In the first three quarters of 2022, the added value of the financial industry in the Guangdong-Macao In-depth Cooperation Zone in Hengqin reached 13.72 billion RMB, a year-over-year increase of 9.2 percent.
It accounts for 41.7 percent of the cooperation zone's total GDP.
Tax revenue from the financial sector stood at 9.64 billion RMB, growing by 22.97 percent year-on-year, accounting for 34.2 percent of the area's total.
Currently, 32 companies within the zone have been approved for the QFLP pilot, including 15 Macao-funded companies. The number of Macao-funded pilot companies has more than doubled since the cooperation zone's establishment in September last year.
The cross-border capital flow between Hengqin and Macao had reached 34.29 million RMB by the end of September 2022, of which those with Macao account for more than 90 percent of the total.
This September, the Hengqin-Macao (UnionPay) Greater Bay Area Smart Parking Project was launched, with first batch of trial operations in several large commercial complexes, tourist attractions, hotels, ports, and other areas. The project has extended the unconscious payment service applicable to the mainland's traffic scene to Macao residents.
As for cross-border finance, the Industrial & Commercial Bank of China (ICBC) Hengqin Branch handled the first cross-border RMB account financing business in the cooperation zone, and those with Macao have reached 60.9 billion RMB.
The Hengqin Branch of China Construction Bank (CCB) has launched a financial service platform for Portuguese-speaking countries (CLAP-U Portuguese-Speaking World Link) to provide innovative cross-border financial services.
Companies in the zone have issued the first green bond in China to undertake Chinese offshore bonds and transferred the green factoring assets to Macao companies. The country's first new international trade settlement business and the service of RMB settlement in cross-border asset transfer of the Guangdong-Hong Kong-Macao Greater Bay Area have also been landed in the cooperation zone.
According to the Financial Development Bureau of the zone, a multi-level financial service organization system that integrates various subdivided financial companies, traditional financial institutions, and emerging financial forms, has been built in the area.
Next, the cooperation zone will work to promote industrial linkage between Hengqin and Macao and cross-border financial innovation, and continue support for the real economy.
The zone will cooperate with Macao to develop modern financing industries such as the bond market, wealth management services, financial leasing and green finance, constantly promoting the connectivity of the financial markets and the diversified development of modern financial sectors of the two sides.
Author | Abby, Marise (intern)
Editor | Wing, Nan, Monica, Jerry
Photos provided to GDToday
