This English translation is for reference only. The Chinese version shall prevail in case of any inconsistencies.
Notice on Issuing the Implementation Plan for the Opinions on Financial Support for the Development of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin
The People’s Government of Zhuhai Municipality, the Executive Committee of Guangdong-Macao In-Depth Cooperation Zone in Hengqin, relevant departments, financial institutions, and local financial organizations:
The Implementation Plan for the Opinions on Financial Support for the Development of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin has been approved by the People’s Government of Guangdong Province. This document is hereby issued for your compliance and implementation.
Guangdong Local Financial Supervision and Administration Bureau,
Guangdong Branch of the People’s Bank of China
Guangdong Regulatory Bureau of the National Financial Regulatory Administration
Guangdong Office of the China Securities Regulatory Commission
Guangdong Branch of the State Administration of Foreign Exchange
September 04, 2023
Implementation Plan for Implementing Opinions on Giving Financial Support to the Building of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin
This implementation plan has been formulated to effectively implement the Opinions on Financial Support for the Development of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin by the People’s Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and the People’s Government of Guangdong Province (No. 41 [2023] of the People’s Bank of China). It aims to promote financial reform, innovation, and international cooperation within the Guangdong-Macao In-Depth Cooperation Zone in Hengqin (hereinafter referred to as the Cooperation Zone); strengthen connectivity with Macao’s financial market; facilitate the integration of financial services between the Cooperation Zone and Macao; create a conducive financial environment for the living and employment of Macao residents; and develop a modern financial industry to support the moderate diversification of Macao’s economy.
I. Create a Conducive Financial Environment for the Living and Employment of Macao Residents
1. Facilitate Cross-Border Transactions for Individuals
(1) Facilitate currency exchange for eligible Macao residents purchasing or selling commercial housing. Macao residents living and working in the Cooperation Zone may, before obtaining a record certificate from the real estate authority, arrange bank payments for the down payment (including deposits, advance payments, and full payments) based on the subscription agreement, other supporting documents, and a “Commitment Letter” confirming the transaction. (Responsible entities: Guangdong Branch of the State Administration of Foreign Exchange, Administration Office of the Guangdong-Macao In Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
(2) Promote the reform of foreign exchange administration under individual capital accounts. Responsible entities shall explore measures to relax the foreign exchange management requirements for residents of the Cooperation Zone (defined as Macao residents and mainland residents living and working within the Cooperation Zone, applicable hereinafter), support eligible residents in the Cooperation Zone in purchasing innovative financial products with investment returns, such as wealth management products, investment funds, and insurance products, directly through Macao’s financial markets, within the prescribed annual quota and in accordance with applicable laws and regulations. (Responsible entity: Guangdong Branch of the State Administration of Foreign Exchange)
(3) Facilitate cross-border RMB payments for individuals. Eligible mainland residents in the Cooperation Zone shall be allowed to directly conduct cross-border RMB remittances and receipts using their valid identification documents, within the prescribed annual quota and in accordance with applicable laws and regulations. (Responsible entity: Guangdong Branch of the People's Bank of China)
(4) Facilitate cross-border payments of personal salaries. Eligible banks shall be permitted to review the authenticity of transaction materials through electronic channels and in processing salary currency conversion transactions for individuals that do not count toward the annual facilitation quota. Responsible entities shall guide payment institutions to effectively utilize current policies and operate in compliance, support them in handling cross-border salary transfers for individuals based on genuine and compliant transactions, and provide automatic account entry services for cross-border salaries earned by overseas residents living and working in the Cooperation Zone. (Responsible entities: Guangdong Branch of the People’s Bank of China, Guangdong Branch of the State Administration of Foreign Exchange)
(5) Support Macao residents to invest in the mainland securities market. Securities business outlets in the Cooperation Zone shall be encouraged to facilitate the opening of mainland securities market accounts for Macao residents living and working in the Cooperation Zone. (Responsible entity: Guangdong Office of the China Securities Regulatory Commission)
2. Facilitate Mobile Payments in the Cooperation Zone
(6) Facilitate electronic payments in the Cooperation Zone. Focusing on the cross-border payment needs of the Guangdong-Hong Kong-Macao Greater Bay Area, responsible entities shall guide market institutions to expand the application scenarios for mainland mobile payments through integrated international e-wallets, and facilitate the use of mobile electronic payment tools by Macao residents for RMB payments. They shall promote the introduction of a digital RMB implementation plan, encourage the use of digital RMB by government, enterprises, and individuals, and expand the application scenarios of digital RMB in the Cooperation Zone. (Responsible entities: Guangdong Branch of the People’s Bank of China, Guangdong Local Financial Supervision and Administration Bureau, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
(7) Expand the pilot scope of proxy witness account opening in an orderly manner. Responsible entities shall urge existing pilot institutions to further simplify the process for Macao residents to open accounts through proxy witness services and coordinate the involvement of more eligible banks in the pilot program. (Responsible entity: Guangdong Branch of the People’s Bank of China)
(8) Facilitate small-amount payments in the Cooperation Zone. Based on actual needs and under controllable risks, responsible entities shall explore measures to allow market entities in the Cooperation Zone to make payments in either MOP or RMB, and gradually expand the usage scenarios. They shall conduct innovative business assessments and, under controllable risks, gradually allow the use of MOP for small-amount payments. (Responsible entities: Guangdong Branch of the State Administration of Foreign Exchange, Guangdong Branch of the People’s Bank of China, Guangdong Local Financial Supervision and Administration Bureau, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
3. Facilitate Credit Financing for Macao Residents in the Cooperation Zone
(9) Promote the cross-border use of Macao residents’ credit information. In compliance with relevant laws and regulations, ensuring safety and controllability, and with the consent of Macao residents, eligible Macao-funded commercial banks in the Cooperation Zone may share the credit information of Macao residents held by their parent banks in Macao to provide credit and other financial services for Macao residents living and working in the Cooperation Zone. (Responsible entities: Guangdong Branch of the People’s Bank of China, Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Office of the Cyberspace Affairs Commission of the CPC Guangdong Provincial Committee)
