Seventeen financial measures supporting construction of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) have been implemented and other measures released by the central bank are under discussion for implementation, the Shenzhen Branch of the People’s Bank of China (PBOC) said Friday.
The central bank and three other State agencies recently issued 45 measures on supporting GBA construction in the financial sector.
Among them, 17 measures have been well-implemented. They include the pilot program for facilitation of capital account income and expenses, the pilot program for foreign debt registration reform, the pilot program for cross-border asset transfers and the pilot program for the establishment of yuan-based overseas investment and lending funds.
Three other measures have been piloted in the Qianhai-Shekou area. They include the pilot program for the facilitation of high-level trade and investment, the pilot program of yuan use facilitation reform of cross-border capital account income and the pilot program of equity investment of non-investment enterprises.
“The PBOC Shenzhen is working on implementation of 11 other measures that include establishing a cross-border fund management mechanism, piloting cross-border capital pool integrating yuan and foreign currencies, promoting cross-border credit cooperation and establishing financial supervision and coordinating mechanisms in the GBA, according to a release by PBOC Shenzhen Branch.
The 45 measures issued by the central bank include 23 financial reform and opening up measures from four perspectives such as trade and investment facilitation, cross-border circulation and exchanges of currencies, expanding opening up of the financial industry and deepening financial cooperation between the mainland, Hong Kong and Macao and other measures on prevention of cross-border financial risks.
