Opinions for Financially Promoting Comprehensive Cooperation among Guangdong, Hong Kong and Macao by Further Deepening Opening-up in Nansha District of Guangzhou

(This English translation is for reference only. The Chinese version shall prevail in case of any inconsistencies.）

"Opinions for Financially Promoting Comprehensive Cooperation among Guangdong, Hong Kong and Macao by Further Deepening Opening-up in Nansha District of Guangzhou" Jointly Issued by the People's Bank of China (PBC), National Financial Regulatory Administration (NFRA), China Securities Regulatory Commission (CSRC), State Administration of Foreign Exchange (SAFE), and the People's Government of Guangdong Province

To thoroughly implement the strategic arrangements of the CPC Central Committee and the State Council regarding the development of the Guangdong-Hong Kong-Macao Greater Bay Area, and to fulfill the requirements outlined in the Overall Plan for Promoting Comprehensive Cooperation among Guangdong, Hong Kong, and Macao by Further Deepening Opening-up in Nansha District of Guangzhou, recently, the People's Bank of China (PBC), National Financial Regulatory Administration (NFRA), the China Securities Regulatory Commission (CSRC), the State Administration of Foreign Exchange (SAFE), and the People's Government of Guangdong Province have jointly issued Opinions for Financially Promoting Comprehensive Cooperation among Guangdong, Hong Kong and Macao by Further Deepening Opening-up in Nansha District of Guangzhou (hereinafter referred to as the "Opinions").

The opinion proposes 30 key measures across several areas, including improving financial services for innovation and entrepreneurship, strengthening financial services in social and livelihood sectors, developing specialized financial services, advancing the connectivity of financial markets within the Guangdong-Hong Kong-Macao region, promoting cross-border financial innovation and exchange, and refining financial regulatory mechanisms. These measures aim to enhance Guangzhou Nansha's leading and driving role in building the Guangdong-Hong Kong-Macao Greater Bay Area into a "strategic pivot for fostering a new development paradigm, a demonstration zone for high-quality development, and a pioneer in Chinese modernization."

Moving forward, the People's Bank of China and the People's Government of Guangdong Province will collaborate with relevant departments to ensure the implementation of the measures outlined in the Opinions. This will further strengthen the role of finance in supporting the high-quality development of Guangzhou Nansha and the Guangdong-Hong Kong-Macao Greater Bay Area, elevate the development of the Greater Bay Area to a new level, and contribute to high-standard financial openness and high-quality economic development.

Attachments:

People's Bank of China (PBC), National Financial Regulatory Administration (NFRA), China Securities Regulatory Commission (CSRC), State Administration of Foreign Exchange (SAFE), and People's Government of Guangdong Province

Opinions for Financially Promoting Comprehensive Cooperation among Guangdong, Hong Kong and Macao by Further Deepening Opening-up in Nansha District of Guangzhou

To thoroughly implement the strategic arrangements of the CPC Central Committee and the State Council regarding the development of the Guangdong-Hong Kong-Macao Greater Bay Area, and comply with the requirements of the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area and the Overall Plan for Promoting Comprehensive Cooperation among Guangdong, Hong Kong and Macao by Further Deepening Opening-up in Nansha District of Guangzhou, the following opinions are put forward to steadily advance financial reform, expand the opening-up in the financial sector, and support Guangzhou Nansha's leading and driving role in building the Guangdong-Hong Kong-Macao Greater Bay Area into a "strategic pivot for fostering a new development paradigm, a demonstration zone for high-quality development, and a pioneer in Chinese modernization." 

I. General Requirements

Upholding the philosophy of Based in the Greater Bay Area, in coordination with Hong Kong and Macao, and embracing a global outlook, we will increase financial support for the development of Nansha, further enhance Nansha's role as a driving force for high-quality development in the Guangdong-Hong Kong-Macao Greater Bay Area, and build Nansha into a pilot demonstration window for the opening-up of China's financial industry, a functional cluster for financial innovation, and a key node in the Greater Bay Area's international financial hub.

