GUANGDONG authorities say that Qianhai of Shenzhen and Hengqin of Zhuhai may develop offshore RMB business, according to a resolution issued on Wednesday. It’s the first time Guangdong has gone public about Hengqin’s financial innovation, the Southern Metropolis Daily reported.
It was resolved that Qianhai, Hengqin and Nansha of Guangzhou will be made crucial engines of financial innovation in the province. Qianhai will focus on access to Hong Kong’s capital market and displacement development and exploration of opening capital projects and RMB internationalisation. Hengqin will place priority on offshore finance, form multi-currency industrial investment funds and provide support services for international free trade. Nansha will take advantage of the leading position of Guangzhou in the Pearl River Delta to support industries and energetically develop industrial financial innovation business related to the real economy.
As for implementation, Shenzhen will develop Qianhai and put aside 50sqkm for a financial development pilot zone targeting 10 billion yuan ($1.57 billion) of GDP per 1sqkm to fully access Hong Kong’s capital market; Zhuhai will develop Hengqin and onshore clearing of offshore RMB business, and will innovate the supervisory system. Hengqin will serve as a regional centre of offshore RMB clearing whereas Qianhai will become an international centre.
Guangdong also proposes that advanced-concept finance be borrowed from Hong Kong for reference. Called for are cooperation with Hong Kong and Macao in establishing high-grade financial education, better training and research institutions, construction of the Zhuhai Hengqin International Finance University, and importing high-calibre finance personnel from Hong Kong and Macao.
Zhuhai Daily
