excluding the branches opened by the above banks in Hong Kong and Macao, the same below) Open a personal foreign exchange settlement account, and settle foreign exchange purchases with the relevant documents.
(7) Promote the reform of capital account facilitation. In the Guangdong-Hong Kong-Macao Greater Bay Area, we will implement a pilot project to facilitate the payment of income from capital projects, simplify the methods of foreign exchange settlement and payment management, improve the operation process, and strengthen supervision after the event. Eligible non-bank debtors in the Guangdong-Hong Kong-Macao Greater Bay Area are allowed to directly go through the foreign debt cancellation registration with banks, and the time limit for the Guangdong-Hong Kong-Macao Greater Bay Area enterprises to handle the foreign debt cancellation registration is cancelled. Support the banks in the Guangdong-Hong Kong-Macao Greater Bay Area to apply for cross-border RMB funds for direct investment, foreign debt, and overseas listing of domestic enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area, on the basis of the three principles of "know customers, understand business, and perform due diligence" On the basis of the receipt and payment instructions submitted by the enterprise directly.
(8) Explore and establish an account management system that is compatible with the development of the Guangdong-Hong Kong-Macao Greater Bay Area. To study and establish a bank account system that is compatible with the development of the Guangdong-Hong Kong-Macao Greater Bay Area and promotes cross-border trade, investment and financing settlement facilitation. Conduct pilots of Hong Kong and Macao resident agents to witness the opening of personal Class II and Class III bank settlement accounts, and optimize bank account opening services.
(9) Explore the establishment of a cross-border financial management mechanism. Support residents of the Guangdong-Hong Kong-Macao Greater Bay Area to purchase wealth management products sold by Hong Kong and Macau Banks through Hong Kong and Macau Banks, and residents of Hong Kong and Macau to purchase wealth management products sold by mainland banks through the Guangdong, Hong Kong and Macau Greater Bay Area banks.
(10) Carry out a pilot project of cross-border capital pool business combining local and foreign currencies. Conduct pilot projects of cross-border capital pooling of local and foreign currencies in the Guangdong-Hong Kong-Macao Greater Bay Area, to further facilitate the multinational enterprise group to carry out the adjustment and collection of local and foreign currency funds between members at home and abroad, and realize the on-demand exchange of local and foreign currencies in the capital pool , Implement macro-prudential management of cross-border capital pool business.
(11) Support banks to develop cross-border loan business. Support banks in the 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 Hong Kong and Macau Bank branches in the Mainland to provide loan services for the construction of the Guangdong-Hong Kong-Macao Greater Bay Area.
(12) Steadily expand the pilot of cross-border asset transfer business. Explore the expansion of asset varieties for cross-border transfers and include them in the macro-prudential management of full-scale cross-border financing. Support financial institutions in the Guangdong-Hong Kong-Macao Greater Bay Area in accordance with the principle of business sustainability, and on the basis of meeting the risk management requirements, regulate the development of cross-border transfer of trade financing assets and other businesses.
(13) Support the establishment of RMB overseas investment and loan funds. Supporting the establishment of RMB overseas investment and loan funds by Guangdong, Hong Kong and Macao institutions, including RMB overseas fund business statistics, raising RMB funds from the Mainland, Hong Kong and Macau regions and overseas institutions and individuals, and providing investment and financing services for Chinese enterprises to "go out" to carry out investment and mergers and acquisitions To help the construction of the “Belt and Road” initiative.
(14) Support non-bank financial institutions in the Mainland to carry out cross-border business with Hong Kong and Macau. Support financial leasing companies, auto finance companies, securities companies, fund management companies, futures companies, insurance companies and other institutions in the Guangdong-Hong Kong-Macao Greater Bay Area to use RMB when conducting cross-border financing, cross-border guarantees, and cross-border asset transfers Perform pricing settlement. Support qualified financial companies, securities operating institutions and other non-bank financial institutions in the Guangdong-Hong Kong-Macao Greater Bay Area to carry out orderly foreign exchange settlement and sale business, and handle spot foreign exchange settlement and sale business and RMB and foreign exchange derivatives business for customers.