II. Key Tasks

 (I) Improving Financial Services for Innovation and Entrepreneurship and Supporting the Construction of Collaborative Bases for Sci-Tech Innovation Industries

1. Support the development of the sci-tech innovation industry. For enterprises aligning with Nansha's industrial development orientation, financial institutions are supported to innovate bill discount products, increase bill financing support, and strengthen diversified intellectual property-related financial services while ensuring legal and regulatory compliance and controllable risks. Banking institutions are encouraged to cooperate with external investment institutions and explore new business models such as "loan + external direct investment". Insurance institutions are supported to invest in venture capital funds or directly invest in sci-tech innovation enterprises in accordance with applicable laws and regulations.

2. Support the development of the high-end manufacturing industry. Government-guided funds are supported to target the list of key generic technologies relevant to Nansha’s priority industries and key manufacturing industries, and social capital shall be guided towards targeted investment. Financial institutions and core enterprises in the manufacturing supply chain are encouraged to connect to the Accounts Receivable Financing Service Platform of the Credit Reference Center of the People's Bank of China, and mechanisms for information sharing and accounts receivable confirmation shall be improved. Qualified manufacturing and sci-tech innovation enterprises in Nansha are supported to issue sci-tech innovation bonds and bills, explore the equity-debt hybrid financing model, and eligible key manufacturing enterprises shall be promoted to list and finance at home and abroad.

3. Support the development of the digital industry. The establishment of data computing centers, R&D and certification centers, evaluation centers, regulatory platforms and other institutions dedicated to the integrated application of key digital technologies (e.g., blockchain and artificial intelligence) with financial scenarios in Nansha is supported. The Canton Data Exchange is supported to improve comprehensive services for data circulation and transactions, strengthen cooperation with licensed digital asset trading platforms in Hong Kong SAR, and innovate digital asset trading services. 

4. Support the development of the marine industry and future industry. Financial institutions are encouraged to increase support for the marine industry, commercial aerospace, and all-domain unmanned industries, while ensuring compliance with laws and regulations and controllable risks. Equity investment funds are encouraged to invest in the marine high-tech industry, and financial services for major marine infrastructure projects and marine-related enterprises shall be strengthened. Insurance institutions are supported to develop marine insurance in accordance with market-oriented principles.

5. Support youth innovation and entrepreneurship. Eligible Hong Kong and Macao residents, as well as enterprises and projects settled in Nansha youth entrepreneurship platforms, may enjoy the same supportive policies as local ventures, including interest subsidies for entrepreneurship loans, guarantee fee subsidies, enterprise insurance subsidies, and loan risk compensation. The opening of bank settlement accounts by Hong Kong and Macao youth entrepreneurs will be further facilitated. Financial institutions are supported to recruit Hong Kong and Macao residents for employment and internships. 

(II) Strengthening Financial Services in the Social and Livelihood Sector and Supporting the Creation of a New Benchmark for High-quality Urban Development

6. Facilitating cross-border payment services. The scope of pilot banks authorized to open accounts for Hong Kong and Macao residents through proxy verification shall be orderly expanded, and piloting programs on video-based face-to-face verification for credit card applications shall be promoted. Banks are supported to cooperate with non-bank payment institutions and clearing institutions to carry out cross-border payment services in accordance with laws and regulations. Innovative applications of the e-CNY shall be steadily promoted, and financial institutions are encouraged to participate in the construction of the mBridge.

7. Facilitating cross-border credit financing. Credit reference agencies in Guangdong, Hong Kong, and Macao are supported to carry out cross-border cooperation, and the mutual recognition of credit reference services and products shall be promoted. Under the premise of complying with relevant laws and regulations and ensuring security and controllability, banks with branches in both Nansha and the Hong Kong or Macao SARs are allowed to conduct pilot programs on internal cross-border data flow. Hong Kong-funded or Macao-funded banks in Nansha may share the credit status of the same resident from Hong Kong or Macao held by their parent banks with the resident's consent. 

8. Facilitating practice for international professionals. More convenient and extensive mutual recognition of professional qualifications and cross-border practice of professional services will be promoted. Efforts shall be intensified to attract and cultivate international financial talents, support higher education institutions from Guangdong, Hong Kong, and Macao to establish advanced financial academies and international financial research institutions in Nansha, and build a cross-border talent pool in financial sector. 

