AGRICULTURAL BANK OF CHINA(SH:601288) Zhong Guo Zheng Quan Bao·2025-12-01 22:30Core Viewpoint - The Hong Kong Financial Services and the Treasury Bureau and the Shenzhen Local Financial Supervision Bureau have jointly released an action plan to establish a cross-border financial technology center between Hong Kong and Shenzhen, aiming to implement over 20 cross-border data verification platforms in the financial sector by the end of 2027 [1] Group 1: Cross-Border Credit Landscape - The cross-border credit landscape between Hong Kong and Shenzhen is evolving, with a shift from a southward focus to a more balanced north-south dynamic, as Hong Kong residents' demand for loans in mainland China becomes more tangible [1][4] - The first significant case of cross-border consumer loans for Hong Kong residents has been successfully executed, marking a substantial breakthrough in the cross-border financial pilot [2][3] - The use of blockchain technology in the verification process is expected to streamline data validation, enhancing financial services for Hong Kong residents living in Shenzhen [2][3] Group 2: Challenges and Solutions - Long-standing issues such as credit information asymmetry and the need for collateral in the form of mainland property for Hong Kong residents seeking loans remain significant challenges [2][5] - Differences in credit reporting standards between the two regions and uneven coverage of loan products are identified as barriers to expanding northward loan services [5] - The action plan emphasizes the need for continuous collaboration between policy and market forces to address these challenges effectively [1][4] Group 3: Future Prospects - The market for cross-border loans is expected to grow rapidly, driven by policy support and technological innovation, with a focus on expanding access to financial services for a broader range of individuals and scenarios [6] - The establishment of a local credit platform in the Qianhai Cooperation Zone is part of the strategy to facilitate credit financing for Hong Kong residents [6] - The successful implementation of cross-border data verification platforms in the Guangdong-Hong Kong-Macao Greater Bay Area serves as a model for future collaborations, including potential partnerships with ASEAN countries [6]