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Qualified financial institutions in Hong Kong will be allowed to set up subsidiaries in the Qianhai cooperation zone in Shenzhen to expand their businesses on the mainland
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Cross-border capital flow and credit financing for Macau citizens will also be made easier and more convenient in the Hengqin special economic zone in Zhuhai
China’s top regulators unveiled more than two dozen measures to boost cross-border investment as they further opened up the
Hengqin and
Qianhai economic zones in the Greater Bay Area.
The People’s Bank of China (PBOC) along with the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange and the government of Guangdong province rolled out a package of 30 measures, allowing qualified financial institutions in Hong Kong to set up subsidiaries in the Qianhai cooperation zone, a special area in Shenzhen neighbouring the Asian financial hub, to expand their businesses on the mainland.
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