(Original title: As of the end of April, Shenzhen has opened 26,000 “Cross-Border Wealth Management Connect” accounts, and witnessed the opening of 249,800 Shenzhen-Hong Kong Account Connect accounts for Hong Kong residents)
On May 11, the first Tsinghua Wudaokou Greater Bay Area (Shenzhen) Financial Forum was held in Qianhai, Shenzhen. The forum focused on “Innovation, Openness and Cooperation—Finance Helps the High-quality Economic Development of the Greater Bay Area” to provide advice and suggestions for financial support for the construction of the Greater Bay Area .
As of the end of March, the proportion of cross-border RMB settlement in Guangdong Province reached 52%
In recent years, the status of RMB in cross-border settlement has been continuously improved. According to the data reported by the reporter, as of the end of March 2023, the proportion of cross-border RMB settlement in Guangdong Province reached 52%, and the proportion of cross-border RMB settlement in 9+2 cities in the Greater Bay Area reached 63%. %.
In this regard, Zhou Chengjun, director of the Financial Research Institute of the People’s Bank of China, said that in the process of globalization, more Chinese companies will deploy globally, promote supply chain adjustments, industrial structure upgrades, and value chain transitions, forming a large number of local Chinese companies. enterprises and multinational corporations. A certain supportive attitude should be held for this kind of global layout and transfer upgrade. In the process of industrial transfer and upgrading, Chinese multinational enterprises will occupy an increasingly important position in the global industrial chain and supply chain. In this context, supporting enterprises to use more RMB in their global layout will help enterprises effectively reduce exchange costs and avoid exchange rate risks.
“Shenzhen is the forefront of China’s reform and opening up. It is adjacent to Hong Kong, an important offshore center in the world. It has unique advantages in promoting the cross-border use of RMB. When Chinese multinational companies deploy globally, they must encourage them to use more RMB and help them manage risks, reduce costs, and optimize resource allocation.” Zhou Chengjun said that this will not only allow China’s financial market to better integrate with international standards, but also promote institutional high-level opening up of rules, regulations, management, and standards, and will also help better Protect the global interests of Chinese multinational corporations.
This forum set up sub-forums on cross-border finance and science and technology innovation finance, focusing on “cross-border finance promotes high-level opening up” and “science and innovation finance helps technology self-reliance and self-improvement”. The strengths, opportunities and challenges in cross-border finance are discussed.
Image source: Photo provided by the organizer
As of the end of April, a total of 26,000 “Cross-Border Wealth Management Connect” accounts have been opened in Shenzhen
In recent years, Shenzhen has given full play to the important engine function of the construction of the Greater Bay Area, made full use of various financial support policies, effectively promoted the implementation of the “30 financial support measures for Qianhai”, and established a new pattern of “six links” Shenzhen-Hong Kong financial cooperation.
The first is the Shenzhen-Hong Kong account link. As of the end of April 2023, 249,800 accounts have been opened for Hong Kong residents to witness. Launched the pilot program of the domestic and foreign currency integrated bank settlement account system, and the WeChat Hong Kong Wallet was used in the Greater Bay Area.
The second is the Shenzhen-Hong Kong Remittance Link, which has established a multi-currency fund clearing channel and a joint check settlement mechanism, and the Shenzhen-Hong Kong remittance can be completed within 2 minutes at the fastest.
The third is the Shenzhen-Hong Kong Financing Connect, which expands Shenzhen-Hong Kong financing resources and reduces corporate financing costs through policies such as multinational company capital pools, group sharing of credit lines, and QFLP/QDIE. As of the end of April 2023, Shenzhen has established 57 QFLP funds with a fund size of approximately US$7.5 billion.
The fourth is Shenzhen-Hong Kong Trade Link. Banks actively use financial technology to serve Shenzhen-Hong Kong trade in terms of cross-border settlement, exchange rate risk management and trade financing. The online service of the whole process of cross-border settlement realizes “more travel” for data and “less errands” for enterprises.
The fifth is the Shenzhen-Hong Kong Service Connect. The bank has built a dedicated team for financial services in the Greater Bay Area, set up a service hotline and a service applet in the Greater Bay Area, so that enterprises can enjoy the convenient service experience of “recognized by the two places, consistent service, and smooth travel in the Bay Area”.
Sixth, the cross-border Wealth Management Connect will steadily expand the channels for residents of the two places to invest in each other’s financial products. As of the end of April 2023, a total of 26,000 “Cross-Border Wealth Management Connect” accounts have been opened in Shenzhen.
The innovative credit evaluation system makes financial services more suitable for the characteristics of scientific and technological enterprises
Shenzhen’s financial system has thoroughly studied and implemented the strategic deployment of the 20th National Congress of the Communist Party of China on “improving the scientific and technological innovation system”, “accelerating the implementation of innovation-driven development strategies”, and “promoting the high-end, intelligent and green development of the manufacturing industry”. Based on the advantages of Shenzhen’s technology industry, Actively promote financial support for technological innovation and development, and inject innovative momentum into high-quality development. As of the end of the first quarter of 2023, the loan balance of Shenzhen’s technology-based small and medium-sized enterprises and high-tech enterprises increased by 32.57% and 30.96% respectively year-on-year.
The first is to innovate the credit evaluation system and improve the professional service level of technology credit. Aiming at the outstanding problems such as information asymmetry faced by technology-based SMEs in the financing process, Shenzhen banking financial institutions leveraged their own data and technological advantages to explore a differentiated credit evaluation system, quantitatively evaluate and classify the technical strength of enterprises in multiple dimensions , to solve the problem that banks “understand” and “dare to lend” to science and technology innovation enterprises, and make financial services more suitable for the characteristics of science and technology innovation enterprises.
The second is to strengthen the cooperation between the government, banks and enterprises, and build a technological financial service alliance. At present, the financial service model of commercial banks has gradually developed from an “individual operation” to a comprehensive service model of “group operations”. Shenzhen has established the country’s first technological financial alliance covering all types of financial institutions such as banks, securities companies, and venture capital companies, as well as the country’s first intellectual property financial industry chain including the government, banks, intellectual property evaluation agencies, insurance companies, etc. alliance. Through the “urban linkage”, regularly organize roadshows between technology companies and financial institutions, promote the connection between technology companies and financial resources, “let finance understand technology innovation, and let technology innovation find finance.”
The third is to tap the financial value of intellectual property rights and promote the accelerated integration of financial resources into the innovation chain. Shenzhen issued guidance on strengthening intellectual property pledge financing, giving full play to the key role of finance in promoting the realization of intellectual property value. From 2020 to 2022, the registered amount of intellectual property pledge financing in Shenzhen will rank first in the province for three consecutive years, with a year-on-year increase of 160.4% in the first quarter of 2023. By the end of 2022, the cumulative issuance scale and volume of intellectual property securitization products accounted for more than 50% of the country’s total, making it the first and only city in the country where the cumulative issuance scale exceeded 10 billion.
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