China Issued the "Overall Plan for the Construction of the Hengqin Guangdong-Macao Intensive Cooperation Zone"
On September 5, the Central Committee of the Communist Party of China and the State Council issued the "Overall Plan for the Construction of the Hengqin Guangdong-Macao Intensive Cooperation Zone". Hengqin Development has entered a new stage of comprehensive cooperation, consultation, joint construction, co-management and sharing between Guangdong and Macao.
The Program has given Hengqin four new strategic positions: a new platform to promote the moderate and diversified economic development of Macau; a new space to facilitate the life and employment of Macau residents; a new demonstration to enrich the practice of "one country, two systems"; and a new highland to promote the construction of the Guangdong-Hong Kong-Macao Greater Bay Area.
The financial industry is one of the pillar industries of Hengqin, and the added value of Hengqin's financial industry accounts for more than 30% of the region's GDP and one third of the financial industry's tax revenue. The Plan lists the financial industry as one of the new industries to promote the moderate diversification of Macao's economy, and clearly proposes that the Zone should develop a modern financial industry.
Specifically, the Program proposes a series of new policies and measures for the development of modern financial industry, such as supporting the Zone to build a China-Lusophone financial services platform, encouraging social capital to set up multi-currency venture capital funds and private equity investment funds in accordance with market-oriented principles, supporting the development of cross-border RMB settlement business in the Zone, and supporting Macau's innovation in the development of wealth management, bond market and leveraged lease and other modern financial industries, lower the entry threshold for Australian-funded financial institutions to set up banks and insurance institutions, and support the development of cross-border motor insurance, cross-border commercial medical insurance, letter of credit insurance and other businesses in the Zone.
The Program also clearly supports the innovation of cross-border financial management in the Zone. Strengthen the linkage between the financial market of the Zone and the offshore financial markets of Macao and Hong Kong, explore the construction of an electronic fencing system, and promote the financial market of the Zone to take the lead in a high degree of openness. In accordance with the principles of national overall planning, service to the entity, risk control and step-by-step advancement, the cooperation zone will explore the free inflow and outflow of cross-border capital and promote capital project convertibility, etc.
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