(10) Promote pilot programs for cross-border data flow within eligible commercial banks. Subject to compliance with relevant laws and regulations and ensuring safety and controllability, Chinese-funded commercial banks and Macao-funded commercial banks with branches in both the Cooperation Zone and Macao shall be permitted to conduct pilot programs for cross-border data flow within their respective groups. (Responsible entities: Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Office of the Cyberspace Affairs Commission of the CPC Guangdong Provincial Committee, Guangdong Provincial Government Affairs Data Administration, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province, the People’s Government of Guangdong Province, Guangdong Branch of the People’s Bank of China)
(11) Explore cross-border cooperation between market-based credit reporting agencies in the Cooperation Zone and Macao in accordance with the law. Responsible entities shall establish the “Pearl River Delta Credit Chain” to strengthen cross-border credit reporting exchanges and cooperation. With client consent, banks in the Cooperation Zone and Macao shall be permitted to obtain corporate credit information of shared clients through corporate credit reporting agencies, promoting the development of cross-border corporate loan business between the two regions. (Responsible entities: Guangdong Branch of the People’s Bank of China, Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
4. Strengthen Insurance Coverage for Residents in the Cooperation Zone
(12) Encourage insurance institutions in the Cooperation Zone from both the mainland and Macao to collaborate on developing specialized insurance products and services. In compliance with laws, regulations, and regulatory requirements, responsible entities shall encourage mainland and Macao insurance institutions to cooperate in developing specialized insurance products, such as cross-border motor vehicle insurance, cross-border commercial medical insurance, and pension insurance, and to provide convenient services for cross-border insurance clients, including underwriting, investigation, and claims. They shall further facilitate the settlement of insurance business under current account items, optimize the insurance arrangements for single-plate vehicles from Macao, and explore the development of exclusive insurance products for these vehicles and explore the application of the Unilateral Recognition insurance policy in the Cooperation Zone. (Responsible entities: Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Branch of the People’s Bank of China, Guangdong Branch of the State Administration of Foreign Exchange, Guangdong Provincial Public Security Department)
(13) Support the Cooperation Zone’s participation in the development of the Guangdong-Hong Kong-Macao Greater Bay Area Insurance Service Center. In compliance with current regulatory provisions and foreign exchange management policies, responsible entities shall provide convenient after-sales services such as renewal, surrender, claims, and policy servicing for Guangdong-Hong Kong-Macao Greater Bay Area residents holding valid insurance policies from Hong Kong and Macao. (Responsible entities: Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Branch of the People’s Bank of China, Guangdong Branch of the State Administration of Foreign Exchange)
5. Facilitate Employment for Macao Residents in the Cooperation Zone
(14) Facilitate the assignment of personnel from financial institutions licensed to operate in Macao to hold positions in banking and insurance institutions within the Cooperation Zone. Responsible entities shall conduct a study on the mutual recognition of qualifications for senior management personnel in the banking and insurance industries who require approval or registration according to administrative licensing regulations. Under the CEPA framework and in compliance with mainland regulatory provisions, responsible entities shall explore the implementation of the mutual recognition system to allow directors, supervisors, and senior management personnel, approved by the Monetary Authority of Macao, to hold positions in corresponding financial institutions within the Cooperation Zone. (Responsible entities: Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
(15) Simplify the entry requirements for overseas financial talents to provide financial services in the Cooperation Zone. In compliance with industry regulatory requirements, responsible entities shall encourage financial institutions in the Cooperation Zone to employ financial professionals with qualifications from Macao or other overseas jurisdictions, provide support from industry regulatory authorities and associations for the registration of overseas financial professionals planning to practice in the Cooperation Zone, with their overseas work experience recognized as equivalent to domestic experience, and encourage and support financial institutions and local financial organizations in the Cooperation Zone to allocate a certain proportion of new positions each year for the employment of Macao residents. (Responsible entities: Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Office of the China Securities Regulatory Commission, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
II. Promote Connectivity between the Cooperation Zone and the Financial Market and Infrastructure of Macao
6. High-Level Opening of the Financial Industry in the Cooperation Zone to Macao.
(16) Support Macao in the innovative development of modern financial industries in the Cooperation Zone. Responsible entities shall support eligible banks and insurance institutions in establishing operations in the Cooperation Zone, encourage existing institutions in the Cooperation Zone to enhance the quality and efficiency of financial services. They shall also support Macao banking institutions in expanding their business in the Cooperation Zone through the establishment of new legal entities, branches, and specialized institutions. (Responsible entities: Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
(17) Expand the opening of the financial services sector to Macao. Responsible entities shall explore lowering the entry thresholds for Macao insurance institutions to establish or hold shares in insurance legal entities within the Cooperation Zone under the CEPA framework, including reducing total asset requirements and relaxing the scope of eligible operating entities. (Responsible entity: Guangdong Regulatory Bureau of the National Financial Regulatory Administration)
(18) Support the Cooperation Zone in establishing a financial services platform for China and Portuguese-speaking countries. Responsible entities shall organize business exchange activities between Guangdong and Macao financial institutions, guide financial institutions in the Cooperation Zone to strengthen business cooperation with Portuguese-speaking countries, optimize financial products and services, increase support from the banking and insurance industries for the export sectors in the Cooperation Zone, and support Macao in enhancing financial connectivity with Portuguese-speaking countries. (Responsible entities: Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province, Guangdong Branch of the People’s Bank of China, Guangdong Branch of the State Administration of Foreign Exchange, Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Local Financial Supervision and Administration Bureau)
