SMM: on September 16, Guangzhou Local Financial Supervision Bureau issued a notice on the implementation of the Action Plan for Financial support for Guangdong-Hong Kong-Macau Greater Bay Area's Construction (hereinafter referred to as "Action Plan").
The viewpoint real estate new media learned that the "action plan" includes accelerating the construction of major projects and platforms, promoting the facilitation of cross-border trade and investment and financing of Guangdong-Hong Kong-Macau Greater Bay Area, enhancing the convenience of local and foreign currency exchange and cross-border circulation, expanding the opening up of the financial industry to the outside world, deepening financial cooperation between the mainland and Hong Kong and Macao, promoting the diversification of financing channels in Guangzhou, Hong Kong and Macao, and promoting the interconnection of financial markets and financial infrastructure. We will further improve Guangdong-Hong Kong-Macau Greater Bay Area's level of financial service innovation and effectively prevent cross-border financial risks in six aspects, with a total of 66 measures.
Among them, the "Action Plan" points out that it will promote the landing of the Guangzhou Futures Exchange, actively promote the implementation of the Guangzhou Futures Exchange's policy of settling in Guangzhou, and cooperate with the relevant ministries and commissions of the state to do a good job in the research and reserve of exchange landing and trading varieties.
We will accelerate the establishment of Guangdong-Hong Kong-Macau Greater Bay Area International Commercial Bank in the Guangzhou Nansha New area, a Guangdong free trade pilot area, to create an important carrier and platform for the interconnection of financial markets in the Greater Bay area, and serve the construction and development of the Greater Bay area.
With regard to "holding banks to carry out cross-border loan business", the Action Plan mentions that it supports the Bank of Guangzhou in issuing cross-border loans to institutions or projects in Hong Kong and Macao under the macro-prudential framework. We will support the branches of the Bank of Hong Kong and Macao in Guangzhou to provide loan services for the construction of Guangdong-Hong Kong-Macau Greater Bay Area. Support Guangzhou to carry out cross-border mortgage registration of real estate, allow Hong Kong and Macao residents to mortgage their self-occupied homes purchased in the mainland of Guangdong-Hong Kong-Macau Greater Bay Area to Hong Kong and Macao banks, and facilitate Hong Kong and Macao residents to buy houses in the mainland of Guangdong-Hong Kong-Macau Greater Bay Area.
With regard to "supporting the establishment of RMB overseas investment and lending funds", the "Action Plan" points out that it supports institutions in Guangzhou, Hong Kong and Macao to cooperate in setting up RMB overseas investment funds, which will be included in RMB overseas fund business statistics, raise RMB funds from mainland, Hong Kong, Macao, and overseas institutions and individuals, provide investment and financing services for Chinese enterprises to "go out" to carry out investment and mergers and acquisitions, and help the construction of "Belt and Road Initiative".
In terms of "pilot cross-border investment of private equity funds", the Action Plan clearly defines that it will continue to promote QFLP (qualified overseas Limited partner) business and attract more foreign-invested equity investment enterprises to agglomerate and develop in Guangzhou. Allow institutional investors from Hong Kong and Macao to invest in private equity funds and venture capital enterprises (funds) in Guangzhou through QFLP. Support the overseas investment of Guangzhou private equity funds.
At the same time, we will support the research and development of (QDLP), a qualified domestic limited partner, and (QDIE), a qualified domestic investment enterprise, and strive to carry out a pilot project of QDLP/QDIE in Nansha, Guangdong Free Trade Experimental Zone. We will implement macro-prudential management on the above-mentioned QFLP and QDLP/QDIE pilot projects, adjust timely and countercyclically according to the income and expenditure situation, and guard against the risk of cross-border capital flows.
Point of view real estate new media learned that in terms of "opening up the securities industry", the "Action Plan" pointed out that cross-border asset management, wealth management business and product innovation should be carried out to meet the needs of residents and enterprises in the Greater Bay area, and financial institutions in Guangzhou should be encouraged to actively carry out pilot projects such as real estate trust investment fund (REITs) and mutual recognition of funds relying on the Hong Kong and Macao financial markets.
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