“The cross-border e-commerce comprehensive test zone has very high requirements for the international financial system. After the establishment of Hengqin Guangdong Macao deep cooperation zone (hereinafter referred to as” Shenzhen cooperation zone “), the cooperative support of banks in Qinzhou and Macao has made our services more stable in internationalization, especially for Portuguese speaking countries.” Zhou Yunxian, founder and CEO of Zhuhai Hengqin cross border network technology Co., Ltd. (hereinafter referred to as “cross border theory”), said in an interview with Nanfang finance and economics all media reporters. According to statistics, at present, there are 132 comprehensive cross-border e-commerce pilot areas in China, of which Guangdong has achieved full coverage of cross-border e-commerce pilot areas in the whole province, ranking first in the country.
Zhou Yunxian said that in the past, some businesses of enterprises could only be handled in Singapore and other countries. With the improvement of the financial infrastructure of the Shenzhen cooperation zone, especially the advantages of Macao as a free trade port, it also brings more possibilities for the internationalization of local products and the digitization of traditional trade.
With the extension of the advantages of Macao free port to Hengqin Shenzhen cooperation zone, such “first try” is bound to appear more and more on this hot land. In September 2021, relevant leaders of Guangdong Province said that they would make full use of the financial capital advantages of Macao free port, orderly promote the interconnection of Guangdong and Macao financial markets, implement more flexible and convenient financial management policies in the fields of cross-border direct investment, cross-border financing and cross-border securities investment, and gradually explore the free inflow and outflow of cross-border capital and promote the convertibility of capital accounts.
Recently, the all media reporter of Nanfang finance and economics visited financial institutions such as China Industrial And Commercial Bank Of China Limited(601398) Hengqin Guangdong Macao deep cooperation zone branch and Bank Of China Limited(601988) Hengqin Guangdong Macao deep cooperation zone branch. The reporter noted that many financial institutions are increasing their support for the diversified development of Macao’s industry and providing services for enterprises to “go global” to carry out investment and financing. Among them, the cross-border cooperation between Qinzhou and Macao banks has become a normal mode to promote Guangdong Macao financial cooperation. By promoting the regional financial market to take the lead in highly opening up, the financial interconnection of Dawan district has been further developed.
nearly 2000 financial companies gather in Hengqin
At present, Hengqin Guangdong Macao deep cooperation zone is accelerating to attract various capital and financial institutions from outside China.
According to the statistics of the Financial Development Bureau of Hengqin Guangdong Macao deep cooperation zone, by the end of December 2021, there were 71 licensed institutions approved or filed by the national financial regulatory authorities, 57 “7 + 4” local financial organizations, 1456 wealth management financial enterprises and 355 other financial enterprises in the zone.
Among them, it covers a variety of subdivided financial enterprises such as banking, securities, insurance, asset management and commercial factoring, laying a solid foundation for supporting the integrated development of modern financial industries such as wealth management, bond market and financial leasing.
According to the data, in 2021, the added value of the financial industry in Shenzhen cooperation zone was 16.207 billion yuan, a year-on-year increase of 10.3%, accounting for 35.6% of the regional GDP; The tax revenue of the financial industry reached 10.2 billion yuan, accounting for 32% of the tax revenue, with a year-on-year increase of 38.3%. The balance of domestic and foreign currency deposits in Shenzhen cooperation zone exceeded 160 billion yuan, and the balance of various loans exceeded 140 billion yuan.
The overall plan for the construction of Hengqin Guangdong Macao deep cooperation zone (hereinafter referred to as the overall plan) proposes to encourage social capital to set up multi currency venture capital funds and private equity investment funds in accordance with the market-oriented principle, attract foreign capital and increase support for high-tech industries and innovation and entrepreneurship in the cooperation zone.
At present, the public and private equity funds in Shenhe District are relatively large. In 2021, the asset management scale of fund management companies approved by the CSRC exceeded 4 trillion yuan. In addition, in December 2021, industrial funds such as Guangdong Macao semiconductor fund with a scale of 10 billion and Guangdong integrated circuit and semiconductor industry fund design sub fund with a scale of 5 billion also landed in Shenzhen cooperation zone, which will guide more major industrial projects of integrated circuit related industries to settle in Shenzhen cooperation zone.
