Core Insights - The event "Cross-Border Financial Services Entering He Tao" was successfully held in Shenzhen, focusing on facilitating cross-border financial flows for research funding between Shenzhen and Hong Kong [1][2] - The He Tao Innovation and Technology Cooperation Zone is becoming a significant engine for high-quality development in the Guangdong-Hong Kong-Macao Greater Bay Area, with over 200 high-end research projects and 447 technology companies gathered [2][3] Group 1: Event Overview - The event was co-hosted by the People's Bank of China Shenzhen Branch and the State Administration of Foreign Exchange Shenzhen Branch, aiming to enhance cross-border financial services for research institutions and enterprises [1][2] - A "government-bank-enterprise face-to-face" discussion format was utilized to promote on-site financial services, enhancing the convenience of cross-border fund flows and investment financing [1][3] Group 2: Policy and Financial Support - The People's Bank of China and the State Administration of Foreign Exchange are actively promoting cross-border financial services in alignment with national strategic platforms, responding to policy demands from enterprises [2][3] - New cross-border financing facilitation policies were introduced, aimed at attracting international research resources to the He Tao Cooperation Zone [3][4] Group 3: Innovations and Future Plans - The "Kehuitong" pilot program was initiated, which is being replicated nationwide to provide financial reform experiences from the He Tao Cooperation Zone [4] - Future plans include continued collaboration with local departments to optimize the cross-border financial service system, injecting financial momentum into Shenzhen's real economy [5]

Core Insights - The "Cross-Border Financial Services Entering He Tao" event was successfully held in Shenzhen on October 16, focusing on facilitating cross-border funding flows for scientific research between Shenzhen and Hong Kong [2] - The event was co-hosted by the People's Bank of China Shenzhen Branch and the State Administration of Foreign Exchange Shenzhen Branch, aiming to enhance the financial service model for cross-border funding in the He Tao Science and Technology Innovation Cooperation Zone [2][3] Group 1: Policy and Institutional Developments - Since the release of the "He Tao Development Plan" in August 2023, the He Tao Cooperation Zone has attracted over 200 high-end research projects and 447 technology companies, becoming a key engine for high-quality development in the Guangdong-Hong Kong-Macao Greater Bay Area [3] - The People's Bank of China Shenzhen Branch and the State Administration of Foreign Exchange Shenzhen Branch are actively promoting cross-border financial services in alignment with national strategic platforms [3][4] Group 2: Financial Support and Innovation - During the event, representatives from banks and enterprises discussed the need for cross-border financial support policies tailored to the He Tao Cooperation Zone, including QFLP funds and foreign investment enterprise account openings [3][4] - The introduction of new cross-border financing facilitation policies was highlighted, aimed at addressing the challenges faced by enterprises in cross-border financial activities [4][5] Group 3: Pilot Programs and Future Directions - The "Kehui Tong" pilot program was initiated to facilitate cross-border funding flows for scientific research, with plans for nationwide replication, allowing for a cumulative trial amount exceeding 1 billion yuan [6] - The People's Bank of China Shenzhen Branch and the State Administration of Foreign Exchange Shenzhen Branch will continue to collaborate with local departments to optimize the cross-border financial service system, injecting financial momentum into Shenzhen's real economy [7]

Core Insights - Shenzhen is leveraging institutional openness to enhance its position as a significant global industrial financial center, focusing on cross-border investment, financing, settlement, and payment innovations [1][3] Group 1: Cross-Border Financial Innovations - In 2024, Shenzhen ranks third nationally in cross-border payment scale, with the RMB being the primary currency for cross-border settlements between Shenzhen and Hong Kong for five consecutive years [1] - Non-cash payment transactions by foreign personnel in Shenzhen reached 146 million, totaling 19.887 billion RMB, representing year-on-year growth of 62% and 78% respectively [1] - Shenzhen has established a "one currency" cross-border fund pool policy and introduced financing mechanisms such as "Qianhai Hong Kong Enterprise Loan" and "Cross-Border Credit Reporting" [3] Group 2: Support for Trade and E-commerce - Shenzhen has developed new mechanisms for cross-border settlement to facilitate high-quality foreign trade, including a model for cross-border e-commerce settlement that allows for T+0 fund arrival and convenient tax refunds [4] - The city supports banks in processing cross-border e-commerce foreign exchange transactions based on electronic transaction information, leading to a significant volume of business [4] - Shenzhen has pioneered a model allowing domestic importers to purchase foreign exchange directly from abroad for payments to overseas exporters [4] Group 3: Enhancing Payment Systems - Shenzhen encourages banks to collaborate with major trading platforms to provide efficient cross-border settlement services for bulk commodities and electronic components [5] - The city is exploring a multi-category cross-border payment system to better serve foreign consumers, aiming to create a comprehensive payment demonstration zone [5] - Initiatives include the launch of a "hard wallet" for digital currency, enabling seamless transactions with major foreign cards and the Hong Kong "Octopus" card [5]

Core Insights - The article highlights the evolution of cross-border financial services in Shenzhen, particularly through the initiatives of the Bank of China, showcasing a transition from traditional cash handling to modern digital payment systems [1][8] - It emphasizes the role of the Bank of China as a pioneer in cross-border financial innovation, adapting to the needs of the Shenzhen Special Economic Zone and contributing to the region's economic development [2][4] Historical Development - The Bank of China established its Shenzhen branch in 1978, supporting the early economic development of the region with basic banking services [2] - The first credit letter was issued by the Bank of China in 1981, marking a significant step in facilitating international trade for local businesses [2] - In 1986, the bank was authorized to offer RMB savings, breaking previous restrictions and allowing for greater financial flexibility [3] Cross-Border Financial Innovations - The introduction of cross-border RMB settlement in 2009 marked a new phase in financial collaboration between Shenzhen and Hong Kong, with transaction volumes reaching over 2 trillion RMB by 2024 [4] - The "Cross-Border Wealth Management Connect 2.0" program increased individual investment limits from 1 million to 3 million RMB, enhancing accessibility for Hong Kong residents [5] Ecosystem Development - The "Kehui Tong" initiative supports cross-border funding for research institutions, facilitating international collaboration in technology and innovation [6] - The Bank of China is building a comprehensive cross-border financial ecosystem, aiding local companies like Huawei and BYD in their global expansion efforts [6] Service Efficiency Improvements - The Bank of China has streamlined cross-border payment processes for e-commerce businesses, reducing transaction times significantly [7] - The bank serves over 50,000 cross-border clients, maintaining a leading position in international trade settlement and currency exchange in Shenzhen [7] Ongoing Financial Innovations - The Bank of China continues to innovate in response to the growing demands of the real economy, with initiatives aimed at enhancing cross-border settlement and investment facilitation [8] - The bank's efforts reflect a broader trend of financial openness in China, aligning with the country's status as a major trade partner globally [8]