Shenzhen district chosen for HK experiment
By Joy Wang |
June 30, 2012, Saturday
|
Print Edition
Print Edition
A DISTRICT in Shenzhen, south China's Guangdong Province, which is only an hour's drive from Hong Kong, has been chosen as an experimental business zone for better interaction with Hong Kong's financial and modern service industries, the State Council, China's Cabinet, announced yesterday.
It was the latest in a raft of new policies to strengthen cooperation between the Chinese mainland and Hong Kong ahead of the island city's 15th anniversary of its return to the motherland.
Qianhai District, a 15-square-kilometer economic zone dubbed as the Pearl River Delta's Manhattan, will benefit from a set of new policies to accelerate the yuan's globalization and closer ties with Hong Kong.
The policies cover the areas of finance, tax, legal affairs, human resources, education, health care and telecom.
The State Council said it will support the district in rolling out pilot programs of innovative cross-border yuan trading and cross-border loans, and will encourage companies in Qianhai to issue bonds in Hong Kong.
Meanwhile, an equity fund will be set up in Qianhai to help Hong Kong companies move into the mainland.
Overseas financial institutions will receive government support if they establish international or regional headquarters in Qianhai, the Cabinet said.
"It is a valuable step to strengthen ties between the mainland and Hong Kong," said Yang Yuting, an economist at Australia & New Zealand Banking Group. "Banks in Hong Kong now can directly lend to mainland companies and mainland people, a move that will help deepen the offshore yuan business and accelerate the yuan's globalization."
Timothy Tse, chief executive officer of Value Partners, a Hong Kong-based asset management company, said the move will benefit both Hong Kong and the mainland. "For the asset management industry in particular, this opens up possibilities of offering more yuan investment products in future, which will help yuan holders to diversify their investment choices."
It was the latest in a raft of new policies to strengthen cooperation between the Chinese mainland and Hong Kong ahead of the island city's 15th anniversary of its return to the motherland.
Qianhai District, a 15-square-kilometer economic zone dubbed as the Pearl River Delta's Manhattan, will benefit from a set of new policies to accelerate the yuan's globalization and closer ties with Hong Kong.
The policies cover the areas of finance, tax, legal affairs, human resources, education, health care and telecom.
The State Council said it will support the district in rolling out pilot programs of innovative cross-border yuan trading and cross-border loans, and will encourage companies in Qianhai to issue bonds in Hong Kong.
Meanwhile, an equity fund will be set up in Qianhai to help Hong Kong companies move into the mainland.
Overseas financial institutions will receive government support if they establish international or regional headquarters in Qianhai, the Cabinet said.
"It is a valuable step to strengthen ties between the mainland and Hong Kong," said Yang Yuting, an economist at Australia & New Zealand Banking Group. "Banks in Hong Kong now can directly lend to mainland companies and mainland people, a move that will help deepen the offshore yuan business and accelerate the yuan's globalization."
Timothy Tse, chief executive officer of Value Partners, a Hong Kong-based asset management company, said the move will benefit both Hong Kong and the mainland. "For the asset management industry in particular, this opens up possibilities of offering more yuan investment products in future, which will help yuan holders to diversify their investment choices."
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