In order to promote the high-quality development of Guangzhou's financial market entities and improve the modern financial service system, on June 12, Guangzhou issued the "Implementation Plan for Improving Guangzhou's Modern Financial Service System"

Improving the implementation plan of Guangzhou's modern financial service system

In order to implement the spirit of documents such as "Guangzhou Nansha's overall plan for deepening comprehensive cooperation between Guangdong, Hong Kong and Macao facing the world", "Guangzhou's 14th Five-Year Plan for Financial Development", "Guangzhou City's three-year action plan for the high-quality development of the modern financial industry chain", and promote The high-quality development of the city's financial market entities, the improvement of the modern financial service system, and the formulation of this implementation plan.

1. General requirements

(1) Guiding ideology. Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly implement the spirit of the 20th National Congress of the Communist Party of China, based on the new development stage, implement the new development concept, build a new development pattern, support the high-quality development of financial market players, and further improve the relationship with Guangzhou as Guangdong The modern financial service system adapted to the core engine functions of the Hong Kong-Macao Greater Bay Area provides strong financial support for the high-quality realization of the new vitality of the old city and the "four innovations and excellence".

(2) Overall objectives. By 2025, the modern financial service system will be further improved, the main body of the financial market will achieve effective improvement in quality and reasonable growth in quantity, the total assets of the banking industry will reach 10 trillion yuan, the scale of annual insurance premiums will reach 180 billion yuan, and the market size of more than 6 companies will be cultivated and developed. With the securities, funds, and futures corporate financial institutions whose competitiveness ranks in the forefront of the same industry, one or two national financial trading platforms have been built, and there are more than 4,000 local financial organizations of various types.

2. Key tasks

(1) Improving the ability of the banking industry to serve the real economy. Support banking institutions to establish cooperative relationships with high-quality state-owned enterprises and leading enterprises in various strategic pillar industries and strategic emerging industries in Guangzhou, and connect with government investment funds at all levels in Guangzhou. Support banking institutions to fully participate in the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, apply for various business qualifications, and improve the business system. Accelerate the establishment of an international commercial bank in the Guangdong-Hong Kong-Macao Greater Bay Area, highlight the characteristics of comprehensive cooperation between Guangdong, Hong Kong and Macao, and serve the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area. Strive to promote the establishment of domestic corporate bank headquarters in Guangzhou by foreign-funded banks. Support the establishment of a diversified long-term capital replenishment mechanism for bank legal entities in Guangzhou, actively introduce strategic investors, vigorously promote the listing of A shares, and enhance capital strength. Support qualified bank legal person institutions to establish wealth management subsidiaries, Sino-foreign joint venture wealth management companies, and various specialized institutions such as small business financial service centers, credit card centers, bill centers, and fund operation centers in Guangzhou in accordance with laws and regulations. Support non-bank financial institutions such as trust companies, financial asset management companies, enterprise group finance companies, financial leasing companies, consumer finance companies, and auto finance companies to give full play to their unique advantages and provide specialized and differentiated financial services. (Responsible units: Municipal Local Financial Supervision Bureau, Municipal Development and Reform Commission, Municipal State-owned Assets Supervision and Administration Commission, Municipal Finance Bureau, district governments, supporting units: Guangzhou Branch of the People's Bank of China, Guangdong Banking and Insurance Regulatory Bureau, Guangdong Securities Regulatory Bureau)

(2) Improve the service innovation-driven strategic capabilities of the securities industry. Support securities legal person institutions in Guangzhou to improve their business capabilities and management levels, deepen brokerage, self-operated, asset management, underwriting and sponsorship and other businesses, strengthen technology applications, improve the synergy of various businesses and comprehensive financial service capabilities, and create differentiation and characteristics competitive advantage. Strengthen capital strength by introducing strategic investors, capital increase and share expansion, domestic and overseas listing and financing, etc. Support key securities institutions to expand overseas business and build a first-class investment bank with international competitiveness. Encourage securities institutions to deeply cultivate Guangzhou, provide comprehensive financial services according to the characteristics of Guangzhou's industrial structure, develop diversified and differentiated financial products, and increase efforts to serve Guangzhou's innovation-driven strategy. Urge securities institutions to improve compliance and risk control, optimize the risk control indicator system, and improve the comprehensive risk management mechanism. (Responsible units: Municipal Local Financial Supervision Bureau, Municipal Finance Bureau, district governments, supporting units: Guangdong Securities Regulatory Bureau)