(15) Carry out pilot projects for cross-border investment of private equity investment funds. Institutional investors from Hong Kong and Macao are allowed to participate in private equity investment funds and venture capital enterprises (funds) in the Guangdong-Hong Kong-Macao Greater Bay Area through Qualified Foreign Limited Partners (QFLP). Promote the pilot of qualified domestic limited partners (QDLP) and qualified domestic investment enterprises (QDIE) in an orderly manner, and support the overseas investment of Mainland private equity investment funds. Implement macro-prudential management of the above-mentioned QFLP and QDLP / QDIE pilots, and establish and improve a joint review system by the mainland supervisory and regulatory agencies to strengthen post-event supervision. Adjust in a timely and reverse cycle according to the income and expenditure situation to prevent cross-border capital flow risks.
(16) Improve cross-border income and expenditure management and services for insurance business. For the insurance business that complies with the regulations of the Banking Insurance Regulatory Authority and the current foreign exchange management policies, it will further facilitate the banks in the Guangdong-Hong Kong-Macao Greater Bay Area to provide cross-border capital exchange services such as claims settlement, renewal, and surrender for mainland residents who have purchased insurance products in Hong Kong and Macau . Encourage the return of RMB insurance funds in Hong Kong and Macao. Support Hong Kong and Macao insurance companies to legally obtain RMB Qualified Foreign Institutional Investor (RQFII) and Qualified Foreign Institutional Investor (QFII) qualifications to provide financing support for the construction of the Guangdong-Hong Kong-Macao Greater Bay Area.
3. Expand the opening of the financial industry to the outside world and deepen the financial cooperation between the mainland and Hong Kong and Macao
(17) Expand the opening up of the banking industry. Actively support Hong Kong and Macau banks and other financial institutions to expand their development space in the Guangdong-Hong Kong-Macao Greater Bay Area. Support all types of qualified banks to expand their business in the Guangdong-Hong Kong-Macao Greater Bay Area through new recruiting agencies, branches, and franchise agencies. Support foreign banks to set up branches and sub-branches at the same time in the Guangdong-Hong Kong-Macao Greater Bay Area. Support commercial banks to initiate the establishment of financial asset investment companies and wealth management companies with no upper limit of foreign shareholding ratio in the Guangdong-Hong Kong-Macao Greater Bay Area. Foreign investment is encouraged to invest in trust companies and other financial institutions in the Guangdong-Hong Kong-Macao Greater Bay Area. Study and explore the establishment of the Guangdong-Hong Kong-Macao Greater Bay Area International Commercial Bank in the Guangdong Pilot Free Trade Zone.
(18) Expand the opening up of the securities industry. Support the orderly establishment of foreign-controlled securities companies, fund management companies and futures companies in the Guangdong, Hong Kong and Macao Greater Bay Area. Expand the business scope of joint venture securities firms according to law. The foreign exchange management department, together with the securities supervision and administration institution, will pilot the cross-border business of securities and futures institutions. Support Hong Kong and Macau private equity funds to participate in the financing of innovative enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area, and encourage eligible innovative enterprises to go to Hong Kong and Macau for financing and listing.
(19) Expand the opening of the insurance industry. Support the establishment of foreign-controlled life insurance companies in the Guangdong-Hong Kong-Macao Greater Bay Area. Support the establishment of foreign-funded insurance groups, reinsurance institutions, insurance agents and insurance assessment companies in the Guangdong-Hong Kong-Macao Greater Bay Area. Support qualified Hong Kong and Macao insurance institutions to set up operating institutions in Shenzhen Qianhai, Guangzhou Nansha, and Zhuhai Hengqin. Encourage more social capital to establish insurance legal entities in the Guangdong-Hong Kong-Macao Greater Bay Area, and support insurance companies to establish headquarters in the Guangdong-Hong Kong-Macao Greater Bay Area for asset management, operations, research and development, back-up services, and data and information. Support Guangdong, Hong Kong and Macao insurance institutions to cooperate in the development of more innovative products such as cross-border medical insurance, and provide customers with convenient underwriting, investigation and claims services. Improve the cross-border motor vehicle insurance system, implement the "equivalent first recognition" policy for Hong Kong and Macao motor vehicles traveling into Guangdong via the Hong Kong-Zhuhai-Macao Bridge, and extend the scope of cross-border motor vehicle insurance coverage to Hong Kong and Macao insurance companies to third parties in the Mainland Liability insurance policies are deemed to be insured compulsory insurance for motor vehicle traffic accidents in the Mainland. To study the support for the establishment of insurance after-sales service centers in the Guangdong-Hong Kong-Macao Greater Bay Area by the insurance industry in Hong Kong and Macau under the framework of the CEPA agreement between the Mainland and Hong Kong and Macau. Support the cross-border RMB reinsurance business between the Guangdong, Hong Kong and Macau Greater Bay Area and Hong Kong and Macau insurance institutions.
