简体中文
By APD Writer He Wei
**Tax revenue of financial industry has doubled in 2016 on a yearly basis **
According to a report released by the China Securities Journal, as of the end of 2016, 51,188 financial enterprises had registered in the Qianhai Free Trade Zone, with the registered capital of 4411.279 billion yuan, which has contributed to 43 percent of total tax revenue. Among them, 195 ones are licensed financial institutions. The tax revenue of financial industry reached to 9.535 billion yuan, up 45.48 percent on a yearly basis.
Qianhai has shown its upward trend in the development of financial industry with the advantages in industry ecology and the distinct factor-gathering. As for the industrial characteristics, Qianhai distinguishes itself in cross-border business and innovation ability.
Qianhai keeps on exploring fields like cross-border RMB business, extending capital account liberalization, financial institute innovation, innovation-type financial business and factor trading platform, innovating financial organization modes and industry cluster. The moves have achieved great successes across China and provided valuable experiences for the successors.
As a national pilot project of financial industry opening up to outside world, Qianhai maximizes its geographical advantage and funds to support the growth of finance sector, which has attracted abundant foreign investment.
On Jan 31, 2016, Yu Shan bank, the first foreign-funded bank opened up in Qianhai. Meanwhile, under the CEPA (Closer Economic Partnership Arrangement), many financial institutes set up in Qianhai.
What is brought to the stage by the free trade zone?
The Qianhai authority said the trade zone have been conducting financial innovations including cross-border RMB business. By the end of 2016, the cross-border RMB loan record account totaled more than 110 billion yuan, with 36.457 billion yuan withdrawn. Thus, its business scale led the country.
At the same time, Qianhai set up a pilot macro-prudential management on cross-border financing featuring the integration of local and foreign currencies, in an attempt to realize the “going out” and ”bringing in” of capital.
Qianhai was the first free trade zone to carry out cross-border RMB loan business across the country. In 2012, enterprises registered in the Qianhai zone could borrow money from the banks in Hong Kong that manage RMB business and deal with capital settlement in the banks of Shenzhen.
As for the cross-border two-way capital pool, Qianhai has provided services for the “going out” Chinese enterprises since 2015 and make transnational corporation on cross-border settlement and centralized funds operation.
What’s next ?
According to Nanfang Daily, an international seminar on preventing catastrophe and economic risk, jointly hosted by Beijing Normal University, Shenzhen Qianhai authority and Davos global risk forum, was held between May 13 to May 14. Professors and experts from across the world gathered here and signed the strategic cooperation agreement.
“No one can spare from the responsibility of preventing catastrophe and economic risk” said Zhang Hu, member of Standing Committee and vice mayor of Shenzhen.
Shenzhen will actively explore new way to prevent catastrophe and economic risk, put forth effort to build a center of reinsurance in Qianhai.
(ASIA PACIFIC DAILY)