In addition to fund companies, traditional financial institutions such as banks also act frequently. For example, China Industrial And Commercial Bank Of China Limited(601398) Hengqin Guangdong Macao deep Cooperation Zone Branch innovated the cross-border asset management mode and established a 14 billion yuan ICBC China Railway Construction qflp fund. At present, the first batch of 1.6 billion yuan has been raised in place. While enriching the investment channels in the Macao market, it provides cross-border financing services integrating equity and debt for enterprises in Shenzhen cooperation zone.
In addition, Bank Of China Limited(601988) Hengqin Guangdong Macao deep Cooperation Zone Branch launched “Guangdong Macao shared loan 2.0” in 2021, and introduced BOC Macao for two-way credit in line with Shenzhen cooperation zone’s policies to support foreign debt facilitation of science and technology enterprises. By the end of 2021, 50 shared loan customers had been approved, with an approved amount of 250 million yuan and a balance of 147 million yuan.
“When some Macao scientific and technological innovation enterprises or other diversified industrial enterprises come to Hengqin for development, we will refer to some of their actual business development and credit in Macao and directly provide credit support to them through the mainland to meet some capital needs of Macao enterprises in the early stage of development.” Bank Of China Limited(601988) Hengqin Guangdong Macao deep cooperation zone branch party secretary and President Liu Xianghong analyzed the all media reporter of Nanfang finance and economics that in the future, Shenzhen cooperation zone will attract a number of science and technology-based enterprises to land. Due to the large amount of early R & D investment of these enterprises, they need to provide enterprises with full life-cycle services through modern finance.
In the view of many respondents, with the development of modern finance and cross-border finance in the Shenzhen cooperation zone, it will further promote its rapid development in high-tech industries and support the moderately diversified development of Macao’s industries. At the same time, mainland enterprises are expected to be able to make use of the window with low overseas interest rates for overseas financing through the Macao bond market.
explore a new path of cross-border finance
While promoting a high degree of openness of regional financial markets, Hengqin Guangdong Macao deep cooperation zone continues to make efforts in exploring a new path of cross-border deep cooperation.
At present, in the construction of “two platforms and six systems” in the cross-border e-commerce comprehensive pilot zone, we cooperate with banks to build a settlement and clearing system. Zhou Yunxian told the all media reporter of Nanfang finance and economics that the banks in Qinzhou and Macao cooperated synchronously to provide a clearing and sorting system, which provided strong support for enterprises to engage in the construction of a comprehensive cross-border e-commerce pilot zone.
“When we are doing some overseas business, there will be some bottlenecks in the offshore trade of FT accounts in other cities, such as the first collection and then expenditure, and the money collected each time is more than the money you spend each time, otherwise the money cannot be paid out, etc. through the synchronous cooperation of banks in Qinhuangdao and Macao, we actually try to establish a new mechanism to solve the existing barriers.” In Zhou Yunxian’s view, in the future, with the help of the advantages of Macao free port, Shenzhen cooperation zone can radiate more regions through the construction of financial services. In addition, the cooperation between the banks of the two places has brought great convenience to Macao enterprises to enter the mainland for development.
The overall plan also proposes to give full play to Macao’s role as a window for Portuguese speaking countries and support the Shenzhen cooperation zone to build a financial service platform between China and Portuguese speaking countries. Ye Guiping, associate vice president of the City University of Macao, once pointed out that Macao has a prominent financial position, and it is of great strategic significance to build a financial service platform between China and Portuguese speaking countries in Hengqin. In this way, we can rely on Macao financing platform or bond market to connect Portuguese speaking countries, expand new markets on the one hand, and leverage more foreign investment on the other hand.
In fact, the growth of RMB settlement volume in Hengqin Guangdong Macao deep cooperation zone can also be seen. In 2021, the RMB cross-border settlement volume of Shenzhen cooperation zone was RMB 232118 billion, with a year-on-year increase of 47.9%.
Since the opening of the management organization of Shenzhen cooperation zone, China Industrial And Commercial Bank Of China Limited(601398) Hengqin Guangdong Macao deep Cooperation Zone Branch has successfully handled the first cross-border RMB account financing business of Shenzhen cooperation zone, with a total of more than 15 billion yuan so far. In addition, China China Construction Bank Corporation(601939) Hengqin branch and China China Construction Bank Corporation(601939) Macao Branch cooperated to launch the innovative product “cross border excellent payment” to further improve the cross-border use level of RMB.
