The State Council Information Office held a press conference today (9th) to introduce the new development plans of Hengqin and Qianhai that were released recently. Officials present include Cong Liang, Deputy Director of the Development and Reform Commission and Deputy Director of the Guangdong-Hong Kong-Macao Greater Bay Area Construction Leading Group Office, and Deputy Ministry of Finance Minister Xu Hongcai, Deputy Governor of the People’s Bank of China and Director of the Foreign Exchange Bureau Pan Gongsheng, Deputy Director of the General Administration of Customs Zou Zhiwu, Member of the Standing Committee of the CPC Guangdong Provincial Committee and Executive Deputy Governor Lin Keqing, Deputy Secretary of the Shenzhen Municipal Party Committee and Mayor Tan Weizhong, Secretary for Administration of Hong Kong Li Jiachao, and Macau Zhang Yongchun, Director of the Department of Administration and Legal Affairs.
At the meeting, many officials mentioned opportunities in Qianhai for various industries in Hong Kong, including interconnection with Hong Kong's financial market and the gradual implementation of financial innovations.
The total area of the Qianhai Cooperation Zone has expanded to 120.56 square kilometers.
(China News Service)
Li Jiachao: Hong Kong will continue to play its role as an international financial, trade, and shipping center
Li Jiachao said that the SAR government warmly welcomes the "Qianhai Plan", which focuses on promoting high-level opening up, promoting the innovative development of modern service industries, promoting the innovative development of modern service industries, and continuing to play the role of Hong Kong as an international financial, trade, and shipping center, and Facilitate the establishment of enterprises in Qianhai.
The "Qianhai Plan" sets goals for promoting the innovative development of the modern service industry and improving the level of openness of legal affairs. Li Jiachao pointed out that this will promote the development of Hong Kong's legal and professional service industries in Qianhai.
He mentioned that more than 11,500 Hong Kong companies have settled in Qianhai. In addition to professional services, they also include modern service industries such as finance and logistics.
He also said that Hong Kong has organized a youth employment exhibition in Qianhai to assist young people to develop in Qianhai.
Li Jiachao said that the Qianhai Plan will push Hong Kong-Shenzhen cooperation to a new level and give full play to the functions of the two major hubs of the Greater Bay Area.
In the future, cooperation and communication with Guangdong and Shenzhen will be strengthened.
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Cong Liang: The large increase in land use in the expansion of Qianhai provides better support for Shenzhen-Hong Kong cooperation and development
A Hong Kong reporter asked about the considerations for the expansion of the Qianhai area, and said that Hong Kong has opinions that in the future, Hong Kong and Qianhai will compete with each other in industries, and Hong Kong may also have a brain drain. How does the central government balance the two.
Cong Liang pointed out that the expansion of the area is conducive to deepening the opening up of Qianhai and gaining more room for development. In the past, regional restrictions have brought great constraints on the development of Qianhai. After the expansion of the area, the space carrier will be larger, which can create conditions for deepening reform and opening up. , Which will create more opportunities for Hong Kong.
With a substantial increase in land use in the future, more Hong Kong service companies can enter the market to meet development needs, provide better support for Shenzhen-Hong Kong cooperation and development, and help Hong Kong integrate into the overall development of the country.
In the future, the central government will communicate and cooperate with the governments of Guangdong Province and Shenzhen to ensure that the policies are implemented to cover the entire Qianhai Cooperation Zone.
Pan Gongsheng points to the promotion of financial open innovation, including cross-border electronic payment
Regarding financial interconnection in the Greater Bay Area, Pan Gongsheng, director of the State Administration of Foreign Exchange, described finance as the focus of cooperation between the three places. The Foreign Exchange Bureau and the People’s Bank of China attach great importance to them. They are promoting financial openness and innovation in accordance with the Greater Bay Area’s plan. The department issued an opinion and put forward 26 financial innovations, giving priority to people’s livelihood and finance. Related measures are gradually being implemented, including opening mainland bank settlement accounts for Hong Kong and Macao residents, facilitating their use of mobile electronic payment platforms, and promoting cross-border electronic bill settlement Payment etc.
