Shenzhen’s Qianhai pilot growth zone is accelerating the aggregation of high-quality monetary sources to turn into a regional finance magnet, pushed by high-level opening-up insurance policies, deep collaboration with Hong Kong and synergistic growth with different industries.
This yr, the zone has added seven key licensed monetary establishments, established 4 insurance coverage asset administration fund initiatives, and nurtured numerous high-quality personal fairness funds, with a number of core funding attraction indicators rating among the many high in Shenzhen.
The breakthroughs had been unveiled per week earlier than the second anniversary of the General Planning for the Growth of the Qianhai Shenzhen-Hong Kong Trendy Service Business Cooperation Zone, which was issued by nationwide authorities on Dec 21, 2023.
Outlining the great growth path for the pilot cooperation zone, the doc identifies the deepening of openness and innovation within the monetary sector as a key method for Qianhai to arrange a high-quality, environment friendly fashionable service business system.
ALSO READ: Consultants: Qianhai to keep up main function in Shenzhen-HK integration
Yu Lingqu, deputy director of the Division of Finance Industries on the China Growth Institute — a Shenzhen-based suppose tank — stated that regardless of the difficult financial atmosphere within the home and worldwide markets, the worth added by Qianhai’s monetary sector has continued to develop at a double-digit price, attracting quite a few vital monetary initiatives.
Such growth is supported by nationwide coverage backing, the realm’s institutional innovation, deep cooperation with the Hong Kong Particular Administrative Area’s monetary sector, and built-in growth with associated industries in Shenzhen, corresponding to know-how innovation in Nanshan District and superior manufacturing in Baoan District, he stated.
Analyzing Qianhai’s attraction to Hong Kong and abroad monetary organizations, the knowledgeable attributed it to shut collaboration with the SAR within the monetary know-how discipline, the zone’s function as a gateway for abroad organizations to enter the Chinese language mainland market, and its favorable enterprise atmosphere, together with vital enterprise progress potential.
In 2023, the nation’s monetary regulatory authorities and Guangdong province revealed 30 measures to assist Qianhai’s progress, most of which have already been applied.
Shenzhen additionally launched an motion plan in February this yr to again the high-quality growth of Qianhai’s monetary sector, outlining insurance policies centered on enhancing monetary openness and selling the internationalization of the renminbi, additional facilitating monetary connectivity between Shenzhen and Hong Kong.
So far, the Qianhai Shenzhen-Hong Kong Worldwide Monetary Metropolis has attracted 518 monetary establishments, with the SAR and international capital accounting for almost 30 p.c of the entire.
READ MORE: International funding in Shenzhen’s Qianhai exceeds $40b
The Monetary Metropolis’s financing and lease cluster has collected belongings exceeding 250 billion yuan ($35.47 billion). Lately, it additionally facilitated Shenzhen’s first leasing mission for China’s domestically produced C919 plane.
Wuchan Zhongda Futures — a Fortune World 500 firm — is likely one of the seven new monetary establishments established in Qianhai this yr.
Chen Huajie, common supervisor of its Shenzhen department, stated the corporate will mix its expertise within the commodities business with Qianhai’s benefits to supply value threat administration assist for superior manufacturing, provide chain, and different industries within the area.
Wanting ahead to the implementation of Qianhai’s initiative of exploring progressive pilot initiatives for linking spot and futures on commodity buying and selling platforms, he views it because the “most direct and promising empowerment” for the futures business.
A powerful spot buying and selling platform can supply a stable basis for the futures market, he stated, and such exploration means that Qianhai could obtain deeper integration between the futures and spot markets in lots of areas, corresponding to buying and selling fashions, supply requirements and risk-management instrument innovation.
Contact the author at bingcun@chinadailyhk.com
Leave a Reply