As the first batch of cross-border RMB settlement business pilots in China, Hengqin has unique geographical advantages and a set of “first try” supporting policies. The overall plan also proposes to support the development of cross-border RMB settlement business in Shenzhen cooperation zone, and encourage and support domestic and foreign investors to use RMB in cross-border venture capital and related investment and trade.
Li Yong, vice president of China Industrial And Commercial Bank Of China Limited(601398) Guangdong branch and Secretary of the Party committee and President of Hengqin Guangdong Macao deep Cooperation Zone Branch, gave an example to the all media reporter of Nanfang finance and economics, saying that China Industrial And Commercial Bank Of China Limited(601398) Hengqin Guangdong Macao deep Cooperation Zone Branch innovated and launched the “dual cycle cross-border financial services in ICBC bay” scheme, focusing on strengthening the construction of cross-border settlement, financing, trading and other platforms, Effectively connect the two markets and make good use of the two resources to help the prosperity of Macao’s bond market and modern financial industry and promote industrial diversification.
\u3000\u3000 “With the development of Hengqin Guangdong Macao deep cooperation zone, the attraction of Macao’s bond market will increase significantly. More and more enterprises will go to Macao to issue bonds, which is a trend. Macao is expected to become an offshore RMB market with active transactions. In addition, the continuous acceleration of offshore and onshore integration and interconnection of financial markets will promote capital flow, business flow, logistics, talent flow, information flow and technology flow The art flow is gathered and undertaken in Hengqin, deepening the opening-up and internal driving. ” Li Yong said.
The reporter noted that in addition to commercial support, there is also a lot of financial support for people’s livelihood, which actually reflects the development of Qin Macao integration.
Mr. Wang, a Macao resident who has lived in Hengqin for nearly four years, has a deep feeling about this. “In the past, it was very troublesome for Macao people to do business. Now the card opening and social security business are very smooth.” It is understood that Macao customers can open accounts, transfer money, report loss and other businesses in some banks with their home return card. At the same time, they also provide one-stop full process social security card processing services. It takes only 30 minutes from customers’ insurance to card collection.
It is reported that Bank Of China Limited(601988) Hengqin Guangdong Macao deep Cooperation Zone Branch has launched a number of innovative businesses such as “one stop” BOC Zhuhai medical insurance for Macao residents, Macao single license vehicle guarantee, “BOC smart pay Macao cross-border wallet” and so on. By the end of 2021, Zhuhai Bank Of China Limited(601988) Wuxi Online Offline Communication Information Technology Co.Ltd(300959) had handled 41000 social security cards for Macao residents, accounting for 77%.
In addition, to promote the integration of people’s livelihood in Qinqin and Macao, the branch of China Industrial And Commercial Bank Of China Limited(601398) Hengqin Guangdong Macao deep cooperation zone previously launched a series of “ICBC qinmacao link” products to facilitate Macao enterprises to carry out business, settlement, investment and financing, transactions, facilitate Macao residents to purchase, consume, manage money and live in Hengqin, and promote non differential and non sensitive exchanges between Macao enterprises and Macao people in Hengqin, Macao.
In fact, according to the CEPA agreement, Australian funded financial institutions face higher thresholds and conditions for entering the mainland. For example, in order to serve the economic development of Hengqin new area, the Bank of Macao is allowed to set up a branch or legal entity in Hengqin, and the total assets at the end of the year before the application is made shall not be less than US $4 billion; Macao insurance companies and their groups formed through integration or strategic merger must meet the total assets of the group of more than US $5 billion when entering the mainland insurance market.
The overall plan proposes to support the Shenzhen cooperation zone to expand the opening of service fields to Macao and reduce the access threshold for Australian funded financial institutions to establish banks and insurance institutions. This also means that it will be more convenient for Macao’s financial services industry to extend to the Shenzhen cooperation zone.
In the view of the financial institutions interviewed, various measures have actually created a financial environment converging with Macao, solved the demand of Macao funded enterprises and Macao residents for financial services in the Shenzhen cooperation region, and provided convenient and converging financial services for Macao enterprises and residents in the region.