(3) Support the insurance industry to strengthen its risk protection function. Strive for more insurance pilot policies to be implemented in Guangzhou, encourage insurance institutions to innovate insurance products, support people's livelihood security and social governance in Guangzhou, and give full play to the risk protection function of insurance. Encourage insurance legal person institutions to set up provincial branches, R&D centers, etc. in Guangzhou to further promote the entry of insurance funds into Guangzhou. Guide and support insurance legal person institutions in Guangzhou to enhance their capital strength through the introduction of strategic investors, capital increase and share expansion, and domestic and overseas listing and financing. Support state-owned capital, social capital, foreign capital, etc. to establish new insurance legal person institutions in Guangzhou, and strive to promote the establishment or introduction of innovative insurance legal person institutions. (Responsible unit: Municipal Local Financial Supervision Bureau, district governments, supporting unit: Guangdong Banking and Insurance Regulatory Bureau)

(4) Improve the risk management function of the futures industry. Give full play to the leading role of Guangzhou Futures Exchange, attract financial institutions related to futures trading and asset allocation to settle in Guangzhou, and build a high-quality carrier for risk management centers. Support futures companies in setting up risk management subsidiaries and related institutions in Guangzhou. Encourage enterprises with strong comprehensive strength or leading advantages in a certain commodity field or investment field to participate in futures companies to enhance capital strength. Support futures companies in Guangzhou to benchmark the operation and management methods of leading companies in the industry, and develop and grow through the introduction of strategic investors and public listing. (Responsible unit: Municipal Local Financial Supervision Bureau, district governments, supporting unit: Guangdong Securities Regulatory Bureau)

(5) Give full play to the financing support role of the fund industry. Support public fund raising institutions in Guangzhou to become bigger and stronger. Steadily promote cross-border investment business pilot projects such as Qualified Foreign Limited Partners (QFLP) and Qualified Domestic Limited Partners (QDLP). Optimize the development environment of the private equity fund industry and attract domestic and foreign high-quality capital to Guangzhou to set up private equity fund managers. Promote the construction of venture capital and venture capital gathering development platforms, and promote the clustered and ecological development of venture capital and venture capital institutions. Support private equity funds to actively expand their sources of funds, strive to carry out pilot projects for the transfer of private equity and venture capital shares, and smooth all links such as fundraising, investment, management, and withdrawal. Strengthen the risk prevention and control of private equity funds, establish a comprehensive research and judgment consultation mechanism for private equity funds, strengthen the supervision and cooperation of private equity funds with the Guangdong Securities Regulatory Bureau, and rely on the "watchtower" system of private equity funds in Guangzhou to promote the healthy and stable development of the private equity fund industry. (Responsible unit: Municipal Local Financial Supervision Bureau, district governments, supporting unit: Guangdong Securities Regulatory Bureau)

(6) Strengthen the construction of financial infrastructure and platforms.

1. Build Guangzhou Futures Exchange with high standards. Support Guangzhou Futures Exchange to rely on the resources and industrial advantages of the Guangdong-Hong Kong-Macao Greater Bay Area to develop products around themes such as serving green development, the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and the “Belt and Road” initiative, and continuously enrich the product system. Support Guangzhou Futures Exchange to cooperate with Shenzhen Stock Exchange, Hong Kong Stock Exchange and major international futures exchanges to expand the influence of "Guangzhou Price". With the Guangzhou Futures Exchange as the core, build a complete futures industry chain, and build futures characteristic buildings and futures industry clusters. (Responsible units: Municipal Local Financial Supervision Bureau, Tianhe District Government, Nansha District Government, Supporting Unit: Guangdong Securities Regulatory Bureau)

2. Actively play the role of national trading platform in Guangzhou. Support the South Center of the Shanghai Stock Exchange to give full play to the comprehensive market advantages of the Shanghai Stock Exchange in stocks, bonds, funds, derivatives and internationalization. Support the Guangzhou Service Base of the Shenzhen Stock Exchange to give full play to its localized service advantages based in Guangzhou and radiating across the province. Support the South China Base of Beijing Stock Exchange, the national small and medium-sized enterprise share transfer system, to promote the construction of the new third board innovation ecosystem, and help Guangzhou to accelerate the formation of a regional financing and innovation system. Support the operation and development of the Southern Headquarters of the Shanghai Insurance Exchange, and explore the establishment of business platforms such as international reinsurance, international shipping insurance, and bulk insurance project bidding to serve the development of the Guangdong-Hong Kong-Macao Greater Bay Area. Support the establishment of the Guangdong-Hong Kong-Macao Greater Bay Area Insurance Service Center in Nansha to provide after-sales services to customers who live or work in the Greater Bay Area and legally hold Hong Kong and Macau insurance policies. Actively strive for more national trading platforms to set up southern headquarters in Guangzhou. (Responsible units: Municipal Local Financial Supervision Bureau, district governments, supporting units: Guangzhou Branch of the People's Bank of China, Guangdong Banking and Insurance Regulatory Bureau, Guangdong Securities Regulatory Bureau)

(7) Support the standardized development of various local financial organizations.