Pan Gongsheng emphasized that this series of measures to benefit the people has improved the convenience of Hong Kong and Macao residents' lives.
In terms of market connectivity, Pan Gongsheng said that Hong Kong and Macao residents are expanding the channels for Hong Kong and Macao residents to invest in the mainland capital and bond markets, including cross-border wealth management links and southbound bond links, which will be launched in the near future. The three places will also establish green finance alliances, such as cross-border capital pools. Prior to the meeting, Hai and Hengqin will be the priority pilots.
Hong Kong Chief Secretary for Administration Li Jiachao participated in the press conference online.
(Screenshot of Hong Kong 01 live broadcast)
Hong Kong strengthens its status as an international financial center, Shenzhen builds a global financial innovation and technology center
A reporter asked about the situation of Hong Kong-Shenzhen financial cooperation.
Li Jiachao pointed out that Qianhai Development has particularly enhanced the capabilities of cooperation between Shenzhen and Hong Kong, including the interconnection of Hong Kong and Mainland financial markets, the cross-border use of RMB, the establishment of bank accounts, and the deepening of green financial cooperation.
He mentioned that the national "14th Five-Year Plan" clearly supports Hong Kong in enhancing its status as an international financial center and strengthening its role as a global offshore RMB hub; as for Shenzhen, it focuses on building a global financial innovation and technology center.
Both Hong Kong and Shenzhen are the central city and core engine of the Greater Bay Area. The two places have set up special classes to promote the interconnection between Hong Kong and Shenzhen and contribute to the deepening of financial reforms.
He described the closer cooperation between Shenzhen and Hong Kong in the future. For example, since the Shenzhen-Hong Kong Stock Connect was launched in 2016, it has been operating smoothly and continuously expanded. As of the end of July this year, the total amount of northbound transactions has reached 28 trillion yuan, and southbound transactions have also reached RMB 28 trillion. 8.3 trillion Hong Kong dollars.
In the future, the Hong Kong and Shenzhen governments will continue to strengthen cooperation and contribute to the development of the Greater Bay Area.
Pan Gongsheng added that Hong Kong has an advantage in the financial regulatory system. It has been rated as the freest economy, offshore RMB center, largest stock trading center, and capital management center for 25 consecutive years. Since 2019, international funds have continued to flow into Hong Kong. The market and the financial system have remained stable. The number of initial public offerings (IPOs) is quite high. The status of an international financial center is unshakable. The People’s Bank of China will continue to deepen the spirit of the 14th Five-Year Plan and the Guangdong-Hong Kong-Macao Greater Bay Area to consolidate Hong Kong’s status as an international financial center. , Promote the internationalization of RMB, and Qianhai can play a pioneering role in cross-border RMB business.
He concluded that the integrated development of Hong Kong and Shenzhen can lead China's financial opening up.
Shenzhen and Hong Kong "Tale of Two Cities" Qianhai plan promotes higher-level cooperation
Qin Weizhong, Deputy Secretary of the Shenzhen Municipal Party Committee and Mayor, said that Shenzhen has gathered a group of Hong Kong modern service companies. There are 11,500 Hong Kong-funded enterprises registered in Qianhai. The actual use of Hong Kong capital is US$22.6 billion, including the country’s first Hong Kong-owned holdings for consumption. Financial companies and others settled in Qianhai.
Qin Weizhong said that he will fully implement the requirements of the Qianhai Plan, promote the Qianhai Shenzhen-Hong Kong cooperation to a new level, support Hong Kong's better integration into the overall development of the country, make good use of the new space for expansion, and expand new areas of Shenzhen-Hong Kong cooperation to deepen The two places are cooperating in the fields of modern finance, technology service industry, and professional services.
Li Jiachao pointed out that the cooperation between Hong Kong and Shenzhen has created a unique two-city story in the reform and opening up. The introduction of the Qianhai plan is conducive to promoting a higher level of Hong Kong-Shenzhen cooperation and giving full play to the two engines' functions in the Greater Bay Area.
