PBC, CBIRC, CSRC and SAFE Release Opinions on Providing Financial Support for the Development of Guangdong-Hong Kong-Macao Greater Bay Area
To fully implement the decisions and arrangements of the CPC Central Committee and the State Council, upon the approval of the State Council, PBC, CBIRC, CSRC and the State Administration of Foreign Exchange (SAFE) recently released the Opinions on Providing Financial Support for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area (hereinafter referred to as the Opinions).
The Opinions proposed 26 specific measures for five areas, including:
- promoting cross-border trade and facilitating investment and financing in the Greater Bay Area;
- expanding the opening-up of the financial sector;
- enhancing the connectivity of financial markets and financial infrastructure;
- boosting the innovation of financial services in the Greater Bay Area;
- preventing cross-border financial risks.
The release of the Opinions will further promote financial opening-up and innovation, deepen financial cooperation between the mainland and Hong Kong and Macao, enhance the role of the Greater Bay Area in supporting and leading China’s economic development and opening-up, and provide strong financial support for the construction of a dynamic and internationally competitive first-class bay area and a world-class city cluster. (Source: PBC)
Hangzhou to Release Fintech Sandbox Rules
Hangzhou is to release its Fintech Sandbox rules this week. First reported by 21jingji.com on May 16th, the rules, as learned by the reporter, will be set by Hangzhou Central Sub-branch of PBC, Zhejiang Bureau of CBIRC, Financial Bureau of Zhejiang Province, and Hangzhou Municipal Bureau of Finance.
In January, PBC first announced the launch of the Beijing Fintech Innovation Regulatory Pilot. Three weeks ago, PBC issued the plan that the fintech schemes will be expanded to a total of six more cities, including Shanghai, Chongqing, Shenzhen, Xiong’an New District, Hangzhou and Suzhou. (Source: 21jingji.com)
Chengdu to Accelerate the Establishment of China’s Digital Asset Trading Center
On May 14th, during his speech at the third meeting of the 17th People’s Congress of Chengdu, Luo Qiang, the mayor of Chengdu, talked about the city’s plan to establish a financial center in southwestern China. According to the plan, Chengdu will actively promote the establishment of a digital asset exchange center, the construction of a blockchain-based intellectual property pledge financing service platform, and the digital currency pilot testing rolled out by PBC. (Source: NEWSCC.ORG)
China Development Bank Cooperates with WeBank to Provide RMB 2 billion Sub-loans to Small and Micro Enterprises
On May 12th, the Shenzhen Branch of the China Development Bank and Shenzhen Qianhai WeBank Co., Ltd., signed a contract to collaborate on supporting small and micro-enterprise projects by means of sub-loan. The total amount of the loan is 2 billion yuan, which will be used by WeBank to provide loans to small and micro-enterprises. It is expected to cover 6,000 small and micro enterprises, easing the financing difficulties faced up with the SMEs during the COVID-19. (Source: cs.com.cn)
The above is a weekly synopsis of the biggest stories on Fintech in China provided by WeiyangX, part of Tsinghua University, in partnership with Crowdfund Insider.
WeiyangX is the most influential website focusing on Fintech in China. The site covers the latest news, industry data analysis, business practices, and in-depth Fintech cases in Fintech. WeiyangX is incubated by Fintech Lab. Founded by Tsinghua University’s People’s Bank of China (PBC) School of Finance in 2012, the Fintech Lab is the first and leading research entity dedicated to leading best practices, promoting interdisciplinary innovation, and encouraging entrepreneurship in the field of fintech through scientific research and innovative project incubation.