(III) Developing Featured Financial Services and Fostering a Sound Modern Financial Industry

9. Innovation in green finance businesses to support low-carbon development. The Guangzhou Futures Exchange (GFE) is encouraged to actively explore electricity futures and optimize and enrich its new energy futures product portfolio. The development of enterprises' carbon accounts and carbon accounting capabilities shall be enhanced, and financial institutions shall be supported to provide differentiated financial services based on enterprises' carbon accounts. Enterprises and financial institutions are encouraged to conduct sustainable information disclosure in accordance with the latest standards. The development of green buildings is supported. Eligible enterprises are encouraged to issue green and sustainable bonds in Hong Kong and Macao SARs. Nansha is supported to advance the national pilot program for climate investment and financing, and strengthen cooperation with Hong Kong and Macao SARs in areas including platform development, financing liaison, and standard setting. The application of green power consumption certification shall be enhanced, and financial institutions are encouraged to support enterprises based on their green power consumption levels. Green certification institutions shall be developed.

10. Development of future-oriented digital finance businesses. The legal development and application of generative AI large models in the financial sector in compliance with laws and regulations are supported, and intelligent financial services such as intelligent credit, intelligent investment R&D, and intelligent risk control are to be actively carried out. A research think tank for digital finance development shall be established, and enterprises and financial institutions are supported to carry out cross-border cooperation on digital finance projects. 

11. Development of shipping finance businesses that serve the construction of an international shipping hub. Shipping enterprises shall be guided and encouraged to use RMB for pricing and settlement of international sea freight. The development of shipping insurance shall be accelerated, and innovative shipping insurance products shall be developed to serve the development of the Guangdong-Hong Kong-Macao Greater Bay Area. Relying on existing trading venues and collaborating with Hong Kong and Macao to carry out shipping transactions, financial institutions are supported to provide efficient and convenient financial services such as fund settlement, deposit, and financing for shipping enterprises. 

12. Accelerating the development of the Guangdong-Hong Kong-Macao Greater Bay Area (Guangzhou Nansha) Cross-Border Asset Management Center. Eligible high-quality securities companies are supported to obtain public fund management qualifications through establishment of new entities, or mergers and acquisitions, or by other means. Public fund investment advisory services shall be thoroughly developed. Multinational corporations are encouraged to establish headquarters-type institutions such as global or regional treasury management centers in Nansha. The pilot program for "Cross-border Wealth Management Connect" scheme shall be steadily unfolded. 

13. Innovative development of international leasing and factoring businesses. Qualified commercial factoring companies are supported to explore and develop international factoring business in compliance with laws and regulations. Qualified domestic institutions are supported touse their own foreign exchange income to pay foreign currency rents to domestic leasing companies for domestic operating leases (including aircraft, ships, and large-scale equipment). Financial leasing companies are encouraged to make direct foreign currency loans to their established project companies. Subject to laws and regulations, restrictions on capital requirements for overseas financing of ships and aircraft shall be removed. Qualified financial leasing companies, commercial leasing companies, and commercial factoring companies are supported to connect to the basic financial credit information database. Efforts should be made in Nansha to strengthen policy support to promote the development of aircraft, ship, and large-scale equipment leasing, with the goal of establishing an internationally competitive leasing industry hub. 

(IV) Advancing the Connectivity of Financial Markets among Guangdong, Hong Kong, and Macao and Accelerating the Development of a Hub for Rule Alignment and Mechanism Coordination

14. The Exploration for fund settlement policies tailored to the development needs of the Guangdong-Hong Kong-Macao Greater Bay Area. The functions of the Free Trade Account system shall be enhanced and account rules shall be optimized. The scope of pilot banks for FTA Accounts shall be further expanded. Financial institutions are encouraged to make full use of FTA Accounts and accounts of overseas institutions in the Chinese mainland to provide comprehensive financial services such as international settlement, fund transactions, global credit granting, and cross-border fund management for overseas institutions. 

15. The establishment of trading rules for futures and spot markets that facilitate internal and external linkage. The launch of cross-border collaborative futures products with the Hong Kong Exchanges and Clearing Limited (HKEX) on the Guangzhou Futures Exchange is supported, and new models for international cooperation on futures products are to be actively promoted. The Guangzhou Futures Exchange is supported to steadily and orderly apply to designate its listed futures and options products as qualified specific products open to overseas investors. A commodity futures delivery center shall be established in Nansha, and an integrated industrial service system covering both futures and spot markets shall be upgraded. 