He said that with the support of the central government, the Hong Kong and Shenzhen government has been working hard to promote the establishment of professional services in Qianhai. Qianhai has introduced measures to further open up professional services, which are widely welcomed by the industry. Hong Kong-funded enterprises are allowed to use Hong Kong laws to sign contracts in Qianhai. Hong Kong lawyers and barristers also obtain qualifications through examinations.
He also said that the SAR government will work with industry professionals to advise and cooperate with Qianhai in the areas of finance, innovation and technology, legal and business environment after the expansion.
The "Qianhai Plan" mentioned that the Qianhai Cooperation Zone is an important measure to support Hong Kong's economic and social development, enhance the level of cooperation between Guangdong, Hong Kong and Macao, and build a new pattern of opening up.
(China News Service)
A summary of the Hong Kong-related key points of the "Qianhai Plan":
The Qianhai Plan mentioned that the Qianhai Cooperation Zone is an important measure to support Hong Kong’s economic and social development, enhance the level of cooperation between Guangdong, Hong Kong and Macao, and build a new pattern of opening up. It is important for promoting the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and supporting Shenzhen’s construction of socialism with Chinese characteristics. It is of great significance to pioneer the demonstration zone and enhance the centripetal force of Hong Kong compatriots to the motherland.
In terms of finance, the "Qianhai Plan" supports the implementation of policies to expand the opening up of the financial industry in the region, and pioneers trials in areas such as interconnection with Hong Kong's financial market, cross-border use of renminbi, and facilitation of foreign exchange management.
Support the Qianhai Joint Trading Center of the Hong Kong Stock Exchange to conduct commodity spot transactions.
In terms of international cooperation, the "Qianhai Plan" refers to improving overseas investment protection mechanisms such as investment insurance, policy guarantees, and foreign-related legal services, and making full use of Hong Kong's comprehensive professional services in line with international standards to support enterprises in the Qianhai Cooperation Zone to go global.
In terms of law, Qianhai will build an international legal service center and an international commercial dispute resolution center, explore and improve the mechanism of applying Hong Kong law in the Qianhai Cooperation Zone and choosing Hong Kong as the place of arbitration to resolve civil and commercial cases, and explore the establishment of the Qianhai Cooperation Zone with Hong Kong and Macau. A new mechanism for inter-regional civil and commercial judicial assistance and exchanges.
Reform the partnership mechanism of Hong Kong and Macau law firms, and encourage foreign and Hong Kong and Macau law firms to set up representative offices in Qianhai Cooperation Zone.
The "Qianhai Plan" advocates the development of science and technology industries, focusing on the advantages of Hong Kong and Macao in areas such as artificial intelligence, health care, financial technology, smart cities, the Internet of Things, and new energy materials. Promote the interconnection of the innovation chains of Hong Kong, Macau and the Mainland, and promote the transformation of scientific and technological achievements into technical standards.
The Qianhai Plan also has a number of measures to facilitate Hong Kong people to work in the region, including promoting the facilitation of cross-border government services with Hong Kong and Macau, and studying and strengthening the convergence with Hong Kong and Macau standards and regulations in the fields of transportation, communications, information, and payment.
Facilitate the study, work, residence, life, entrepreneurship, employment, etc. of Hong Kong and Macao young people in the Qianhai Cooperation Zone, introduce Hong Kong, Macao and internationally renowned universities to carry out high-level cooperation in running schools, build Hong Kong and Macao youth education and training bases, and explore the allowable Hong Kong, Macao and foreign nationals who meet the requirements The person holds the post of a statutory institution in the Qianhai Cooperation Zone.
Support Hong Kong, Macao and international high-level hospitals to establish institutions in Qianhai Cooperation Zone.
Regarding trade between Qianhai and Hong Kong and Macau, we support the Qianhai Cooperation Zone in deepening the alignment with Hong Kong and Macau rules in the areas of service industry vocational qualifications, service standards, certification and accreditation, inspection and testing, and industry management to promote trade exchanges.
The Qianhai Plan is a challenge for Hong Kong officials to first connect with the Qianhai Plan for awareness and ideas | Zheng Ruohua hopes the legal community will seize the opportunity to develop international commercial dispute resolution business
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