The Dream Factory of China

Source :Qianhai Communication Center

A subsidy of up to 300,000 yuan (US$43,200) will be offered to Qianhai-based financial enterprises that have taken innovative practices or rolled out innovative financial products to boost the development of the financial industry in the free trade area, according to a new guideline on the evaluation of excellent financial innovation cases, effective Aug. 1.

The Qianhai authority’s aim is to encourage financial institutions and enterprises in the free trade area to introduce innovative financial practices and products to boost the development of inclusive finance, fin-tech and green finance in the construction of the Guangdong-Hong Kong-Macao Greater Bay Area. The innovative financial practices and products are required to be helpful to local enterprises when exploring overseas markets, to attract foreign investments and to facilitate international trade.

The selection and evaluation of excellent financial innovation cases will take place annually. According to the guideline, each financial enterprise can submit no more than three applications for the subsidy for its innovative financial practices and products per year. A subsidy ranging from 50,000 to 300,000 yuan will be granted to an applicant after going through two rounds of evaluation and a public scrutiny session.

A total of 87 excellent financial innovation cases have been selected by the Qianhai authority since 2016. In 2020 alone, 15 of Qianhai’s innovative financial practices and products have been duplicated citywide in Shenzhen, accounting for 83 percent of those in the financial field and 34 percent of the total innovations duplicated.

After years of development, the business-friendly environment of Qianhai has attracted a number of financial institutions and enterprises, which have played an important role in strengthening Shenzhen-Hong Kong cooperation, facilitating the development of cross-border finance and local inclusive finance, as well as providing services for medium, small and micro-sized enterprises in the free trade area.