16. The establishment of trading rules that facilitate cross-border insurance business. The provision of streamlined services such as claims settlement and policy renewal for insurance business under current accounts in compliance with policy regulations is supported. Various ways to enhance the facilitation of insurance services in the GBA shall be promoted. Insurance institutions from Guangdong, Hong Kong, and Macao are supported to jointly develop cross-border insurance products suitable for Nansha residents in accordance with laws and regulations, such as commercial medical insurance, commercial annuities, and cross-border motor vehicle insurance. 

17. The establishment of institutional arrangements that facilitate cross-border equity investment business. Nansha is supported in launching a pilot program for facilitating cross-border equity investment and streamlining the application procedures. The provision of online cross-border equity investment services through existing digital service platforms shall be explored. 

(V) Carrying out Cross-Border Financial Innovation and Exchange, and Building a High-Standard Gateway for Opening-Up 

18. The expansion of the opening-up of the financial sector. The establishment of the Guangdong-Hong Kong-Macao Greater Bay Area International Commercial Bank shall be actively researched and expedited. Diversified investment institutions such as sovereign wealth funds (SWFs), family offices (FOs), and venture capital (VC) shall be actively introduced. Qualified Hong Kong and Macao investors are supported to apply to the establishment of securities companies and fund management companies in accordance with the law, and to acquire stakes in or control domestic futures companies. High-standard platforms including Nansha International Finance Island, Mingzhu Financial Innovation Cluster, and the Futures Industrial Park shall be built to high standards, providing physical space and facilities for cross-border operations of Hong Kong and Macao financial institutions.

19. The innovation of cross-border RMB business. A higher-level facilitation of RMB settlement for trade and investment shall be promoted. Provided that fund usage complies with regulations and transaction activities are traceable, settlement banks may directly process RMB capital account crediting and settlement business for qualified foreign-invested enterprises, without the need to open dedicated deposit accounts for RMB capital. Funds in RMB bank settlement accounts opened by overseas institutions at banks in Nansha may be transferred and deposited as time deposits and used to purchase certificates of deposit, provided that the corresponding interest rate agreements are observed. 

20. The improvement of the management mechanism for cross-border trade, investment and financing. Banks are encouraged to provide convenient cross-border settlement, trade financing and other services for law-abiding and trustworthy enterprises engaging in genuine and compliant emerging trade formats such as new forms of offshore international trade and cross-border e-commerce. The rules for cross-border asset transfer business will be optimized and the integrated management of domestic and foreign currencies shall be put into practice. For qualified enterprises that promote industrial development in Nansha, facilitation measures shall be implemented for the review and registration of medium- and long-term external debt. Fund management companies in Nansha are supported to participate in the cross-listing of Exchange-Traded Funds (ETFs) and the mutual recognition of funds scheme between the Chinese mainland and Hong Kong. More efforts will be directed to the exploration of feasible paths for mutual recognition with Hong Kong and Macao SARs in areas such as bond issuance mechanisms and rating standards. 

21. The accelerated development of a comprehensive service base supporting the Belt and Road Initiative (BRI) cooperation. A comprehensive integrated online-offline international investment and financing service system shall be built, and professional services such as capital financing, information sharing, and project matching for Chinese mainland enterprises "going global" to participate in the BRI cooperation shall be provided. The investment filing procedures for overseas RMB investment and loan funds will be simplified. After approval for fund establishment is obtained from the relevant authorities, banks are supported to pilot cross-border RMB settlement for the funds in accordance with relevant regulations. 

22. The establishment of new platforms for international exchanges. High-quality international financial events shall be organized and international financial exchanges and cooperation shall be continuously advanced. The establishment of communication and dialogue mechanisms for financial cooperation with Hong Kong and Macao is supported, and the role of non-governmental organizations such as the Consultative Committee on Guangdong-Hong Kong Co-operation (Guangzhou Nansha) and the Council for the Promotion of Guangdong-Macao Development (Guangzhou Nansha) shall be fully utilized. Chambers of commerce and associations in the financial sector from Hong Kong and Macao SARs are encouraged and guided to set up representative offices in Nansha. 