7. Enhance Connectivity between the Cooperation Zone and Macao's Financial Market
(19) Promote transaction linkages between financial institutions in the Cooperation Zone and those in Macao. Responsible entities shall support Macao banking institutions as overseas participating banks in conducting account financing through domestic agent banks, support RMB clearing banks in Hong Kong and Macao in conducting interbank lending through the national interbank lending market, enhance the ease of capital flows in the Guangdong-Hong Kong-Macao Greater Bay Area, and meet the regular RMB liquidity management needs of the offshore market. (Responsible entity: Guangdong Branch of the People’s Bank of China)
(20) Promote the regulated and orderly conduct of cross-border asset transfer business by financial institutions. On the basis of meeting risk management requirements, responsible entities shall steadily expand the entities, scope, and types of cross-border asset transfer businesses. Banks and agent institutions in the Cooperation Zone may, in accordance with relevant regulations, transfer bank trade finance and non-performing loans (including non-performing loans legally acquired by financial asset management companies) overseas, and shall be encouraged to use RMB for cross-border settlement. (Responsible entities: Guangdong Branch of the People’s Bank of China, Guangdong Branch of the State Administration of Foreign Exchange, Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Local Financial Supervision and Administration Bureau)
(21) Expand the scope and scale of the pilot scheme of the Cross-boundary Wealth Management Connect. Responsible entities shall explore measures to facilitate the opening of mainland accounts for Hong Kong and Macao residents and to expand the range of wealth management products. They shall enhance pilot program rules and procedures, improve the efficiency of filing and review processes, support financial institutions in the Cooperation Zone in applying for pilot programs, and continuously expand channels for Cooperation Zone and Macao residents to invest in each other’s financial products. (Responsible entities: Guangdong Branch of the People’s Bank of China, Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Office of the China Securities Regulatory Commission)
8. Explore the Construction of an Electronic Fence System
(22) Strengthen the design of electronic fence rules. Responsible entities shall study and formulate account rules that align with international standards, optimize and upgrade the Free Trade Account (FT Account) system, and establish an electronic fence for capital in the Cooperation Zone through financial account segregation. (Responsible entities: Guangdong Branch of the People’s Bank of China, Guangdong Branch of the State Administration of Foreign Exchange)
(23) Formulate cross-border capital flow policies for the electronic fence system. Responsible entities shall optimize cross-border capital clearing channels and explore measures for the free flow of cross-border capital. (Responsible entities: Guangdong Branch of the People’s Bank of China, Guangdong Branch of the State Administration of Foreign Exchange)
9. Improve the Account Management System
(24) Optimize RMB settlement account services for institutions outside the Chinese mainland. Responsible entities shall strengthen policy research on RMB settlement accounts (RMB NRA accounts) for institutions outside the Chinese mainland and enhance the convenience of using NRA accounts, and facilitate their use by these institutions. Funds in the RMB settlement accounts opened by institutions outside the Chinese mainland in banks within the Cooperation Zone may be transferred to term deposits or used to purchase large-denomination certificates of deposit. (Responsible entity: Guangdong Branch of the People’s Bank of China)
(25) Coordinate and promote cross-border financial innovation based on free trade accounts. Responsible entities shall expand the functions of free trade accounts (FT accounts), explore measures to facilitate the free flow of funds in the Cooperation Zone, and allow eligible banks within the Cooperation Zone to conduct free trade account business. (Responsible entity: Guangdong Branch of the People’s Bank of China)
(26) Support the opening and use of free trade accounts in the Cooperation Zone. Responsible entities shall support the opening of free trade foreigners (FTF) accounts for Macao workers and corporate expatriate employees within the Cooperation Zone to facilitate their work, residence, and daily life in the zone. They shall support Macao financial institutions in opening free trade accounting unit (FTU) accounts to conduct financial intermediation, enhancing the flexibility of their liquidity management. (Responsible entity: Guangdong Branch of the People’s Bank of China)
(27) Promote the optimization of bank account services. Responsible entities shall encourage banks to increase investment in financial technology to enhance the efficiency of cross-border payments and settlements. They shall support capable banks in utilizing RMB settlement accounts, free trade accounts, and offshore accounts to provide high-quality cross-border financial services to overseas entities. (Responsible entities: Guangdong Branch of the People’s Bank of China, Guangdong Branch of the State Administration of Foreign Exchange, Guangdong Regulatory Bureau of the National Financial Regulatory Administration)
III. Develop a Modern Financial Industry to Support the Moderate Diversification of Macao’s Economy
10. Diversify the Financial Landscape of the Cooperation Zone
(28) Enhance the diversity of financial institutions in the Cooperation Zone. Responsible entities shall strengthen the promotion of policies and financial investment in the Cooperation Zone, encouraging the establishment of various institutions such as securities companies, fund companies, asset management companies, reinsurance companies, bank wealth management subsidiaries, futures companies, and consumer finance companies. They shall support qualified corporate financial institutions in setting up branches or subsidiaries in the Cooperation Zone to innovate financial products and services and to provide diversified, comprehensive financial services in the zone and encourage qualified investors to take equity stakes in banks, insurance companies, financial leasing companies, and other financial institutions in the Cooperation Zone. (Responsible entities: Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province, Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Office of the China Securities Regulatory Commission)
(29) Standardize the development of local financial services and products. Responsible entities shall promote the delegation of management authority over local financial organizations in the Cooperation Zone, encourage quality enterprises to establish finance leasing and commercial factoring companies in the Cooperation Zone, and support the collaborative development of finance leasing and commercial factoring businesses between the Cooperation Zone and Macao. (Responsible entities: Guangdong Local Financial Supervision and Administration Bureau, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
11. Strengthen Financial Support for the Cultural, Tourism, Commercial, and Exhibition Industries
(30) Steadily develop customs duty guarantee insurance. Responsible entities shall promote the active engagement of insurance institutions in meeting the demand for yacht tourism guarantee insurance, assisting in enhancing the convenience of Hong Kong and Macao yacht navigation within the mainland. (Responsible entities: Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Sub-Administration of GACC)
