Home News China strengthens financial support for the construction of Zhejiang Common Prosperity Demonstration Zone to promote financial opening and innovation in a stable and orderly manner | Reuters

China strengthens financial support for the construction of Zhejiang Common Prosperity Demonstration Zone to promote financial opening and innovation in a stable and orderly manner | Reuters

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China strengthens financial support for the construction of Zhejiang Common Prosperity Demonstration Zone to promote financial opening and innovation in a stable and orderly manner | Reuters

BEIJING, March 18 (Reuters) – The People’s Bank of China, the China Banking and Insurance Regulatory Commission, and the Zhejiang provincial government issued “Opinions on Financial Support for Zhejiang’s High-quality Development and Construction of a Demonstration Zone for Common Prosperity” on Friday, saying that financial opening and innovation should be promoted in a steady and orderly manner; The upper limit of the scale of cross-border financing and the upper limit of the scale of overseas lending for financial enterprises will expand the overseas financing channels of enterprises in the Zhejiang Pilot Free Trade Zone.

The full text of the opinions published on the central bank’s website is here and it is pointed out that the pilot program of qualified foreign limited partners (QFLP) will be steadily promoted, and funds may be freely remitted and remitted in accordance with the balance management model; the pilot program of qualified domestic limited partners (QDLP) will be explored.

“On the premise of ensuring effective supervision and controllable risks, we will promote financial openness and innovation in a steady and orderly manner,” the opinion said.

The opinions also pointed out that qualified banks and non-bank payment institutions in Zhejiang are supported to provide domestic mobile payment services for overseas individuals; qualified commercial banks are supported to initiate the establishment of wealth management subsidiaries in Zhejiang, and public fund companies are supported to settle in Zhejiang; qualified regions are supported Carry out a pilot program of digital renminbi.

At the same time, banks are supported to provide financing services to the self-sufficiency rental housing entities in a market-oriented manner, and pilot projects in housing rental secured bonds and housing provident fund loan asset securitization, etc.; include eligible affordable rental housing construction projects into local governments Scope of special bond support.

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Encourage securities companies to participate in the regional equity market, initiate the establishment of special investment funds to serve the investment and financing of listed companies, with a maximum contribution ratio of up to 50%; support banks to appropriately adjust the margin ratio of foreign exchange derivatives according to the customer’s credit status, and make appropriate profits in foreign exchange settlement and sales services Small, medium and micro foreign trade enterprises.

“Implement the financial security strategy, and promote the incorporation of all financial activities into supervision in accordance with laws and regulations,” the opinion emphasized.

In June last year, China issued the “Opinions on Supporting Zhejiang’s High-Quality Development and Construction of a Demonstration Zone for Common Prosperity”, stating that Zhejiang Province should adhere to the principle of distribution according to work and the coexistence of multiple distribution methods, focus on protecting labor income, and improve the policy system for factor participation and distribution. While continuously improving the income level of urban and rural residents, narrow the income distribution gap, and take the lead in making positive progress in optimizing the income distribution pattern. (over)

Posted by Ma Rong; Reviewed by Zhang Xiliang

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