Shenzhen’s Qianhai pilot improvement zone is accelerating the aggregation of high-quality monetary assets to develop into a regional finance magnet, pushed by high-level opening-up insurance policies, deep collaboration with Hong Kong and synergistic improvement with different industries.
This 12 months, the zone has added seven key licensed monetary establishments, established 4 insurance coverage asset administration fund tasks, and nurtured a variety of high-quality personal fairness funds, with a number of core funding attraction indicators rating among the many high in Shenzhen.
The breakthroughs have been unveiled per week earlier than the second anniversary of the Total 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 improvement route for the pilot cooperation zone, the doc identifies the deepening of openness and innovation within the monetary sector as a key strategy for Qianhai to arrange a high-quality, environment friendly trendy service business system.
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Yu Lingqu, deputy director of the Division of Finance Industries on the China Growth Institute — a Shenzhen-based suppose tank — mentioned that regardless of the difficult financial surroundings within the home and worldwide markets, the worth added by Qianhai’s monetary sector has continued to develop at a double-digit charge, attracting quite a few vital monetary tasks.
Such improvement 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 improvement with associated industries in Shenzhen, reminiscent of expertise innovation in Nanshan District and superior manufacturing in Baoan District, he mentioned.
Analyzing Qianhai’s attraction to Hong Kong and abroad monetary organizations, the knowledgeable attributed it to shut collaboration with the SAR within the monetary expertise subject, the zone’s function as a gateway for abroad organizations to enter the Chinese language mainland market, and its favorable enterprise surroundings, together with vital enterprise progress potential.
In 2023, the nation’s monetary regulatory authorities and Guangdong province revealed 30 measures to help Qianhai’s progress, most of which have already been carried out.
Shenzhen additionally launched an motion plan in February this 12 months to again the high-quality improvement of Qianhai’s monetary sector, outlining insurance policies targeted on enhancing monetary openness and selling the internationalization of the renminbi, additional facilitating monetary connectivity between Shenzhen and Hong Kong.
To this point, the Qianhai Shenzhen-Hong Kong Worldwide Monetary Metropolis has attracted 518 monetary establishments, with the SAR and overseas capital accounting for practically 30 p.c of the whole.
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The Monetary Metropolis’s financing and lease cluster has collected property exceeding 250 billion yuan ($35.47 billion). Just lately, it additionally facilitated Shenzhen’s first leasing undertaking for China’s domestically produced C919 plane.
Wuchan Zhongda Futures — a Fortune International 500 firm — is without doubt one of the seven new monetary establishments established in Qianhai this 12 months.
Chen Huajie, basic supervisor of its Shenzhen department, mentioned the corporate will mix its expertise within the commodities business with Qianhai’s benefits to supply worth threat administration help for superior manufacturing, provide chain, and different industries within the area.
Wanting ahead to the implementation of Qianhai’s initiative of exploring revolutionary pilot tasks 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 robust spot buying and selling platform can provide a stable basis for the futures market, he mentioned, and such exploration means that Qianhai could obtain deeper integration between the futures and spot markets in lots of areas, reminiscent of buying and selling fashions, supply requirements and risk-management device innovation.
Contact the author at bingcun@chinadailyhk.com
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