(31) Enhance financial support for the cultural, tourism, commercial, and exhibition industries. Responsible entities shall guide financial institutions in the Cooperation Zone to increase credit allocation to the cultural, tourism, commercial, and exhibition industries. They shall encourage insurance institutions in the Cooperation Zone to underwrite business related to culture, tourism, and exhibitions, and support the Guangdong Branch of China Export & Credit Insurance Corporation in optimizing underwriting and claims conditions to better provide export credit insurance protection for enterprises within the Cooperation Zone. (Responsible entity: Guangdong Regulatory Bureau of the National Financial Regulatory Administration)
(32) Encourage qualified market entities to establish parent funds for the cultural, tourism, and exhibition industries in the Cooperation Zone. Responsible entities shall encourage institutions from Guangdong and Macao to jointly establish RMB overseas investment and loan funds to support Chinese enterprises in overseas investment, mergers, and acquisitions. (Responsible entities: Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province, Guangdong Branch of the People’s Bank of China, Guangdong Local Financial Supervision and Administration Bureau)
12. Strengthen Financial Services for Technological Innovation
(33) Enhance financial services for innovation in technology. Responsible entities shall encourage banks to establish technology branches and other specialized technology finance institutions in the Cooperation Zone based on actual demands. On the premise of compliance of law, controlled risk, and commercial sustainability, responsible entities shall deepen cooperation with external investment institutions to explore new business models such as “loan plus external direct investment” to promote the development of technology enterprises in the Cooperation Zone. (Responsible entity: Guangdong Regulatory Bureau of the National Financial Regulatory Administration)
(34) Optimize intellectual property financing models. Responsible entities shall improve the intellectual property financing mechanism, encourage banks to establish credit approval systems tailored to the characteristics of intellectual property pledge financing, and optimize business processes. They shall promote intellectual property pledge financing, including that of traditional Chinese medicine intellectual property, while effectively controlling risks. They shall also support enterprises in the Cooperation Zone in the lawful issuance of intellectual property securitization products. (Responsible entities: Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Office of the China Securities Regulatory Commission, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
13. Improve Entrepreneurial Financial Services
(35) Encourage the Clustering and Development of Venture Capital. Responsible entities shall implement special financial support policies, optimize the implementation mechanisms of tax systems and preferential policies for venture capital funds, and leverage the self-regulatory service functions of industry associations to support the collaborative development of Guangdong-Macao venture capital funds and private equity investment funds in the Cooperation Zone. (Responsible entities: Guangdong Office of the China Securities Regulatory Commission, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
(36) Encourage social capital to establish multi-currency investment funds. Responsible entities shall support private investment funds in the Cooperation Zone in fully utilizing cross-border investment policies such as QFLP (Qualified Foreign Limited Partner) and QDLP (Qualified Domestic Limited Partner), and lawfully issuing multi-currency venture capital funds and private equity investment funds based on market principles. (Responsible entities: Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province, Guangdong Local Financial Supervision and Administration Bureau, Guangdong Branch of the People’s Bank of China, Guangdong Branch of the State Administration of Foreign Exchange)
(37) Expand market-oriented exit channels for equity investment funds. Responsible entities shall support the Guangdong Equity Exchange in exploring pilot projects for the transfer of private equity and venture capital shares by establishing an operations center in the Cooperation Zone, providing comprehensive share transfer services. They shall cultivate professional institutional investors in the secondary market for private equity, and encourage the introduction of quality intermediary institutions in the secondary market for private equity, and encourage various private equity fund managers to establish S funds (secondary funds) in the Cooperation Zone and support the clustering and development of the S fund industry within the Cooperation Zone. (Responsible entities: Guangdong Office of the China Securities Regulatory Commission, Guangdong Local Financial Supervision and Administration Bureau)
14. Support the Development of the Asset Management Industry
(38) Diversify the types of asset management institutions. Responsible entities shall support the Cooperation Zone in introducing insurance asset management companies, and under the premise of account independence and risk isolation, explore the issuance of RMB-denominated insurance asset management products to overseas markets in accordance with laws and regulations. (Responsible entities: Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
(39) Encourage financial institutions in the Cooperation Zone to develop asset management businesses. Responsible entities shall increase services to overseas investors, diversify asset management products, and expand investment channels for overseas investors within the domestic market. They shall encourage financial institutions in the Cooperation Zone to develop wealth management products, private equity products from securities and futures institutions, public funds, and insurance asset management products that cater to the needs of overseas investors. Responsible entities shall support overseas investors in investing in wealth management products, private asset management products from securities and futures institutions, public funds, and insurance asset management products issued by financial institutions within the Cooperation Zone, and facilitate foreign exchange services. (Responsible entities: Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province, Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Office of the China Securities Regulatory Commission, Guangdong Branch of the State Administration of Foreign Exchange)
15. Enhance Bond Financing Services
(40) Optimize special support policies for enterprises in the Cooperation Zone to issue bonds in Macao. Responsible entities shall guide qualified enterprises in the Cooperation Zone to prioritize issuing bonds in Macao, and encourage provincial governments, planned separate municipalities, and enterprises to issue various bonds in Macao. (Responsible entities: Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province, Guangdong Branch of the People’s Bank of China, Guangdong Branch of the State Administration of Foreign Exchange, Guangdong Branch of the State Administration of Foreign Exchange, Guangdong Office of the China Securities Regulatory Commission, National Development and Reform Commission, Department of Finance of Guangdong Province, Guangdong Local Financial Supervision and Administration Bureau)
