Value added of Hengqin’s financial industry grew 11 percent to 8.2 bn RMB in H1

According to the data released by Hengqin's Financial Development Bureau, value added of financial industry in Guangdong-Macao In-Depth Cooperation Zone in Hengqin reached 8.2 billion RMB in the first half of 2022, soaring 11percent year on year, accounting for 36.7 percent of the GDP of the zone. Meanwhile, the financial revenue of the zone was nearly 7.5 billion RMB, with an increase of 31.3 percent, taking up 38.1 percent of the regional taxation.

(Photo provided to Newsgd.com)

By the end of June, 711 financial enterprises have settled in the cooperation zone, including 78 certificated financial corporations and their branch offices, as well as 54 local financial organizations. There are also 579 privately offered fund managers, managing 577.2 billion RMB, and 1788 fund projects, covering 466.7 billion RMB.

The cross-border settlement of RMB grew 21.1 percent and reached 154.3 billion RMB in the first half of 2022. And the premium income was about 5.5 billion RMB, with an increase of 67.6 percent year on year.

Since 2022, the Financial Development Bureau of the cooperation zone and the Science and Technology Development Fund (FDCT) promoted an online cross-boundary data verification platform, based on blockchain technology to facilitate the residents in both Guangdong and Macao.

Currently, the bureau also implemented two financial pilot plans to encourage enterprises for better operation, including medicine and health, high-tech semiconductor, etc. There are 27 Qualified Foreign Limited Partner (QFLP) pilot companies in total, including 10 Macao-funded enterprises settled in the cooperation zone, which creates a sound business environment and attracts many more investors.

In the second half of this year, the cooperation zone will continue to accelerate the development of financial industry, small and medium-sized enterprises, and the listing of companies for enhancing financial cooperation in this area.

Author: Jolie (intern)

Editor: Will, Keane, Will, Jerry