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On April 12, the Shenzhen gov- ernment launched a series of measures to improve the financial services, making it the second city launching financial reform in China after Wenzhou.
The Shenzhen government published the document named “Several Advices on Enhancing the Financial Services to Support the Development of Real Economy”, according to which Shenzhen will support the development of its real economy through innovative financial policies like “accelerating the pilot project of Shenzhen-Hong Kong cross-border RMB credit business”.
Shenzhen is one of the few cities that launch the financial reform in China. The reform will be gradually spread to other cities if good results are seen.
Protect the real economy
The document stated the necessity of launching the reform by highlighting the importance of self-motivated innovation, economic transformation, low-carbon development and social livelihood for the good of promoting the overall industrial distribution of Shenzhen.
Actually, Shenzhen just rarely went through negative economic increase in 2012. From this January to February, the added value of industry above average size decreased by 3% compared with the same period of last year. The economic slack is the midwife of those innovative financial measures.
It is noteworthy that the financial measures underline the tasks of guiding financial institutions to intensify the support for real economy, formulating clear quantized goal of credit delivery and establishing the industrial range with core support.
According to the plan, the growth rate of available credit loans in Shenzhen will be 5% higher than the economic growth in 2012 or 2% higher than the average growth pace of credit loans in Guangdong. The credit balance for small- and middle-sized enterprises (SMEs) will be beyond 210 billion yuan and the growth could not be lower than 38 billion yuan. The growth rate of loans for SMEs should at most be 6.5% lower than the average credit growth in Shenzhen. In addition, the emerging industries can borrow loans totaling 20 billion yuan in 2012 and the growth rate will exceed 29%, 4% higher than the average rate.
Moreover, the Shenzhen government increased the tolerance for the non-performing loan for small and tiny enterprises to 5% and the deposit-credit ratio floats up by 5% compared with the current 75% standard. This allows financial institutions to lend more loans to small- and middle-sized enterprises to promote the economic development.
Apart from the credit policy, the Shenzhen government put forward substantial requirements about encouraging companies to go public. For example, at least 30 companies will go public within this year.
A series of financial innovations follow by
Though the primary goal is to keep the economic growth, other highlights of this new document were placed under limelight as well.
The most eye-catching one is the pilot project of two-way cross-border RMB credit between Hong Kong and Shenzhen. According to a government official from Shenzhen, the pilot project aims to make use of the lowcost RMB funds in Hong Kong to support the development of Qianhai Special Economic Zone in Shenzhen and the key industries of this city. In addition, the cross-border RMB credit between Hong Kong and Shenzhen is of great help for the internationalization of RMB.
It is known that the central government and the Chinese Banking Regulatory Commission have already reached consensus on the pilot project. Now the change is waiting for the central government’s approval, which is expected to come soon.
A source said that the Chinese government is thinking of enhancing Chinese companies’ capability of raising capital from overseas markets for the business development. Presently, the central bank of China is planning on building a quota system, through the enterprises in mainland China can raise RMB from overseas markets and use the funds in China.
It is known that the National Development and Reform Commission once allowed a state-owned company in Guangdong to borrow loans of 3 billion yuan (about 476 million U.S. dollars) from Bank of China’s Hong Kong branch in 2011.
On top of that, the Shenzhen government also plans to promote the construction of Qianhai Stock Exchanges and the regional curb exchange market, which are unprecedented in China.
The Shenzhen government published the document named “Several Advices on Enhancing the Financial Services to Support the Development of Real Economy”, according to which Shenzhen will support the development of its real economy through innovative financial policies like “accelerating the pilot project of Shenzhen-Hong Kong cross-border RMB credit business”.
Shenzhen is one of the few cities that launch the financial reform in China. The reform will be gradually spread to other cities if good results are seen.
Protect the real economy
The document stated the necessity of launching the reform by highlighting the importance of self-motivated innovation, economic transformation, low-carbon development and social livelihood for the good of promoting the overall industrial distribution of Shenzhen.
Actually, Shenzhen just rarely went through negative economic increase in 2012. From this January to February, the added value of industry above average size decreased by 3% compared with the same period of last year. The economic slack is the midwife of those innovative financial measures.
It is noteworthy that the financial measures underline the tasks of guiding financial institutions to intensify the support for real economy, formulating clear quantized goal of credit delivery and establishing the industrial range with core support.
According to the plan, the growth rate of available credit loans in Shenzhen will be 5% higher than the economic growth in 2012 or 2% higher than the average growth pace of credit loans in Guangdong. The credit balance for small- and middle-sized enterprises (SMEs) will be beyond 210 billion yuan and the growth could not be lower than 38 billion yuan. The growth rate of loans for SMEs should at most be 6.5% lower than the average credit growth in Shenzhen. In addition, the emerging industries can borrow loans totaling 20 billion yuan in 2012 and the growth rate will exceed 29%, 4% higher than the average rate.
Moreover, the Shenzhen government increased the tolerance for the non-performing loan for small and tiny enterprises to 5% and the deposit-credit ratio floats up by 5% compared with the current 75% standard. This allows financial institutions to lend more loans to small- and middle-sized enterprises to promote the economic development.
Apart from the credit policy, the Shenzhen government put forward substantial requirements about encouraging companies to go public. For example, at least 30 companies will go public within this year.
A series of financial innovations follow by
Though the primary goal is to keep the economic growth, other highlights of this new document were placed under limelight as well.
The most eye-catching one is the pilot project of two-way cross-border RMB credit between Hong Kong and Shenzhen. According to a government official from Shenzhen, the pilot project aims to make use of the lowcost RMB funds in Hong Kong to support the development of Qianhai Special Economic Zone in Shenzhen and the key industries of this city. In addition, the cross-border RMB credit between Hong Kong and Shenzhen is of great help for the internationalization of RMB.
It is known that the central government and the Chinese Banking Regulatory Commission have already reached consensus on the pilot project. Now the change is waiting for the central government’s approval, which is expected to come soon.
A source said that the Chinese government is thinking of enhancing Chinese companies’ capability of raising capital from overseas markets for the business development. Presently, the central bank of China is planning on building a quota system, through the enterprises in mainland China can raise RMB from overseas markets and use the funds in China.
It is known that the National Development and Reform Commission once allowed a state-owned company in Guangdong to borrow loans of 3 billion yuan (about 476 million U.S. dollars) from Bank of China’s Hong Kong branch in 2011.
On top of that, the Shenzhen government also plans to promote the construction of Qianhai Stock Exchanges and the regional curb exchange market, which are unprecedented in China.