China rolls out 30 financial policies to boost Nansha as key hub for GBA cooperation

More financial support is expected for Nansha's construction to further strengthen its role as a driving force for the high-quality development of the Guangdong-Hong Kong-Macao Greater Bay Area.

It was announced in the Opinions on Financial Support for Nansha, Guangzhou to Deepen Comprehensive Cooperation among Guangdong, Hong Kong and Macao Facing the World issued by the People's Bank of China, the National Financial Regulatory Administration, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and the People's Government of Guangdong Province on May 12.

The document put forward 30 key measures, such as improving financial services for innovation and entrepreneurship, strengthening financial services in social and people's livelihood fields, developing characteristic financial services, and promoting the interconnection of financial markets in the Guangdong-Hong Kong-Macao region.

Support will be available to construct a base for cooperation in technological innovation industries, including supporting technological innovation industries, high-end manufacturing industries, digital industries, marine industries, future industries, and youth innovation and entrepreneurship.

It is set to facilitate cross-border payment services and cross-border credit financing. For example, it will expand the scope of pilot banks for agent-witnessed account openings for Hong Kong and Macao residents and explore pilot video interviews for credit card applications. 

It will also support the establishment of advanced financial colleges and international economic research institutions in Nansha by institutions from Guangdong, Hong Kong, and Macao, build a cross-border financial professional talent pool, and facilitate the practice of international professionals.

Nansha is encouraged to develop distinctive financial services, including green, digital, and shipping finance. 

Currently, Guangzhou is at a critical stage of enhancing the capacity of its international shipping hub, and the document has proposed developing shipping finance services that support the construction of the global shipping hub and guiding and encouraging shipping enterprises to use RMB for pricing and settlement of international freight charges.