Publication,

Something for everyone: New plans to support the development of the Greater Bay Area unveiled

Current site :    HK   |   EN
Australia
Belgium
China
China Hong Kong SAR
Germany
Italy
Japan
Singapore
Spain
UAE
United Kingdom
United States
Global

The People's Bank of China CBIRC, CSRC and SAFE have jointly unveiled a new plan for the financial services sector to further promote and support the development of the Greater Bay Area (the "Joint Opinion").

We will describe some of the key highlights of that Joint Opinion in this publication. If you are looking for professional advice about the new initiatives of the Greater Bay Area, please feel free to reach out to us.

DOWNLOAD PUBLICATION
Something for everyone
New plans to support the development of the Greater Bay Area unveiled

Download

2.41MB, 8 Pages

LATEST THINKING
Insight
On 2 September 2022, the 18 Measures for Supporting the Linked Development of Shenzhen and Hong Kong Venture Capital Investments in Qianhai by the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone of Shenzhen Municipality and the Financial Services and the Treasury Bureau of the Government of the Hong Kong Special Administrative Region (“Hong Kong”) (the “18 Measures”) came into effect. These measures, promulgated by the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone of Shenzhen Municipality (the “Qianhai Authority”) in conjunction with the Financial Services and the Treasury Bureau of the Government of Hong Kong (“FSTB”), provide a framework for the implementation of the Plan for Comprehensive Deepening Reform and Opening Up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, and will be effective for the next three years. It is anticipated that the 18 Measures will harness resources from Shenzhen and Hong Kong and facilitate cooperation across the two cities on innovation and technology, ultimately breeding an international venture capital hub in Qianhai.

30 September 2022

Insight
The Notice on Offshore Lending Business of Banking Financial Institutions (Yinfa [2022] No 27) (“PBOC Notice 27”) was issued jointly by The People’s Bank of China (“PBOC”) and The State Administration of Foreign Exchange (“SAFE”), and became effective on 1 March 2022. It sets out a regulatory framework for cross-border lending (in RMB and foreign currencies) of PRC[1] domestic banks (“domestic banks”) to offshore enterprises. To facilitate the understanding of the content and impact of PBOC Notice 27, we set out the following Q&As:

28 September 2022

Insight
The introduction of the carried interest tax concession regime under the Inland Revenue (Amendment) (Tax Concessions for Carried Interest) Ordinance 2021 was a significant milestone for the asset and wealth management industry in Hong Kong*. Such regime provides for profits tax and salaries tax concessions in relation to eligible carried interest received by, or accrued to, qualifying persons and qualifying employees on or after 1 April 2020 from their provision of investment management services to “certified investment funds”. For a recap of the details of the carried interest tax concession regime, please refer to our earlier publications Proposal on Hong Kong's carried interest tax concession regime and Hong Kong fund industry updates: Carried interest tax concession regime and the OFC and REIT Grant Scheme.

20 September 2022