“New websites of Chinese-funded banks operating in the free trade zone will no longer have to undergo the review and approval processes in a move to support foreign-funded enterprises in promoting the sales of health insurance in the Qianhai & Shekou area, and to take lead in the launch of ‘One certificate for Shenzhen and Hong Kong’ for products related to red wine and Macdonald’s.”
At the media event apart from the the launch of the Shenzhen Qianhai & Shekou free trade area, the Shenzhen offices of various central authorities also announced complementary policiess to support its development. These authorities included the the Shenzhen office of China Banking Regulatory Commission, the Shenzhen office of China Insurance Regulatory Commission and Shenzhen Entry-Exit Inspection and Quarantine Bureau.
MacDonalds’ Products Implements “One Certificate for Shenzhen and Hong Kong”
Shenzhen Entry-Exit Inspection and Quarantine Bureau:
According to Zhao Zhenshuan, director-general of the Shenzhen Entry-Exit Inspection and Quarantine Bureau, the bureau will launch 27 new strategic measures on top of existing regulatory model reforms. These will include the recognition of one set of inspection results for Shenzhen and Hong Kong, as well as for Shenzhen and Macau, with red wine and Macdonalds- associated products taking the lead to adopt “One certificate for Shenzhen and Hong Kong”; implementation of risk monitoring, credit management, reduced check rate, and realizing a rapid inspection channel for enterprises that meet certain criteria; to provide a food safety index, source verification and other services for imported food products.
To reduce administrative red tape and to launch a less stringent set of regulations, including areas where management of special items is segregated by industry and a supervisory system for trends in product grading, reducing the time required for review and approval; to implement risk management for processed food products that move through the pilot free trade zone in order to facilitate the import-export process; to abolish the need for subsidiary companies of accredited foreign-funded enterprises to undergo review and approval for new businesses under their expansion plans; to explore the possibility of implementing a reporting management system to create an accredited list of countries of origin. Imported sensitive products will receive accreditation once the required documents are submitted, and if the products are already on the list, they will be offered expedited approval; to innovate the inspection system for the imported maintenance industry, to carry out batch inspection for sales approval, checks on appointed sites, to cut check rates and to accelerate the inspection and approval process. “We will build an ‘internet+’ intelligent customs platform for the pilot free trade zone, in order to allow the entire inspection process to be conducted online and to speed up clearance rate by 30 percent.”
That aside, Zhao Zhenshuan[http://www.szciq.gov.cn/en/] added that the bureau will introduce a creative inspection and quarantine model for cross-border e-commerce services, establish a liability tracing system and upfront compensation model; set up a Shenzhen cross-border accredited e-commerce business association, as well as help Hong Kong enterprises enjoy the convenience of a “two warehouse, two shopfront” set-up characterized by the two-way operation between Shenzhen and Hong Kong, which is made possible by the opening of the pilot free trade zone.
Establishing Foreign-funded Professional Health Insurance OrganizationsThe Shenzhen office of China Insurance Regulatory Commission:
Vice chairman of the Shenzhen office of China Insurance Regulatory Commission Chen Fei Hong said that besides replicating the “Eight new policies” previously launched in Shanghai Free Trade zone, the Qianhai & Shekou free trade area is also seeing regulatory changes that are unique to the region.
These include the removal of the cap on the number of branches Chinese-funded banks can launch every year, the removal of the previously requirred application and approval before branches of major banks within the pilot zone can carry out business operations or to appoint senior management personnel, to allow Chinese-funded banks that have attained offshore operation status (Bank of Communications, China Merchants Bank, Ping An Bank, SPD Bank) to be empowered to conduct offshore banking services within the pilot zone etc. The zone also encourages banking and finance institutions to support the innovation of business operations such as trying out a new regulatory system for financial risk management and other pilot measures within the free trade zone.
The Shenzhen office of China Insurance Regulatory Commission will provide support in bringing the 11 policy liberalization measures in the Shanghai free trade zone to the Guangdong free trade zone, which include the Qianhai & Shekou area. Director of the statistics and research department from the Shenzhen office of China Insurance Regulatory Commission said that the Commission would support foreign investors to set up of professional health insurance organizations in Qianhai & Shekou area; support insurance companies to set up new branches in the pilot area, to enter the RMB cross-border reinsurance business; look into mechanisms to support insurance systems providing coverage for major disasters; support insurance companies to set up overseas investment enterprises.
At the same time, the Commission will actively look into building up the infrastructure of the insurance industry, through measures such as a pilot scheme that will expand the scope and the allowable ratio for overseas investments by insurance organizations registered in the pilot free trade zone; push for a shipping insurance pricing center, reinsurance center and an insurance fund utilization center; remove the review process for prospective senior management for insurance branches in the zone – this will be replaced by a record filing system under the Commission’s management.
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