4. Promote the diversification of Guangdong-Hong Kong-Macao-funded financial channels, and promote the interconnection of financial markets and financial infrastructure
(20) Support the establishment of relevant funds in the Guangdong-Hong Kong-Macao Greater Bay Area. Under the premise of compliance with laws and regulations, support Guangdong, Hong Kong and Macao institutions to jointly establish the Guangdong-Hong Kong-Macao Greater Bay Area related funds, and support insurance funds and bank wealth management funds to participate in related funds in accordance with regulations. Attract various types of social capital from the Mainland, Hong Kong and Macao and overseas, and provide financial support for infrastructure construction, modern industry development and major project construction in the Guangdong-Hong Kong-Macao Greater Bay Area.
(21) Support non-investment enterprises to carry out pilot projects for equity investment. RMB funds from income from capital projects or foreign exchange settlement of non-investment enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area are allowed to be used for domestic equity investment in line with production and operation objectives. Under the premise of authenticity and compliance, the pilot enterprises may directly allocate funds to the invested enterprises according to the actual investment scale.
(22) Promote the interconnection of the financial markets and financial infrastructure in Guangdong, Hong Kong and Macao in an orderly manner. Gradually open up Hong Kong and Macao RMB clearing banks to participate in the inter-bank lending market in the Mainland. Optimize and perfect the interconnection arrangements for financial markets such as "Shanghai-Hong Kong Stock Connect", "Shenzhen-Hong Kong Stock Connect" and "Bond Connect" (including timely expansion of research to "Southbound Connect"). Support qualified Hong Kong and Macao financial institutions and non-financial enterprises to issue financial bonds, corporate bonds and debt financing instruments in the Mainland, and gradually broaden the scope of issuing entities, types of domestic issuance instruments and currencies, etc. Promote cross-border credit reporting cooperation, support Guangdong, Hong Kong and Macao credit reporting agencies to carry out cross-border cooperation, explore mutual recognition of credit reporting products, and provide credit reporting services for the Guangdong-Hong Kong-Macao Greater Bay Area.
(23) Promote the development of the offshore RMB market. Support Hong Kong and Macau to develop offshore RMB business, strengthen Hong Kong's global offshore RMB business hub position, and support Hong Kong to develop more offshore RMB, commodities and other risk management tools. Gradually expand the scale and scope of cross-border use of RMB in the Guangdong-Hong Kong-Macao Greater Bay Area, and promote the convenient cross-border circulation and exchange of RMB in the Guangdong-Hong Kong-Macao Greater Bay Area.
(24) Promote green financial cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area. Relying on the Guangzhou Green Finance Reform and Innovation Pilot Zone, establish and improve the Guangdong-Hong Kong-Macao Greater Bay Area Green Finance Cooperation Working Mechanism. Give full play to the platform functions of the Guangzhou Carbon Emissions Exchange and build an environmental rights trading and financial service platform for the Guangdong-Hong Kong-Macao Greater Bay Area. Conduct foreign exchange pilots for carbon emissions trading, allowing foreign investors (foreign institutions and individuals) that have passed the qualification review of the Guangdong-Hong Kong-Macao Greater Bay Area Carbon Emissions Trading Center Co., Ltd. to participate in the Guangdong-Hong Kong-Macao Greater Bay Area carbon emissions trading in foreign exchange or RMB . Study and establish Guangzhou Futures Exchange. Explore the construction of unified green finance standards in the Guangdong-Hong Kong-Macao Greater Bay Area. Encourage more companies in the Guangdong-Hong Kong-Macao Greater Bay Area to use the Hong Kong-Macao platform to finance and certify green projects, support local legal person financial institutions in Guangdong to issue green financial bonds and other green financial products in Hong Kong and Macau, and raise funds to support the Guangdong-Hong Kong-Macao Greater Bay area Enterprise, project. Support Hong Kong to build a green financial center in the Guangdong-Hong Kong-Macao Greater Bay Area and build an internationally recognized green bond certification body.