(41) Strengthen the cultivation of enterprises in the Cooperation Zone for public listing. Responsible entities shall build an enterprise financing platform, simplify exchange management procedures, enhance policy guidance for financing inside and outside the Chinese mainland, and support enterprises in the Cooperation Zone in listing or issuing bonds for financing in markets inside and outside the Chinese mainland. (Responsible entities: Guangdong Office of the China Securities Regulatory Commission, Guangdong Branch of the People’s Bank of China, Guangdong Branch of the State Administration of Foreign Exchange, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
(42) Support Macao in building a bond financing service platform. Responsible entities shall support Macao in leveraging the Cooperation Zone to develop an international bond market denominated in RMB and MOP, and to create a bond financing service platform serving the Guangdong-Hong Kong-Macao Greater Bay Area, Belt and Road participating countries, and Portuguese-speaking countries. (Responsible entities: Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province, Guangdong Branch of the People’s Bank of China, Guangdong Branch of the State Administration of Foreign Exchange, Guangdong Office of the China Securities Regulatory Commission, Guangdong Local Financial Supervision and Administration Bureau)
16. Promote the Development of International Leasing and Commercial Factoring Businesses
(43) Promote the participation of eligible leasing companies in the sharing of foreign debt quotas. When a subsidiary of a leasing company has an insufficient foreign debt quota, it may use the unused foreign debt quota of the parent company to borrow foreign debt. Responsible entities shall allow special purpose vehicles (SPVs) to share the unused foreign debt quota of their parent company. (Responsible entities: Guangdong Branch of the State Administration of Foreign Exchange, Guangdong Local Financial Supervision and Administration Bureau)
(44) Facilitate foreign exchange receipts and payments for cross-border leasing. Responsible entities shall support the handling of cross-border operational leasing foreign exchange receipts and payments by banks based on relevant transaction documents, and require banks to reasonably review the authenticity of the transaction documents and their consistency with the corresponding foreign exchange receipts and payments. (Responsible entity: Guangdong Branch of the State Administration of Foreign Exchange)
(45) Support financial leasing companies in managing exchange rate risks. Responsible entities shall allow banks to conduct RMB and foreign exchange derivative transactions (including forwards, swaps, and options) for financial leasing companies in the Cooperation Zone, facilitating hedging to mitigate exchange rate risks. (Responsible entities: Guangdong Local Financial Supervision and Administration Bureau, Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Branch of the State Administration of Foreign Exchange)
(46) Explore the transfer of leased assets in accordance with laws and regulations. Responsible entities shall promote pilot programs for the cross-border transfer of leased assets with RMB settlement, supporting leasing companies in optimizing their capital. (Responsible entities: Guangdong Local Financial Supervision and Administration Bureau, Guangdong Branch of the People’s Bank of China, Guangdong Regulatory Bureau of the National Financial Regulatory Administration)
(47) Explore international commercial factoring business in accordance with laws and regulations. Responsible entities shall support qualified commercial factoring institutions in the Cooperation Zone in providing foreign currency factoring financing services to domestic exporters. (Responsible entities: Guangdong Local Financial Supervision and Administration Bureau, Guangdong Branch of the People’s Bank of China, Guangdong Branch of the State Administration of Foreign Exchange)
17. Support Green Finance Development
(48) Improve the green finance service system. Responsible entities shall enhance green finance support policies and promote the clustering and development of green finance institutions and organizations in the Cooperation Zone. They shall encourage qualified financial institutions inside and outside the Chinese mainland to establish specialized green finance departments and distinctive branches in the Cooperation Zone and support the specialized development of green finance. They shall also improve the quality and efficiency of green finance services in the Cooperation Zone and encourage financial institutions to provide better financial services for green projects. (Responsible entities: Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province, Guangdong Local Financial Supervision and Administration Bureau, Guangdong Branch of the People’s Bank of China, Guangdong Regulatory Bureau of the National Financial Regulatory Administration)
(49) Support the Cooperation Zone in aligning with international green finance rules. Responsible entities shall leverage the Greater Bay Area Green Finance Alliance to strengthen the development of green finance standards and promote the mutual recognition of green finance standards between Hong Kong and Macao. (Responsible entities: Guangdong Branch of the People’s Bank of China, Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Local Financial Supervision and Administration Bureau)
(50) Strengthen green finance cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area. Responsible entities shall build a green finance cross-border service platform to facilitate effective connections between financial resources and green projects, promote the exchange of green finance talent, and encourage enterprises in the Cooperation Zone to use Hong Kong and Macao platforms for the certification and financing of green enterprises and projects. (Responsible entities: Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province, Guangdong Local Financial Supervision and Administration Bureau, Guangdong Branch of the People’s Bank of China, Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Office of the China Securities Regulatory Commission)
(51) Strengthen the evaluation of green finance performance for financial institutions. Responsible entities shall conduct green finance evaluations and strengthen the application of evaluation results. They shall accelerate investigation on green (enterprise) projects in the Cooperation Zone and establish a project database. Policy measures shall be introduced for financial institutions to develop green finance services to promote the development of green finance in the Cooperation Zone. (Responsible entities: Guangdong Branch of the People’s Bank of China, Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Department of Ecology and Environment of Guangdong Province, Guangdong Local Financial Supervision and Administration Bureau, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
(52) Support the Guangzhou Futures Exchange in building an electricity futures market. Responsible entities shall accelerate the development and listing of electricity and other futures products, support the Guangzhou Futures Exchange in strengthening cooperation with Hong Kong Exchanges and Clearing Limited, and jointly build a green finance platform to support the development of green financing in the Cooperation Zone. (Responsible entities: Guangzhou Futures Exchange, Guangdong Office of the China Securities Regulatory Commission, Guangdong Provincial Development and Reform Commission, Guangdong Local Financial Supervision and Administration Bureau)
