Zhuhai’s free trade zone in Hengqin is focusing on financial innovation and service trade liberalization to attract more investors, the area’s management authority said.
Unveiling details of its development plan for the free trade zone, the authority said the area will further relax and, in some cases, remove restrictions on investors from Hong Kong and Macau, the Hong Kong Economic Journal reported on Wednesday.
It will also roll out a two-way renminbi financing scheme for companies established in the zone as well as RMB cross-border interbank businesses, which will help in the internationalization of the Chinese currency and expand its use in cross-border trade and investment, the report said.
The Hengqin authority will allow Hong Kong and Macau banks to provide cross-border mortgages to enterprises and residents of the two cities when they purchase properties in the zone.
It will also encourage financial institutions from the two special administrative regions to set up their own banks or joint ventures in the zone.
Further study will be carried out on allowing Hong Kong and Macau engineers, accountants, auditors, doctors and other professionals to practice in Hengqin.
A total of 2,884 companies were registered in the free trade zone in the first half of the year, surpassing the figure for the whole of last year.
At the end of June, more than 11,000 companies have been registered in the zone with a combined registered capital of 524.8 billion yuan (US$84.5 billion).
Over 400 of the companies came from Macau, with a total investment of over 200 billion yuan.
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