Lingang Special Zone has drawn up an action plan to accelerate the development of the emerging financial industry to better integrate and serve the main national strategies, promote financial innovation and development comprehensively and at a high level. , and strengthen its ability to serve the real economy.
Therefore, the special zone put forward three basic principles of “organic combination of coordinated and moved development of Lujiazui and Lingang, two-way empowerment of financial services and industrial development, and mutual promotion of deepening of reform and expansion of opening-up”, and defined the “1+4” system of development goals.
The “1” means building an emerging financial center by 2025, characterized by smart finance, openness and integration, and good collaborative governance, according to Yuan Guohua, deputy Party secretary of the Special Zone Administrative Committee. from Lingang.
The “4” refers to the promotion of a mature emerging financial ecosystem with the doubling of the number of financial companies; the construction of a leading national financial science and technology center with three to five leading enterprises of international reputation cultivated. In the meantime, major progress will be made in the financial reform and opening-up pilot project, and a financial services system in line with high international standards will be put in place; In addition, science and technology funding and cross-border funding are at the forefront nationwide, while the contribution of the financial sector will become more prominent.
Traditional finance and emerging financial formats will be developed together, and the added value of the financial industry will increase by more than 25 percent annually, Yuan said.
Wang Yunfeng, chief executive of HSBC (China), told the Shanghai Daily that the bank will open a branch in Lingang after being cleared by the Shanghai banking regulator last month.
Cross-border banking plays a major role at HSBC. Lingang is a dual circulation node and the new branch will connect Lingang to HSBC’s global business, Wang said.
HSBC was honored to have been chosen by the State Administration of Foreign Exchange to lead China’s financial sector opening program, the CEO added.
Peter Foo, President and CEO of UOB (China), suggested that in the event of dual circulation, the management of foreign bank funds and the management of certain offshore and cross-border fund pools will promote wider use of the Chinese Yuan.
Commodity and goods pricing for buyers and sellers should be opened up through policies such as Lingang unveiled this time, which can also better integrate with the domestic market in green finance, he said. he adds.
Li Ting, deputy head of finance and trade division of Lingang, said the new financial action plan aims to attract high-quality global financial institutions to support the border development of the special zone.
In order to achieve the objectives, the action plan proposes eight special actions and six guarantee measures, with a total of 50 specific policies.
First, the special action in financial science and technology will accelerate the formation of business clusters, improve the industrial ecological chain, improve the level of R&D and application, and promote the pilot of innovation in financial science and technology.
Second, the special action on science and technology financing will improve the level of science and technology financing alliance, accelerate the construction of a leading field of insurance innovation science and technology, strengthen direct financial support for science and technology innovation enterprises and increase support for the “raising, placement, management and withdrawal” of equity investment funds.
Third, the special action of financial support for new forms of trade, to improve the level of trade balance facilitation, promote the innovative development of offshore trade, and accelerate the construction of an oil and natural gas trading center and other element platforms.
Fourth, the special action of maritime transport financing to enrich the financing channels of maritime transport enterprises and support the development of the maritime transport market and the derivatives market.
Fifth, the cross-border financial special action, promote the construction of an international financial asset exchange platform, promote the agglomeration of the headquarters economy, and continue to deepen the qualified foreign limited partnership pilot projects , a qualified and high-level national limited partnership to open up cross-border trade and investment.
Sixth, the special action of offshore finance, which accompanies banks to improve the level of offshore activity, better play the role of non-resident free trade accounts and carry out offshore financing according to international practices.
Seventh, the special action of green finance, enriching the system of green financial products, supporting technological innovation and financing of green business listings, and encouraging the disclosure of environmental, social and corporate governance information .
And, eighth, the supply chain finance special action, which helps small, medium and micro enterprises to move up the chain, promote the development of supply chain finance and deepen supply chain services. funding.