Inventory of the first outline of the Greater Bay Area planning outline: cross-border financial blockchain financing of $ 3.5 billion

Author: Zhao Xin Following

Source: 21 Finance

On February 18, the 1st Anniversary of the "Guangdong-Hong Kong-Macao Greater Bay Area Development Planning Outline" ("Planning Outline") was officially released. A 21st Century Business Herald reporter learned from the Guangzhou Branch of the People's Bank that, as of February 14, this year, banks in Guangdong Province The cross-border financial blockchain service platform was used to handle 1,282 export trade financing businesses, with a financing amount of 3.5 billion U.S. dollars and serving 330 companies.

On October 28, 2019, Guangdong launched a cross-border financial blockchain service platform, exploring the use of the characteristics of blockchain technology, integrating the logistics, capital flow, and information flow dispersed across multiple parties to solve the difficulty and cost of cross-border financing of SMEs. problem. The State Administration of Foreign Exchange stated on February 15 that in March last year, the foreign exchange bureau began the pilot work of a cross-border financial blockchain service platform. As of February 3 this year, the scope of the pilot has been expanded to 22 provinces, autonomous regions, and municipalities, and more than 170 corporate banks Independently joined, the platform has completed a total of $ 15.9 billion in financing and lending, and nearly 2,500 service companies, of which SMEs account for 75%.

In terms of cross-border RMB settlement business, in 2019, 9 cities in the Guangdong-Hong Kong-Macao Greater Bay Area and Hong Kong and Macao regions experienced cross-border RMB payments of RMB 2.32 trillion, a year-on-year increase of 17.3%, accounting for 45.4% of the domestic and foreign currency cross-border payments. The country is 5.8 percentage points higher. The RMB has continued to become the second largest settlement currency for cross-border revenue and expenditure in Guangdong, Hong Kong, and Macau. Hong Kong has become the world's largest offshore RMB business center. The RMB clearing bank in Macau has initially established a RMB clearing network covering Portuguese-speaking countries. .

In terms of cross-border RMB financing business, as of the end of 2019, companies in the 9 cities in the Greater Bay Area have incorporated 83.984 billion yuan in funds through full-scale cross-border financing business. Regarding the centralized operation of cross-border RMB funds, as of the end of 2019, a total of 580 cross-border two-way RMB capital pools have been established in 9 cities in the Greater Bay Area, and a total of 1.42 trillion yuan has been handled in the capital pool. In terms of facilitating the investment of Hong Kong and Macao equity investment funds in the Greater Bay Area, the 20 billion yuan Macau financial reserve fund introduced by the Guangdong-Guangdong-Macao Cooperative Development Fund through QFLP has been remitted.

In terms of financial market connectivity, Guangdong is piloting the RMB settlement business for cross-border transfers of non-performing assets and cross-border transfers of trade financing assets. As of the end of 2019, there have been 18 banks that have registered RMB settlement business for cross-border transfer of trade financing assets in Nansha and Hengqin areas of Guangdong Pilot Free Trade Zone, with a total of 1,059 transactions.

The "Planning Outline" proposes to learn from the free trade account system (FT account system) of the Shanghai Pilot Free Trade Zone and actively explore an effective path for capital account convertibility. As of the end of 2019, the People's Bank of China Guangzhou Branch has opened 83 FT accounts, handling fund transfers, foreign exchange settlement and sales, issuing loans to enterprises in the zone, issuing letters of credit and guarantees, etc. for Nansha, Hengqin Area and overseas enterprises. 131 transactions, equivalent to RMB 15.73 billion.

In February 2020, the Guangzhou Branch of the People ’s Bank of China and the Guangdong Branch of the State Administration of Foreign Exchange launched eight new policies to facilitate cross-border investment and financing in the Greater Bay Area. Eight reform measures to promote the facilitation of cross-border investment and financing, including the reform of foreign debt registration management, the transfer of domestic credit assets to the outside world, and the facilitation of foreign exchange payment for capital items, have been implemented in the Greater Bay Area. As of February 7, 7 pilot banks in Guangdong had accumulatively handled 19,000 pilot foreign exchange income and expenditure facilitation services for goods trade for 14 pilot enterprises, with a total value of 25.736 billion US dollars. At the same time, it is also actively carrying out higher-level trade and investment facilitation pilot businesses in the Guangdong Free Trade Zone. Nansha and Hengqin areas have identified 336 high-quality enterprises as the first batch of pilot enterprises with a settlement amount of RMB 310 million.

In the field of cross-border financial services, all branches of banking institutions in the province of Guangdong can accept Hong Kong and Macao residents holding a variety of non-resident documents such as Hong Kong and Macao residents' mainland permits, Hong Kong, Macao and Taiwan residence permits for bank accounts.

In 2019, Guangdong banking institutions opened 208,900 personal bank settlement accounts for residents of Hong Kong and Macau. Strive to launch an innovative policy in the Greater Bay Area to try first, and have launched Hong Kong and Macao residents 'off-site agents to witness the opening of Mainland banks' Type II and Type III personal settlement account services, so that Hong Kong and Macao residents can open local accounts, manage and use Mainland mobile payments. tool. As of the end of January 2020, residents of Hong Kong and Macau have opened 94,000 Class II and III personal bank settlement accounts, with a total of 1.885 million transactions of 1.144 billion yuan, and 72,100 mobile payment instrument accounts.

In terms of payment, Guangdong has launched cross-border projects in the Greater Bay Area to promote mobile payment, including Hong Kong-Zhuhai-Macao Bridge, entry visa payment, Zhuhai Hengqin Lotus Bridge shuttle bus, Guangzhou-Shenzhen intercity railway and other mobile payment cross-border application characteristic projects . Hong Kong's Alipay, WeChat e-Wallet, BOC Macau, and Macau Connect e-Wallet have also entered the Greater Bay Area.