1. Optimize the microfinance industry structure. Support microfinance companies that meet regulatory requirements to expand financing channels by issuing creditor's rights and asset securitization. Support eligible enterprises with real economic backgrounds to set up microfinance companies in key areas such as Guangzhou Folk Financial Street, Nansha New District of Guangdong Pilot Free Trade Zone, and Guangzhou International Financial City. Encourage microfinance companies with better regulatory ratings and meeting the requirements to apply for business innovation. (Responsible units: Municipal Local Financial Supervision Bureau, district governments)

2. Improve the financing guarantee service system. Accelerate the construction of a government financing guarantee system, optimize the use of fiscal funds, encourage districts in need to set up district-level government financing guarantee institutions, and form a financing guarantee service network covering the whole city. Guide government financing guarantee institutions to focus on their main business, increase incremental expansion, reduce costs and increase efficiency, deepen cooperation with the National Financing Guarantee Fund and provincial re-guarantee companies, and smooth the four-level linkage mechanism. Make better use of the supplementary role of market-based financing guarantee institutions. Support qualified financing guarantee companies to access the credit investigation system of the People's Bank of China. (Responsible units: Municipal Bureau of Industry and Information Technology, Municipal Bureau of Finance, Municipal Local Financial Supervision Bureau, Municipal Development and Reform Commission, district governments, supporting units: Guangzhou Branch of the People's Bank of China)

3. Develop characteristic financing of financial leasing. Actively promote the accelerated development of the financial leasing industry, and cultivate a group of leading financial leasing enterprises with outstanding overall advantages and high-quality enterprises with distinctive professional characteristics. Encourage all districts to develop financial leasing business around advantageous industries, and increase the penetration rate of financial leasing in aircraft, ships, automobiles and high-end manufacturing industries. Vigorously develop characteristic finance such as aircraft leasing, support airlines in introducing aircraft through leasing, increase support for upstream and downstream industrial chain businesses such as aero-engines, simulators, aviation materials, aviation and airport facilities and equipment leasing, and old aircraft asset transactions and disposals policy support. (Responsible units: Municipal Local Financial Supervision Bureau, Nansha Free Trade Zone Management Committee, Guangzhou Airport Economic Zone Management Committee, and district governments)

4. Improve the professional development level of commercial factoring. Guide commercial factoring enterprises to agglomerate, technologically and professionally develop in Nansha New District of Guangdong Pilot Free Trade Zone and Guangzhou Folk Financial Street. Cultivate a number of industry demonstration enterprises, and focus on supporting the development and growth of commercial factoring enterprises with strong shareholder background, professional management team, advanced system technology and clear business model. Optimize the financing environment for commercial factoring enterprises. (Responsible units: Municipal Local Financial Supervision Bureau, Nansha Free Trade Zone Management Committee, district governments, supporting units: Guangzhou Branch of the People's Bank of China)

5. Support the development of compliance characteristics of local trading venues in Guangzhou. Promote the Guangdong Equity Exchange Center to improve the comprehensive financial service system for small, medium and micro enterprises, strengthen the functions of the regional equity trading market, build a special service section, support the establishment of a cooperation and connection mechanism with major stock exchanges and the national small and medium-sized enterprise share transfer system, and increase the listing of service companies Cultivate strength. Support the creation of a carbon emissions trading platform in the Guangdong-Hong Kong-Macao Greater Bay Area based on the Guangzhou Carbon Emissions Trading Center. Support Guangdong Financial Assets Trading Center to build an infrastructure platform for optimizing the allocation of financial assets elements in our province. Support Guangdong Jewelry and Jade Trading Center and Guangzhou Diamond Trading Center to play the role of professional platforms and serve the jewelry, jade and diamond industries in the Guangdong-Hong Kong-Macao Greater Bay Area. Regulate the development of bulk commodity trading venues such as the Guangzhou Commodity Exchange, and solidly promote the linkage between futures and cash. (Responsible units: Municipal Local Financial Supervision Bureau, Municipal Development and Reform Commission, Municipal Finance Bureau, Municipal Bureau of Commerce, Municipal Ecological Environment Bureau, Guangzhou Taxation Bureau, Guangzhou Customs, and district governments)

