Thirty measures on deepening cooperation of the financial industry between Hong Kong and the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone were unveiled.

They were jointly released by the People's Bank of China, China’s central bank, together with China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, the State Administration of Foreign Exchange, and the People's Government of Guangdong Province.

Among the measures, six are about deepening financial cooperation between Shenzhen and Hong Kong, and prioritizing financial innovation in the interest of people's livelihood, such as facilitating Hong Kong residents to open mainland bank accounts and conduct credit financing, optimizing cross-border investment and financing for Hong Kong companies, and providing convenience for Hong Kong financial professionals to practice in Qianhai.

Seven measures are related to deepening the interconnection of financial markets and infrastructure between Shenzhen and Hong Kong, including expanding the business scope of Hong Kong-funded financial institutions in Qianhai, allowing securities financial institutions in Qianhai to carry out direct financing in Hong Kong, strengthening cooperation and innovation in bond transactions between Shenzhen and Hong Kong, and improving cross-border insurance business.

Six measures advocate Qianhai to further open up its financial industry, pilot reform of foreign exchange management and the internationalization of the RMB, and strengthen its role as a pilot demonstration window of the opening up of China's financial industry. They include expanding the opening up of banking, securities and insurance industries, improving the convenience of cross-border trade settlement, moderately relaxing restrictions on cross-border investment and financing, and exploring new mechanisms for cross-border payment and settlement.

In addition, there are also five measures about developing a characteristic financial industry in Qianhai and three others about strengthening financial regulatory cooperation between Shenzhen and Hong Kong.

The measures are designed to establish and improve a policy system and a management mechanism focusing on Qianhai’s further opening up of the financial industry and the internationalization of the RMB by 2025, so as to achieve a high-level interconnection with Hong Kong’s financial market, perfect the financial risk monitoring, prevention and resolution systems, and highlight the role of finance in supporting the development of the Guangdong-Hong Kong-Macao Greater Bay Area.

By 2035, a higher level of financial openness based on a negative list and a more efficient and convenient flow of cross-border funds are expected to be realized in Qianhai, which will play a stronger demonstration and leading role in expanding the opening up of the national financial industry, according to the measures.

A financial rule system in line with international standards is expected to be basically established and a world-class financial environment will form in the area.