China News Service, Hong Kong, September 7 (Reporter Liu Chenyao) The Central Committee of the Communist Party of China and the State Council recently issued the "Plan for Comprehensively Deepening the Reform and Opening up of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone" (referred to as the "Plan").
In this regard, many people in Hong Kong’s economic and financial circles said that from a local perspective, this is a major measure to support Hong Kong’s economic and social development. Financial development in the Bay Area provides opportunities and promotes Hong Kong's integration into the overall development of the country.
On September 6, the "Comprehensive Deepening of the Reform and Opening-up Plan for Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone" issued by the Central Committee of the Communist Party of China and the State Council was released. In order to further expand the development space, the total area of the Qianhai Cooperation Zone has been expanded from 14.92 square kilometers to 120.56 square kilometers. .
The data picture shows the construction style of the Qianhai Cooperation Zone.
(Drone photo) Photo by China News Agency reporter Chen Wen
Speed up the linkage effect of technology and finance in the two places
BOCHK Chief Economist E Zhihuan said in an interview with a reporter from China News Agency that from the specific content of the "Plan", there will be new breakthroughs in financial open innovation.
The "Plan" pointed out that the reform and innovation of the system and mechanism for scientific and technological development should be accelerated.
Focusing on the advantages of Hong Kong and Macao in areas such as artificial intelligence, health care, financial technology, smart cities, Internet of Things, and new energy materials, vigorously develop new research and development institutions for cooperation between Guangdong, Hong Kong and Macao, innovate scientific and technological cooperation management systems, and promote the interconnection of innovation chains between Hong Kong, Macao and the Mainland. The transformation of scientific and technological achievements into technical standards.
E Zhihuan believes that the development of scientific and technological R&D and high-end manufacturing industries has a large amount of financing and diversified financial service needs. It is difficult to optimize capital and efficiency by relying on government investment alone. Therefore, the "Plan" encourages social capital to establish multiple currencies in accordance with the principles of marketization. Venture capital funds and private equity investment funds attract foreign investment to increase support for high-tech industries and innovation and entrepreneurship in the cooperation zones.
Provide test plots for Hong Kong financial institutions to enter the Mainland
The "Plan" also mentions expanding the opening up of the financial industry.
Enhance the function of the national financial industry opening test demonstration window and the cross-border RMB business innovation pilot zone, and support the implementation of the country’s policy measures to expand the financial industry’s opening to the outside world in the Qianhai Cooperation Zone, and the interconnection with Hong Kong’s financial market and the cross-border use of renminbi , Foreign exchange management facilitation and other fields are pioneering trials; innovative cross-border financial management to promote investment and financing facilitation in multiple fields under the premise of controllable risks.
Associate Professor Zhuang Tailiang of the Department of Economics of the Chinese University of Hong Kong told China News Agency that the current mainstream financial institutions in the Mainland have set up branches in Hong Kong, but similar institutions in Hong Kong have limited access to the Mainland. Now Qianhai provides opportunities for the latter.
He believes that, in accordance with the relevant requirements of the "Plan", Hong Kong securities companies and others can use Qianhai as a test field, and then gradually enter the mainland market.
E Zhihuan also said that the further increase in financial opening, the development of various new industries in the region will drive a large amount of investment and financing needs, coupled with the reform of capital projects and the facilitation of cross-border financial management, it will be used by the financial industry in the Greater Bay Area. The cooperation zone provides a broad market and platform for the development of diversified, high-level and innovative cross-border financial services.
Attract professional financial talents, Hong Kong and Macau youths to join the Greater Bay Area
In order to further attract elites from Hong Kong and Macau to join the Greater Bay Area and integrate into the overall development of the country, the "Plan" also contains more details.
This is a major benefit in the eyes of Hong Kong industry experts.
Lin Longan, chairman of the Chinese Chamber of Commerce for Imports and Exports of Hong Kong, believes that the comprehensive deepening of the reform and opening up of the Qianhai Cooperation Zone will bring greater opportunities for the Guangdong-Hong Kong-Macao Greater Bay Area and support Hong Kong to consolidate its position as an international financial center, trade center, and shipping center. , Law, talents, etc. to further utilize their advantages, and also bring more opportunities for upward mobility for young people in Hong Kong.
Zhuang Tailiang said that the total area of the Qianhai Cooperation Zone has expanded from 14.92 square kilometers to 120.56 square kilometers, which in itself provides greater possibilities for Hong Kong and Macao youths to study, work, reside, live, start their own businesses, and find employment in the Qianhai Cooperation Zone.
Because of the convenience of cross-border investment, practitioners of overseas investment institutions can also participate in the construction of Qianhai.
E Zhihuan also believes that the "Plan" allows financial professionals with overseas qualifications such as Hong Kong and Macao to provide services in the region after filing, and their overseas experience can be regarded as the same as domestic experience if they meet industry regulatory requirements. .
This has removed policy barriers for Hong Kong financial practitioners to practice, and broadened the space for career development.
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