Shenzhen: Innovate and develop supply chain finance, explore and form feasible international commercial factoring solutions, and support Qianhai in comprehensively deepening reform and opening up

Recently, the General Office of the Shenzhen Municipal People's Government issued the Implementation Plan on Implementing the Opinions of Financial Support for Qianhai on Comprehensively Deepening Reform and Opening up (hereinafter referred to as the Implementation Plan), proposing 115 items in six aspects, comprehensively strengthening the functions of the national financial industry opening pilot window and cross-border RMB business innovation pilot area in Qianhai, Support Hong Kong's integration into the new pattern of national financial reform and opening up, and enhance its position as an international financial center.

The Implementation Plan proposes innovative development of supply chain finance. Strengthen business guidance and support commercial banks to actively explore models such as opening third-party regulatory accounts with commercial factoring companies and factoring financing enterprises in the Qianhai Cooperation Zone, while meeting the requirements of trade authenticity, import and export consistency, and payment and remittance consistency, to form a feasible international commercial factoring solution.

Encourage enterprises from Shenzhen and Hong Kong to carry out financial leasing businesses such as aircraft, ships, and automobiles in the Qianhai Cooperation Zone, study and introduce corresponding support policies, and promote the high-quality development of the Qianhai Financial Leasing Cluster. 

Under the macro prudential management framework of comprehensive cross-border financing, guide eligible financing leasing parent companies and their subsidiaries within the Qianhai Cooperation Zone to share the parent company's external debt limit.

To guide eligible entities in Qianhai Cooperation Zone that need to pay foreign currency rent for operating lease, apply to State Administration of Foreign Exchange Shenzhen Branch for relevant business, and use their own foreign exchange income to pay foreign currency rent for domestic operating lease.

Encourage eligible small loan companies, financial leasing companies, commercial factoring companies, etc. in the Qianhai Cooperation Zone to access the People's Bank of China credit reporting system.

The full text is attached as follows:

Implementation Plan for Implementing the Opinions on Financial Support for Comprehensively Deepening Reform and Opening up of Qianhai

  The Plan for Comprehensively Deepening the Reform and Opening up of Qianhai (ZF [2021] No. 22), the Opinions of the People's Government of Guangdong Province on Financial Support for Comprehensively Deepening the Reform and Opening up of Qianhai (WF [2023] No. 42), in accordance with the decisions and arrangements of the Party Central Committee and the State Council, and the work requirements of the provincial party committee and the provincial government, Taking the construction of the Guangdong–Hong Kong–Macao Greater Bay Area as a major opportunity and article for Guangdong to deepen reform and opening up, we will work hard to make it a reality, adhere to the principle of "relying on Hong Kong, serving the mainland, and facing the world", comprehensively strengthen the functions of the Qianhai (hereinafter referred to as the Qianhai Cooperation Zone) as the national financial industry opening up pilot window and cross-border RMB business innovation pilot zone, and support Hong Kong's integration into the new pattern of national financial reform and opening up, To enhance the status of Hong Kong as an international financial center, the following plan is formulated.

1、 Deepen Shenzhen Hong Kong financial cooperation, give priority to Financial innovation in the field of serving people's livelihood, and build Guangdong–Hong Kong–Macao Greater Bay Area with better people's livelihood services

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