18. Explore the Development of Offshore Financial Services.
(53) Strengthen ties with Hong Kong and Macao offshore financial markets. Responsible entities shall enhance communication and cooperation between the Cooperation Zone, Hong Kong Exchanges and Clearing Limited, and financial asset exchange in Macao, and support financial institutions in the Cooperation Zone in providing financial services for enterprises to carry out financing, hedging, and other offshore business in Hong Kong, Macao, and other overseas markets, under the premise of strengthening supporting institutional frameworks and ensuring risk control. (Responsible entities: Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Office of the China Securities Regulatory Commission, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
(54) Support qualified banking institutions in innovating offshore business. Responsible entities shall encourage Chinese-funded commercial banks qualified for offshore banking to establish new branches or expand and upgrade existing branches in the Cooperation Zone, authorize these branches to conduct offshore banking business, and enhance the level of offshore business operations. In compliance with laws and regulations, responsible entities shall appropriately relax the restrictions on the use and terms of loans in offshore banking, and allow non-resident loan business to follow the same loan rules as in Macao to develop offshore banking services. (Responsible entities: Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province, Guangdong Local Financial Supervision and Administration Bureau, Guangdong Branch of the People’s Bank of China)
IV. Facilitate Cross-border Trade, Investment and Financing
19. Facilitate Trade Settlement
(55) Facilitate trade foreign exchange receipts and payments for quality enterprises. Responsible entities shall guide qualified and prudent banks in the Cooperation Zone to accurately verify client identities, improve client classification reviews and dynamic credit management based on the client’s credit standing, compliance level, and risk control capabilities, and handle trade foreign exchange settlements for quality enterprises based on the principle of substance over form. This will enhance the facilitation of new trade formats such as cross-border e-commerce. (Responsible entity: Guangdong Branch of the State Administration of Foreign Exchange)
(56) Allow qualified enterprises to directly exchange foreign currency for real trade settlement. Responsible entities shall allow enterprises in the Cooperation Zone to directly purchase foreign exchange for RMB-denominated import payments and transfer the funds to overseas exporters. (Responsible entity: Guangdong Branch of the People’s Bank of China)
(57) Explore the development of letter of credit insurance business. In compliance with laws and regulations, responsible entities shall explore the development of letter of credit insurance business in the Cooperation Zone and actively leverage the role of policy-based insurance. (Responsible entity: Guangdong Regulatory Bureau of the National Financial Regulatory Administration)
20. Promote Cross-border RMB Settlement
(58) Support new trade formats with cross-border RMB facilitation settlement services. Subject to meeting the requirements for transaction information collection and authenticity verification, responsible entities shall support banks in the Cooperation Zone in directly providing cross-border RMB facilitation settlement services for new trade format market entities, such as cross-border e-commerce, based on electronic transaction information. Based on the business principle of “knowing client”, “knowing business”, and “due diligence”, banks in the Cooperation Zone may cooperate with non-bank payment institutions legally authorized to engage in internet payment business and with legally qualified clearing institutions to provide cross-border RMB settlement services for market trading entities and individuals under current items. (Responsible entity: Guangdong Branch of the People’s Bank of China)
(59) Support financial institutions in the Cooperation Zone in providing convenient cross-border settlement and trade financing services for new types of international trade, such as offshore resale transactions. Responsible entities shall carry out real and legitimate offshore resale transactions in the Cooperation Zone. Financial institutions in the Cooperation Zone shall be permitted to explore innovations in the authenticity management of offshore resale transactions, enhancing review efficiency based on client credit classification and business models, and providing convenient cross-border settlement and trade financing services. Encourage the use of free trade accounts (FT Accounts) or electronic fence accounts to provide convenient cross-border settlement services for new forms of international trade. (Responsible entity: Guangdong Branch of the People’s Bank of China)
(60) Encourage the use of RMB for denomination and settlement in cross-border trade and investment in the Cooperation Zone. Responsible entities shall encourage the Cooperation Zone to use RMB for pricing and settlement in trade of bulk commodities such as iron ore with Portuguese-speaking countries. They shall support investors within and outside the Chinese mainland to use RMB in cross-border venture capital and related investment and trade and encourage cross-border e-commerce and other new trade format market entities to use RMB in cross-border settlements. (Responsible entities: Guangdong Branch of the People’s Bank of China, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
(61) Expand the influence of the RMB cross-border inter-bank payment system in the Cooperation Zone, Macao, and Portuguese-speaking countries. Responsible entities shall support eligible Macao institutions in the Cooperation Zone in connecting to the RMB cross-border inter-bank payment system (CIPS). (Responsible entity: Guangdong Branch of the People’s Bank of China)
21. Facilitate Foreign Exchange for Foreign Direct Investment
(62) Facilitate foreign exchange for foreign direct investment. Responsible entities shall simplify management in accordance with the pre-establishment national treatment plus negative list model, and enhance the convenience of registration and exchange processes for foreign exchange. (Responsible entity: Guangdong Branch of the State Administration of Foreign Exchange)
(63) Simplify procedures for foreign investors to conduct domestic equity investments. For foreign-invested enterprises conducting domestic equity reinvestment (excluding direct or indirect investment in real estate) in the Cooperation Zone, the invested enterprise or the equity transferor is not required to complete registration for receiving domestic reinvestment. (Responsible entity: Guangdong Branch of the State Administration of Foreign Exchange)
(64)Support the pilot program for canceling special deposit accounts for RMB capital funds of foreign direct investment. Provided that the use of funds complies with regulations and transactions are traceable, settlement banks may directly handle the entry and settlement of RMB capital funds for eligible foreign-invested enterprises in the Cooperation Zone, without the need to open special deposit accounts for RMB capital funds. (Responsible entity: Guangdong Branch of the People’s Bank of China)
22. Develop a Cross-Border Investment Management System That Adapts to New Market Demand Trends
(65) Optimize the foreign exchange management system for qualified foreign limited partners (QFLP). Responsible entities shall simplify foreign exchange registration procedures, broaden the scope of domestic fund usage, and facilitate cross-border fund flows, and allow qualified foreign limited partners within the Cooperation Zone to freely remit funds in and out under a balance management model. (Responsible entities: Guangdong Branch of the State Administration of Foreign Exchange, Administration Office of the Guangdong-Macao In Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
(66) Promote the Qualified Domestic Limited Partners (QDLP) pilot program. Responsible entities shall broaden the channels for entities within the Cooperation Zone to invest abroad, allowing them to carry out equity and debt investments that comply with national policies, thereby enhancing cross-border financial asset allocation capabilities. Responsible entities shall provide a basic quota of USD 1 billion for the Qualified Domestic Limited Partner (QDLP) pilot program in the Cooperation Zone, with the possibility of issuing additional quotas annually based on specific rules as needed. (Responsible entities: Guangdong Local Financial Supervision and Administration Bureau, Guangdong Branch of the State Administration of Foreign Exchange, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
