Securities Times reporter Zhang Shuxian
The Lingang New Area, which is about to be unveiled for the third anniversary, will once again increase financial opening and innovation.
On the afternoon of August 15, the Lingang New Area Management Committee held the third anniversary of the Lingang New Area to accelerate the development of emerging finance promotion conference, and officially released the “Lingang New Area Action Plan to Accelerate the Development of Emerging Financial Industry” (referred to as the “Action Plan”), By 2025, an emerging financial center featuring smart finance, openness and integration, and good governance will be basically built, and the average annual growth rate of the added value of the financial industry will exceed 25%.
According to the “Action Plan”, the Lingang New Area will carry out special actions for cross-border finance, promote the construction of an international financial asset trading platform, promote the economic agglomeration of headquarters, and continue to deepen the pilot projects of QFLP, QDLP and high-level opening of cross-border trade and investment.
By 2025, the average annual growth rate of the added value of Lingang’s financial industry will exceed 25%
The Action Plan proposes 8 special actions in the fields of technology finance, financial technology, new forms of financial support for trade, shipping finance, cross-border finance, offshore finance, green finance, and supply chain finance, with a total of 50 specific measures.
Yuan Guohua, deputy secretary of the Party Working Committee of Lingang New Area, said that in the “Action Plan”, Lingang New Area proposed “the organic combination of dual-area synergy and dislocation development, the two-way empowerment of financial services and industrial development, and the mutual promotion of deepening reform and expanding opening up. “Three basic principles, and clarified the “1+4” development goal system.
Among them, “1” means that by 2025, an emerging financial center featuring smart finance, openness and integration, and good governance will be basically built; “4” means that the emerging financial ecosystem is basically mature, and the number of various financial enterprises has doubled; The financial technology center has been basically completed, and 3 to 5 leading companies with international reputation and a group of individual champions in sub-sectors have been cultivated; a financial service system connected with high international standards has been established, and technology finance and cross-border finance are at the leading level in the country; financial The industrial contribution is more prominent, and the average annual growth rate of the added value of the financial industry exceeds 25%.
To achieve the above goals, the Action Plan proposes 8 special actions. Among them, the special campaign for cross-border finance promotes the construction of an international financial asset trading platform, and continues to deepen the pilot projects of QFLP, QDLP and high-level opening of cross-border trade and investment; the special campaign for offshore finance supports banks to improve their offshore business and better play the role of FTN accounts , and carry out offshore finance with reference to international practices. In addition, the Lingang New Area has also put forward six safeguard measures in terms of overall coordination, risk protection, legal environment, data flow, talent introduction, and international cooperation.
“The Action Plan reflects the coordinated and dislocated development with Lujiazui. The Lingang New Area focuses more on offshore business. It is hoped that through the Action Plan, combined with the construction of an international financial asset trading platform, the development of cross-border finance will be promoted.” Lingang New Area Li Ting, deputy director of the Golden Trade Division of the Management Committee, said in an interview with reporters. It is reported that the Lingang New Area will speed up the improvement and refinement of relevant supporting measures, and promote the implementation of the various measures of the “Action Plan” as soon as possible.
Financial management departments jointly build Dishui Lake emerging financial innovation base
The promotion meeting also held a ceremony for financial management departments to jointly build a new financial innovation base in Dishui Lake. The Lingang New Area Management Committee, together with the Shanghai Headquarters of the People’s Bank of China, the Shanghai Banking and Insurance Regulatory Bureau, the Shanghai Securities Regulatory Bureau, the Shanghai Commissioner’s Office of the China Securities Regulatory Commission, and the Shanghai Local Financial Supervision Bureau, jointly built the Dishui Lake Emerging Financial Innovation Base, which is the Lingang New Area. Important measures to promote emerging financial reforms and expand opening up.