(25) Support Hong Kong and Macao to develop characteristic financial industries. Give full play to Hong Kong's leading role in the financial sector, strengthen the functions of the international asset management center and risk management center, build an investment and financing platform for the construction of the "Belt and Road", and provide investment and financing and consulting services for mainland enterprises going out. Support Macau to build a financial service platform for China-Portuguese-speaking countries, establish an export credit insurance system, build a RMB clearing center for Portuguese-speaking countries, undertake financial cooperation services between China and Portuguese-speaking countries, support Macao in developing leasing and other special financial services, and promote the construction of Macao- Zhuhai Cross-border Financial Cooperation Demonstration Zone. Support Macao to join the Asian Infrastructure Investment Bank under eligible conditions, and support Silk Road Fund and related financial institutions to set up branches in Hong Kong and Macau.
V. Further enhance the innovation level of financial services in the Guangdong-Hong Kong-Macao Greater Bay Area
(26) Strengthen technological innovation financial services. Support banks in the Guangdong-Hong Kong-Macao Greater Bay Area to strengthen cooperation with external venture capital institutions under the premise of legal compliance and risk control, actively explore diversified financial support technology development business models, and build diversified, international, and cross-regional Technological innovation investment and financing system, build a technological innovation financial support platform, and promote the transformation of scientific and technological achievements. Support the cross-border capital flow of venture capital funds and facilitate the cross-border exchange of income in the technology innovation industry. Under the premise of complying with the laws and regulations of the three places, research and promote the innovation of the service model of the financial docking technology industry, establish and improve the big data infrastructure in the Guangdong-Hong Kong-Macao Greater Bay Area, with a focus on urban service areas such as finance, medical care, transportation, communities, campuses, etc. .
(27) Vigorously develop financial technology. We will deepen financial technology cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area and strengthen the construction of financial technology carriers. Under the premise of legal compliance and commercial voluntariness, build a blockchain trade financing information service platform, and participating banks can share and exchange relevant digital cross-border trade information in a safe and reliable manner. Support the promotion of innovative technologies such as blockchain, big data, artificial intelligence and their mature applications in customer marketing, risk prevention and financial supervision in the Guangdong, Hong Kong and Macau Greater Bay Area Facilitate residents of Hong Kong and Macao to use mobile electronic payment tools for renminbi payments in the Mainland, and promote the mutual use of mobile payment tools in the Guangdong-Hong Kong-Macao Greater Bay Area. Support Mainland non-bank payment institutions to expand business in Hong Kong and Macau.
6. Effectively prevent cross-border financial risks
(28) Strengthen cooperation in financial supervision between Guangdong, Hong Kong and Macau. Establish a coordination and communication mechanism for financial supervision in the Guangdong-Hong Kong-Macao Greater Bay Area, strengthen financial supervision exchanges between the three places, and coordinate and resolve cross-border financial development and supervision issues. Promote the improvement of financial supervision rules in the field of innovation, and study and establish a “sandbox” for cross-border financial innovation supervision. Strengthen the responsibility for financial risk management of mainland territories, and coordinate the prevention and treatment of cross-border financial risks. Promote the training, exchange and cooperation of financial talents in Guangdong, Hong Kong and Macao.
(29) Establish and improve financial risk early warning, prevention and resolution systems. Strengthen financial risk research and judgment and risk prevention and control in key areas, improve the regional financial industry comprehensive statistical system, economic and financial investigation statistical system and analytical monitoring and risk early warning system, promptly prompt financial risks, early identification, early warning, early disposal, and improve the financial security defense And risk emergency response mechanism. Strengthen Guangdong, Hong Kong and Macao's anti-money laundering, anti-terrorist financing and anti-tax evasion supervision cooperation and information exchange mechanism construction. Strengthen cross-border financial institution supervision and capital flow monitoring and analysis cooperation, urge financial institutions to increase the monitoring of abnormal cross-border capital flows, and enhance the effectiveness of combating cross-border money laundering and other illegal financial activities.
(30) Strengthen the protection of financial consumption rights of Guangdong, Hong Kong and Macao. Supervise financial institutions to improve the protection mechanism of customer rights and interests, and effectively take the main responsibility of protecting the rights and interests of consumers. Improve the work system for the protection of financial consumer rights in the Guangdong-Hong Kong-Macao Greater Bay Area. Strengthen the cooperation of financial management, industrial organizations and other units in Guangdong, Hong Kong and Macao, and explore the establishment of a multi-level financial dispute resolution mechanism in line with international standards. Strengthen investor education and guide market players to establish a sense of risk.