(67) Support multinational enterprises in the Cooperation Zone in carrying out centralized cross-border fund management. Responsible entities shall promote the development of integrated cross-border capital pool businesses that combine domestic and foreign currencies for qualified enterprises in the Cooperation Zone, encourage multinational corporate groups to standardize their cross-border centralized fund management operations within the Cooperation Zone, and further facilitate the coordinated use of cross-border funds by multinational corporate groups. (Responsible entities: Guangdong Branch of the State Administration of Foreign Exchange, Guangdong Branch of the People’s Bank of China)
23. Optimize Foreign Debt Management
(68) Explore the consolidation of foreign debt management frameworks at the transaction stage. Responsible entities shall improve the audit and registration management of enterprise-issued foreign debt, implement comprehensive cross-border financing macro-prudential management for non-financial enterprises (excluding real estate companies and local government financing platforms) in the Cooperation Zone, and facilitate foreign debt fund exchange. (Responsible entity: Guangdong Branch of the State Administration of Foreign Exchange)
(69) Support non-financial enterprises in independently borrowing external debt. Under the comprehensive cross-border financing macro-prudential management framework, responsible entities shall support qualified non-financial enterprises in the Cooperation Zone in independently borrowing foreign debt based on actual financing needs, gradually achieving full convertibility of foreign debt for non-financial enterprises in the Cooperation Zone. (Responsible entity: Guangdong Branch of the State Administration of Foreign Exchange)
24. Enhance the Convenience of Cross-Border Securities Investment and Financing Exchange
(70) Simplify the process for non-financial enterprises to handle cross-border foreign exchange business registration procedures. Responsible entities shall promote the registration of foreign exchange business for overseas listings, employee equity incentive plans, and overseas hedging by qualified non-financial enterprises in the Cooperation Zone through banks, and simplify the relevant documentation requirements. (Responsible entity: Guangdong Branch of the State Administration of Foreign Exchange)
(71) Enhance the convenience of capital settlement under the capital account for non-financial enterprises. Non-financial enterprises in the Cooperation Zone may autonomously use income under the capital account, including capital, foreign debt, and funds raised from overseas listings, within their business scope. The foreign exchange settlement pending account for capital settlement shall be canceled, allowing settlement funds to be directly transferred to the enterprise’s RMB account. (Responsible entity: Guangdong Branch of the State Administration of Foreign Exchange)
V. Strengthen Financial Supervision Cooperation
25. Enhance Financial Supervision
(72) Improve the mechanisms for financial risk prevention, early warning, and resolution in the Cooperation Zone. Responsible entities shall establish a mechanism for financial risk prevention and control in Guangdong and Macao, reinforce responsibility for local risk prevention and resolution, enhance risk monitoring and early warning, and strengthen risk prevention in key areas to prevent cross-border transmission of risks. They shall also explore advancing the transfer of financial risk clues and cross-border investigations. Under the authorization or guidance of higher-level units, responsible entities shall lawfully assist in retrieving relevant materials from relevant units or individuals, delivering legal documents, and conducting inquiries with the parties involved. (Responsible entities: Guangdong Branch of the People’s Bank of China, Guangdong Branch of the State Administration of Foreign Exchange, Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Office of the China Securities Regulatory Commission, Guangdong Provincial Public Security Department, Guangdong Sub-Administration of GACC, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
(73) Strengthen the monitoring of abnormal fund movements in the Cooperation Zone. Responsible entities shall strengthen efforts in anti-money laundering, anti-terrorist financing, anti-tax evasion, and anti-smuggling, as well as regulatory cooperation. They shall deepen anti-money laundering regulatory cooperation between Hengqin and Macao, and enhance the regulatory cooperation and information exchange mechanisms in the Cooperation Zone. They shall guide financial institutions in the Cooperation Zone to strengthen money laundering risk management, improve monitoring of cross-border fund anomalies, and bolster risk prevention. They shall also promote joint assessment and risk notification mechanisms for cross-border money laundering risks in the Cooperation Zone. (Responsible entities: Guangdong Branch of the State Administration of Foreign Exchange, Guangdong Branch of the State Administration of Foreign Exchange, Supervision and Administration, Guangdong Office of the China Securities Regulatory Commission, Guangdong Provincial Public Security Department, Guangdong Sub-Administration of GACC, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province, Guangdong Provincial Tax Service of the State Taxation Administration)
(74) Strengthen regional financial regulatory coordination. Responsible entities shall reinforce the responsibilities of all parties, strengthen the supervision of financial institutions and local financial organizations in the Cooperation Zone, guide financial institutions to prudently carry out financial innovation, and oversee local financial organizations to ensure compliant development, while enhancing internal control and risk management capabilities. (Responsible entities: Guangdong Branch of the People’s Bank of China, Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Office of the China Securities Regulatory Commission, Guangdong Local Financial Supervision and Administration Bureau, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
(75) Implement various special initiatives and long-term risk rectification mechanisms. Responsible entities shall strengthen communication and cooperation between Guangdong-Macao financial regulatory departments and central financial management and regulatory departments stationed in Guangdong. They shall conduct financial risk assessments and information exchange in the Cooperation Zone, and promptly notify each other of financial risk hazards and clues, ensuring that risk prevention aligns with financial reform and innovation. (Responsible entities: Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province, Guangdong Branch of the People’s Bank of China, Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Office of the China Securities Regulatory Commission, Guangdong Local Financial Supervision and Administration Bureau)
26. Explore Innovations in Cross-Border Financial Regulation
(76) Enhance regulatory rules for financial innovation. Responsible entities shall explore regulatory collaboration between Guangdong and Macao in financial technology innovation, promote joint testing of cross-border financial projects, and gradually enhance regulatory rules for financial innovation. They shall encourage institutions and enterprises in the Cooperation Zone to participate in applying for Guangdong-Macao financial technology innovation regulatory cooperation projects, and explore the establishment of a coordinated and effective regulatory cooperation mechanism for cross-border financial innovation. (Responsible entities: Guangdong Branch of the People’s Bank of China, Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Office of the China Securities Regulatory Commission, Guangdong Local Financial Supervision and Administration Bureau, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
(77) Improve communication mechanisms with Macao financial authorities. Responsible entities shall establish a robust communication mechanism with Macao financial management authorities to enhance information sharing and personnel exchange mechanisms between financial regulatory authorities in both regions. Organize regular meetings to discuss financial regulation and innovation issues, and coordinate solutions to challenges in cross-border financial development and regulation. They shall leverage platforms such as the Guangdong-Macao Financial Cooperation Conference, the Guangdong-Hong Kong-Macao-Shenzhen Insurance Regulatory Joint Conference, and the Guangdong-Macao Financial Cooperation Task Force to enhance cross-border financial regulatory cooperation in the Cooperation Zone. (Responsible entities: Guangdong Branch of the People’s Bank of China, Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Office of the China Securities Regulatory Commission, Guangdong Local Financial Supervision and Administration Bureau, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