Jin Penghui, Deputy Secretary and Deputy Director of the Party Committee of the Shanghai Headquarters of the People’s Bank of China and President of Shanghai Branch, said that the Action Plan highlights a new word, including new financial products, such as shipping derivatives, and new financial platforms, such as international financial assets There are also new systems and rules, such as the pilot program of cross-border flow of financial data, many of which are breakthrough and leading reforms and innovations, which require the formation of multi-sectoral efforts and coordinated advancement. The People’s Bank of China will fully support the financial services of the Lingang New Area. For innovative development, take the joint construction of the Dishui Lake emerging financial innovation base as a platform, and further cooperate closely with various financial management departments to accelerate the cultivation and development of emerging financial formats, and jointly create an emerging financial innovation highland.
At the same time, in order to further support the stable and healthy development of the capital market in the Lingang New Area, the Shanghai Capital Market People’s Mediation Committee established a Lingang Mediation Studio in the Lingang New Area. The mediation studio will provide professional and efficient one-stop securities and futures dispute mediation services, enhance the legal service capabilities of the Lingang New Area, improve investor protection, and continue to optimize the financial law and business environment in the Lingang New Area.
Cheng Hehong, Secretary of the Party Committee and Director of the Shanghai Securities Regulatory Bureau, said that the Lingang Mediation Studio will play an important role in improving the financial legal environment and risk prevention system in the Lingang New Area, and will also study and explore allowing well-known overseas arbitration and dispute resolution institutions to be established in the new area. A business institution to conduct arbitration on disputes arising from securities and futures fields such as international investment.
Cheng Hehong also said that taking the opportunity of comprehensively promoting the implementation of the registration system, enterprises in the Lingang New Area will be supported to use the capital market for direct financing, expand diversified financing channels, and support hard technology and innovation and entrepreneurship enterprises to accelerate their development with the help of multi-level capital markets. At present, the Lingang New Area has 13 listed companies, 11 securities operating institutions, 14 futures operating institutions, 15 law firms engaged in securities and futures legal business, and 324 private equity fund managers.
A number of key projects were signed to improve the Lingang diversified financial institution system
At the promotion meeting, a group of high-quality financial institutions signed contracts, covering financial technology, banking, securities, funds and other fields, including BOCOM Jinke, HSBC Jinke, HSBC, United Overseas Bank, Haitong Securities, Guotai Junan, Bank of China, Futeng Capital, Lingang Guojun Frontier Fund, Haitong Huanxin Fund, Daoheweier Fund, Sinan Fund, Jinpu Equipment Fund, Yichen Fund and other Chinese and foreign-funded projects.
In an interview with reporters, Wang Yunfeng, vice chairman, president and chief executive of HSBC China, revealed that in July this year, HSBC received the approval from the Shanghai Banking and Insurance Regulatory Bureau for the establishment of HSBC Shanghai Lingang Branch. At present, the construction of the branch has been completed, and the next step is to go through the procedures of acceptance and opening approval. It is hoped that the branch will officially open in the near future and become the first branch of a foreign bank in Lingang.
“After the opening of the branch, we can rely on HSBC’s global network advantages and cross-border financial service experience to promote the high-quality development of offshore trade and headquarters economy in Lingang New Area. Local and international customers.” Wang Yunfeng told reporters.
The Shanghai Free Trade Zone Sub-branch of UOB will be officially opened next month and will be the first foreign bank to settle in Lingang. Fu Maozan, President and CEO of UOB China, said in an interview with reporters that UOB China will combine the Group’s business network and experience in ASEAN, and rely on the policy advantages of innovative financial development in the new area to focus on creating innovative solutions for cross-border finance Solutions, especially to serve the cross-border financial needs of Chinese and foreign enterprises in business transactions between China and ASEAN. On March 29 this year, the bank, as one of the main participating banks, assisted Shanghai’s first sustainable-linked international syndicated loan to be successfully launched in Lingang; in November last year, UOB China assisted Yifeng Capital, a leading venture bond investment institution in Asia The first Chinese fund was established in the Lingang New Area in the form of QFLP.