By Xie Fang
The China (Shanghai) Pilot Free Trade Zone (Shanghai FTZ) introduced a new policy Thursday for the further opening-up of its financial sector, aiming to become the “new high ground” for the financial opening-up process across the country, the Securities Time reported on Friday.
The policy includes a total of 25 specific measures which cover such issues as the aggregation of foreign financial institutions in the Shanghai FTZ, the streamlining of the registration procedures for foreign financial institutions, the deepening of financial reforms and innovations, the building of a financial service innovation center, talent cultivation, as well as the improvement of the legal environment.
Hang Yingwei, deputy governor of the Pudong New Area where the Shanghai FTZ is located, noted that “serving as a bellwether for China’s overall opening-up, the Shanghai FTZ has made great progress in financial innovation and the opening-up of its financial services since its establishment nearly four years ago.”
Official data shows that the financial sector of the Pudong New Area created a total value of RMB 270 billion in 2017, which accounted for almost half of the total value generated by the financial sector of Shanghai.
Apart from Shanghai, the southeastern metropolis of Guangzhou, the capital of Guangdong province, also released a set of measures for advancing the internationalization of its financial sector.
The measures focus on, among others, lowering the market access threshold for Hong Kong and Macau-based financial institutions, encouraging foreign financial institutions to take part in the city’s economic and social development, and boosting the international cooperation in the financial sector.
Meanwhile, the city also plans to launch a new index system to assess the financial development of the Guangdong-Hong Kong-Macau Greater Bay Area by looking at multiple indicators such as the current state of development, the confidence level about the future development, and the performance of the financial institutions in the area.