(78) Enhance the research and application of regulatory technology. Responsible entities shall support Macao in joining the Guangdong-Hong Kong-Macao Greater Bay Area Financial Technology Innovation Regulatory Cooperation Mechanism, deepen regulatory collaboration among Guangdong, Hong Kong, and Macao, and provide one-stop testing services for cross-border innovative applications. They shall strengthen cooperation between the Cooperation Zone and the Guangdong Financial Risk Monitoring and Early Warning Platform to better align risk model profiles with operational needs, and effectively manage financial risks involving the public in the Cooperation Zone. They shall also focus on data application to promote the transfer of risk control tools and technologies from large banks to small and medium-sized banks. National blockchain innovation pilot programs shall also be promoted to enhance the intelligent regulatory capabilities of authorities and the risk control capabilities of financial institutions. (Responsible entities: Guangdong Branch of the People’s Bank of China, Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Office of the China Securities Regulatory Commission, Guangdong Local Financial Supervision and Administration Bureau, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
27. Strengthen Legal Safeguards for Finance
(79)Support international investment arbitration and mediation in the Cooperation Zone. Responsible entities shall leverage the professional arbitration and commercial mediation functions of the Hengqin International Arbitration Center and the Hengqin International Commercial Mediation Center to establish and improve diverse mechanisms for resolving financial disputes, such as the integration of mediation and arbitration, providing fair and convenient mediation and arbitration services for the financial industry in the Cooperation Zone. (Responsible entities: Department of Justice of Guangdong Province, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
(80) Strengthen collaborative efforts between Guangdong and Macao financial regulatory authorities in financial consumer protection. Responsible entities shall guide financial dispute mediation organizations in Guangdong and Macao in establishing and improving mediation cooperation mechanisms. They shall enhance collaboration between relevant financial regulatory authorities in Guangdong and Macao, the Zhuhai Intermediate People’s Court, and the People’s Court of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin to effectively protect financial consumer rights. Responsible entities shall leverage the Hengqin (Guangdong-Macao) Financial Dispute Mediation Center to mediate financial disputes for financial institutions in Zhuhai and Macao and promote mechanisms, such as small-amount quick mediation, model judgments, and uncontested fact recording, and leverage the online litigation-mediation platform, to comprehensively advance the diversified resolution of financial disputes between Guangdong and Macao. (Responsible entities: Guangdong Branch of the People's Bank of China, Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Office of the China Securities Regulatory Commission, Higher People’s Court of Guangdong Province, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
VI. Safeguard Measures
28. Strengthen the Party’s Leadership
(81) Adhere to and strengthen the Party’s overall leadership. Responsible entities shall fully fulfill the responsibilities of financial industry supervisory departments to unify industry management and Party building, and strengthen leadership over Party building within the industry. They shall steadily advance the initiatives for both Party organization coverage and work coverage (known as the “Two Coverages”) in the financial industry of the Cooperation Zone, and vigorously strengthen the standardized and normalized development of primary level party organizations. Responsible entities shall actively explore the organic integration of Party leadership with the internal governance of financial institutions and enterprises, effectively strengthen the “Four Consciousness” (consciousness of the need to maintain political integrity, think in terms of the general picture, follow the core leadership of the Central Committee of the Communist Party of China, and act in accordance with its requirements), stay firm in the “Four Confidence” (confidence in the political path, theory, system, and culture of socialism with Chinese characteristics), and practice “Two Upholds” (upholding Comrade Xi Jinping’s core position on the Party Central Committee and in the Party as a whole and upholding the Party Central Committee’s authority and its centralized, unified leadership). Responsible entities shall integrate the Party’s leadership throughout the entire process of development, construction, and financial work in the Cooperation Zone, and transform the Party’s political and organizational advantages into strong guarantees for the comprehensive deepening of reform and opening-up, better serving the high-quality economic and social development of the Cooperation Zone. (Responsible entities: Working Committee of the Guangdong Provincial Party Committee for the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
29. Strengthen Organization and Implementation
(82) Strengthen the supervision and inspection of reform matters. Each responsible entity shall establish a work log, identify the responsible department, person in charge, contact person, work plan, and completion timeline for the tasks involved. They shall regularly report on the implementation of tasks on a quarterly basis, and promptly summarize and evaluate progress. In the event of major issues, they shall promptly report to the provincial Party committee, provincial government, and relevant central ministries and commissions in accordance with established procedures. (Responsible entities: Guangdong Branch of the People’s Bank of China, Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Office of the China Securities Regulatory Commission, Guangdong Local Financial Supervision and Administration Bureau, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
(83) Fully leverage the policy of application for empowerment based on lists. Based on the actual needs of the Cooperation Zone, responsible entities shall explore the alignment of mechanisms and rules in areas such as connectivity with Macao’s financial market, cross-border use of RMB, and cross-border capital flows. All relevant departments and the Cooperation Zone shall actively seek support from relevant central ministries and commissions and promptly report matters requiring authorization. (Responsible entities: Guangdong Branch of the People’s Bank of China, Guangdong Regulatory Bureau of the National Financial Regulatory Administration, Guangdong Office of the China Securities Regulatory Commission, Guangdong Local Financial Supervision and Administration Bureau, Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
31. Strengthen Talent Recruitment and Development
(84) Strengthen the recruitment of high-level financial professionals. Responsible entities shall fully leverage and implement talent support policies, including the 15% individual income tax policy, in the Cooperation Zone to attract international high-level financial professionals. (Responsible entity: Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
(85) Deepen exchange and cooperation between the Cooperation Zone and Macao in the cultivation of financial talents. Responsible entities shall improve the expertise of financial practitioners by establishing regular online and offline financial talent exchange and training activities. They shall everage think tanks and industry organizations in both regions to host various professional exchange activities, cultivating financial talent for the Cooperation Zone and Macao. (Responsible entity: Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)
(86) Develop a distinctive Guangdong-Macao financial exhibition brand. Responsible entities shall explore and discuss measures for financial reform and innovative development in the Cooperation Zone and Macao, and establish a communication platform for the financial industries of both regions. (Responsible entity: Administration Office of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin of the People’s Government of Guangdong Province)