25 Feb 2016
Online CBA: What New Policies Does Zhuhai City Have in Place to Promote the Development of the Zhuhai Hengqin New Area in the China (Guangdong) Pilot Free Trade Zone?
Q: What New Policies Does Zhuhai City Have in Place to Promote the Development of the Zhuhai Hengqin New Area in the China (Guangdong) Pilot Free Trade Zone?
A: New policies implemented by the Zhuhai city government since 7 December 2015 mainly include:
1. Introducing the negative list for investment by Hong Kong and Macau
Emphasis is placed on such professional services as medical care and health, culture and education, and social services, as well as financial services, transportation and shipping services, commercial services, and technological services. Action will be taken to further remove or liberalise market access restrictions on Hong Kong and Macau investors such as qualification requirements, equity ratio, and business scope.
2. Exploring the possibility of integrating offshore industrial investment with the Hong Kong and Macau capital market
Efforts will be made to encourage the establishment of project companies in Hengqin Area to engage in offshore equity investment, and support qualified investors to set up fund of funds to invest in equity investment offshore. Exchanges and co-operation with Hong Kong and Macau in project matching, investment development, information sharing, and personnel training will also be strengthened.
3. Advancing co-operation and innovative development with Hong Kong and Macau in cross-boundary renminbi business in Hengqin Area
Steps will be taken to turn renminbi into the major invoicing and settlement currency for large-amount cross-boundary trade and investment between Hengqin Area and offshore regions; advance cross-boundary trade, investment and financing facilitation between Hengqin and Hong Kong and Macau; implement pilot reform of foreign exchange administration with emphasis on capital account convertibility; and advance foreign exchange facilitation for investment and financing between Hengqin Area and Hong Kong and Macau.
4. Compiling a list of professions to facilitate Hong Kong and Macau professionals offering services in Hengqin
Professionals in Hong Kong and Macau with practising qualifications are allowed to offer professional services to enterprises and individuals in Hengqin Area upon recognition by Hengqin Area or record filing with the competent supervisory department. Specific measures supporting the practice of Hong Kong and Macau professionals will be formulated to facilitate their service provision in such areas as law, accounting, architecture, real estate, finance, securities, credit service, medical care and tourism in Hengqin.
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