23. The exploration of institutional opening-up in the financial sector. Nansha is supported to benchmark against high-standard international institutional rules and regulations such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA). It is also encouraged to explore pilot programs to advance institutional opening-up in the financial sector. The pre-establishment national treatment plus a negative list management model shall be fully implemented, and restrictive measures shall be streamlined. Qualified foreign-funded institutions are supported to participate in pilot financialprograms. 

(VI) Improving Financial Regulatory Mechanism

24. The all-round strengthening of financial regulation and supervision. Efforts should be made to enhance the coordination between central and local regulation, strictly implement the unified financial management rules of the central government, and accept the guidance and supervision of central financial regulatory authorities. Institutional regulation, behavioral supervision, functional regulation, penetrating supervision, and continuous regulation over local financial institutions shall be strengthened. Supervision shall cover both legal and, more importantly, illegal activities to ensure financial regulation and supervision leaves no gaps, blind spots, or exceptions. The principle that managing an industry must include effective risk management shall be upheld. 

25. The Exploration of financial regulatory innovation and cooperation. Financial regulatory innovation mechanisms tailored to Nansha’s development needs shall be built to ensure that risk prevention and control are aligned with financial reform and innovation. Financial regulatory technology (RegTech) shall be vigorously developed, and the uniformity, professionalism, and penetrability of financial technology regulation shall be enhanced. 

26. The strengthening of financial risk prevention. Monitoring of abnormal cross-border capital flows in Nansha and financial risk assessment and risk prevention and control in key areas shall be strengthened. Capabilities for risk monitoring, early warning, and disposal shall be enhanced, promoting early identification, early correction, and early disposal of financial risks. Regulatory cooperation on anti-money laundering (AML) and counter-terrorist financing (CTF) shall be strengthened. Risk assessment mechanisms shall be improved and the legal risk assessment of innovative financial products and transaction models shall be strengthened. 

27. The enhancement of the legal guarantee for finance. Coordination between financial regulation and supervision and judicial work shall be deepened, and coordinated linkage mechanisms shall be improved. A platform for resolving foreign-related and Hong Kong- and Macao-related financial disputes in the Guangdong-Hong Kong-Macao Greater Bay Area and an internationalized and diversified cross-border financial dispute resolution mechanism shall be built. The protection of financial consumers' and investors' rights and interests shall be strengthened to promote the source governance and effective resolution of financial disputes. The industry mediation and administrative reconsideration shall be enhanced and standardized, to support financial regulatory authorities in effectively resolving disputes, continuously optimize the coordination mechanism for connecting diversified dispute resolution methods such as litigation, arbitration, and mediation of financial disputes, and build an integrated collaborative resolution platform. The legitimate rights and interests of various business entities shall be equally protected in accordance with the law, continuously contributing to optimizing the rule-of-law business environment.

III. Guarantee Measures

28. Upholding and strengthening the Party's overall leadership. Full play shall be given to the guiding and guaranteeing role of Party building in the financial sector. The Party's leadership shall be integrated throughout the whole process of financial support for Nansha's development, ensuring that the guiding principles and policy decisions of the CPC Central Committee on financial work are fully implemented. The financial thinking and professional competence of leading officials shall be cultivated and enhanced.

29. Strengthening the organizational implementation. Business guidance and delegation of authority shall be strengthened by relevant departments, and the Guangdong-based resident agencies of national financial regulatory authorities shall be authorized to formulate implementation rules or specific measures jointly with local governments. Nansha is supported to seek authorization through a list-based application approach to deepen reform and expand opening-up in the financial sector. The principle of a coordinated, holistic approach among Hong Kong, Macao, and the Chinese mainland shall be upheld, ensuring unified planning and joint implementation. 

30. Intensifying supporting policy measures. The rollout of supporting policies in housing, talent, and education is supported. Financial institutions are encouraged to comprehensively leverage various financial instruments to support the development of Nansha as a special zone for international talents, and measures such as facilitating the entry and exit of high-level foreign talents shall be coordinated, in order to create favorable conditions for domestic and foreign professionals with financial sector qualifications to develop in Nansha.

People's Bank of China (PBC)

National Financial Regulatory Administration (NFRA)

China Securities Regulatory Commission (CSRC)

State Administration of Foreign Exchange (SAFE)

People's Government of Guangdong Province

April 16, 2025