Guangdong supports Guangzhou’s efforts to be included in the digital RMB pilot area

On April 25, the People’s Government of Guangdong Province issued a notice on the issuance of the “Fourteenth Five-Year Plan for National Economic and Social Development of Guangdong Province and the Outline of Long-Term Goals for 2035.”

The “Outline” mentioned the key content of accelerating the construction of a modern financial system, including a plan for the digital RMB pilot program: promoting the digital and intelligent transformation of finance, carrying out innovative applications such as digital currency research and mobile payment, and supporting Shenzhen to develop digital RMB Pilot projects to support Guangzhou’s efforts to be included in the digital RMB pilot area.

After consulting the Golden Finance, it selected the part of “Accelerating the Construction of a Modern Financial System”, and the content is as follows:

Section II of the “Outline”: Accelerate the construction of a modern financial system

Promote the coordinated development of bancassurance, securities and futures financial institutions and various financial organizations, accelerate the development of financial technology, improve the quality and efficiency of financial operations, and meet the diverse financial needs of enterprises and residents.

Improve the modern financial market system

Establish the Guangzhou Futures Exchange with high standards, build a complete futures industry chain, improve the futures trading market system linked to futures and spot goods, build a futures delivery warehouse, and increase the price influence of important commodities. Support the Shenzhen Stock Exchange to build a high-quality innovative capital center and a world-class stock exchange, establish a bond issuance platform in the Guangdong-Hong Kong-Macao Greater Bay Area, steadily expand the scale of the bond market, enrich bond market varieties, create a highland for direct financing of technological innovation enterprises, and establish a connected technology market A national comprehensive service platform with capital markets.

Support the construction of a centralized custody platform for unlisted securities in regional equity markets, and explore pilot projects for the transfer of equity investment and venture capital shares. Improve private equity fund raising, investment, management, and exit mechanisms, and optimize the development environment for private equity funds. Build a multi-level insurance market structure and promote exclusive insurance products in the Guangdong-Hong Kong-Macao Greater Bay Area. By 2025, premium income will reach 800 billion yuan. Optimize the cross-border financial infrastructure system, standardize the development of local financial asset trading centers, and promote the construction of a blockchain platform for trade finance. Promote the accelerated development of the financial information service industry.

Improve the modern financial institution system

Improve the system of financial institutions with a reasonable division of labor for commercial finance, development finance, policy finance, and inclusive finance. Promote the establishment of a number of important financial institutions such as the Guangdong-Hong Kong-Macao Greater Bay Area International Commercial Bank and the International Ocean Development Bank. Support large financial institutions to set up subsidiaries and functional headquarters in Guangdong. Support the development of small and medium-sized financial institutions that focus on microfinance and services in the field of inclusive people’s livelihood, and support small and medium-sized banks to replenish capital through multiple channels.

Promote the reform of the provincial rural credit cooperatives and support the high-quality development of rural commercial banks. Promote the standardized development of securities, funds, futures, and wealth management institutions. Develop financial holding groups that meet regulatory requirements by applying for new financial licenses or integrating existing financial licenses. Standardize the development of local financial organizations such as small loan companies and financing guarantee companies.

Promote the digital and intelligent transformation of finance

Support the regulated development of financial technology in accordance with the law. Carry out innovative applications such as digital currency research and mobile payment, support Shenzhen to carry out digital RMB pilot projects, and support Guangzhou to be included in the digital RMB pilot area.

Encourage financial institutions and technology companies to carry out financial technology cooperation, establish financial technology companies and R&D centers, strengthen the research and development of underlying key technologies and cutting-edge technologies, and participate in the formulation of national financial technology standards. Accelerate the cultivation of leading financial technology companies and improve the financial technology industry chain. Promote the pilot work of financial technology innovation supervision in Guangzhou and Shenzhen, and promote the application of blockchain, big data, artificial intelligence and other technologies in customer marketing, risk prevention and financial supervision.