MODERN FINANCE
Industry Overview
In the modern financial sector, the 30 financial support measures have presented Hengqin with a more open set-up, and the introduction of multi-functional free trade accounts that enable unrestricted transfer of funds across the first-tier subzone has also greatly streamlined the capital flow between Hengqin and the rest of the world. In addition, the first cross-border transfer of leased assets by a financial leasing company in China landed in Hengqin; the first Guangdong-Macao cross-border data verification platform in the Guangdong-Hong Kong-Macao Greater Bay Area is now up and running; Hengqin has successfully issued its first offshore RMB bond in Macao; and the financial institutions in Hengqin and Macao have picked up steam in setting up cross-border offices.
Development Outlook
The 660 financial enterprises in the Cooperation Zone span a diversity of sub-sectors, from banking, securities, insurance, asset management, and financial leasing to commercial factoring. These enterprises lay a solid foundation for the integrated development of modern financial industries such as wealth management, bond markets, and financial leasing in Hengqin and Macao. In the first three quarters of 2023, the value added by the financial sector in the Cooperation Zone stood at approximately RMB 13.6 billion, accounting for nearly 40% of the local GDP.
Resident Enterprises
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