6. Enhance the development vitality of the pawn industry. Efforts shall be made to improve the level of corporate governance, internal management, team building, and capital strength of the city's pawn industry, and encourage qualified pawn shops to improve their operating capabilities by increasing capital and shares, and introducing powerful shareholders. Promote qualified pawnshops to implement a chained, diversified, and comprehensive inclusive financial development strategy, and explore and launch a pilot financial innovation model of "pawnshop + supply chain". (Responsible units: Municipal Local Financial Supervision Bureau, district governments)

(8) Build an excellent financial supporting intermediary service system. Introduce or apply for the establishment of professional insurance intermediaries with operating characteristics, and build a high-end intermediary service system for asset management such as auditing, lawyers, accounting, consulting, credit enhancement, trusteeship, evaluation, and information research. Strengthen the guidance of capital market service intermediaries, guide and standardize guidance, and provide in-depth services for enterprises in various tasks in the process of listing and issuing bonds. Encourage the rapid development of green intermediary service organizations such as carbon accounting and verification, green certification, carbon rating, environmental consulting, green asset evaluation, data services, and carbon neutral registration. Give full play to the guiding and promoting role of industry associations and self-regulatory organizations to promote high-quality development of the industry. (Responsible units: Municipal Bureau of Justice, Municipal Local Financial Supervision Bureau, Municipal Finance Bureau, Municipal Social Organization Administration, Supporting Units: Guangzhou Branch of the People's Bank of China, Guangdong Banking and Insurance Regulatory Bureau, Guangdong Securities Regulatory Bureau)

3. Create a high-quality development environment

(1) Improving service guarantee measures. Do a good job in serving the main players in the financial market, and coordinate and solve the difficulties and blockages faced in the operation and business development in accordance with laws and regulations. Implement various financial support policies, and coordinate and make good use of the special funds for financial development in Guangzhou. Guide all districts to continuously improve the policies of their jurisdictions to support the development of financial market entities in light of the actual financial development in their jurisdictions, and form a policy superposition effect. Guide financial market entities to actively participate in national-level financial reform and innovation pilots around the high-quality development of the financial industry chain. Promote local corporate financial institutions to establish a long-term mechanism for capital supplementation, and raise funds through multiple channels to supplement capital in accordance with laws and regulations. (Responsible units: Municipal Local Financial Supervision Bureau, Municipal Finance Bureau, Organization Department of Municipal Party Committee, District Governments, Supporting Units: Guangzhou Branch of the People's Bank of China, Guangdong Banking and Insurance Regulatory Bureau, Guangdong Securities Regulatory Bureau)

(2) Create a good external environment. Improve financial dispute mediation and judicial protection mechanisms to safeguard the legitimate rights and interests of financial market players and financial consumers. Strengthen the coordinated governance of supervision and justice, promote the establishment of a normalized communication and coordination mechanism for financial supervision and justice, and actively play the role of digital financial collaborative governance center. Further improve and clarify the list of powers and responsibilities of local financial regulatory departments, and deepen the reform of "decentralization, regulation and service". Innovatively use the means of "finance + justice + technology" to maintain the order of the financial market. Strengthen the publicity and training of financial rule of law, adhere to the combination of publicity and education of the rule of law and the practice of the rule of law, continue to increase the efforts of departments to publicize the law, and guide the media to consciously fulfill the responsibility of financial law. Strengthen the supervision and technology capacity building of the Guangzhou Financial Risk Monitoring and Prevention Center, and improve the risk monitoring and prevention level of financial market operations. Combined with the promulgation of higher-level local financial supervision regulations, the crackdown on illegal private lending will be strengthened. Strengthen financial risk prevention in key areas to ensure that systemic and regional financial risks do not occur. (Responsible units: Municipal Local Financial Supervision Bureau, Municipal Service Data Management Bureau, Municipal Development and Reform Commission, Municipal Justice Bureau, district governments, supporting units: Guangzhou Branch of the People's Bank of China, Guangdong Banking and Insurance Regulatory Bureau, Guangdong Securities Regulatory Bureau)