“14th Five-Year Plan for High-Quality Development of Shenzhen’s Financial Industry”: Promote international cooperation and cross-border use of digital RMB

On January 14, the Shenzhen Local Financial Supervision and Administration Bureau released the “High-quality Development of Shenzhen Financial Industry” Fourteenth Five-Year Plan for National Economic and Social Development of Shenzhen Five “Plan” (hereinafter referred to as the “Plan”). The “Plan” arranges and deploys Shenzhen’s “14th Five-Year Plan” development goals and 2035 long-term goals in terms of overall scale, financing structure, and the construction of the “Four Centers”. sex document.

The “Planning” pointed out that the financial innovation of Shenzhen’s pilot demonstration zone will be accelerated. Among them, it was successfully included in the central bank’s financial technology innovation supervision pilot, and successfully completed the country’s first external controllable test of digital renminbi.

Among the key tasks and development measures, the “Planning” emphasizes the need to carry out digital currency research and innovative applications of mobile payments.

It is necessary to give full play to the platform role of the Shenzhen subsidiary of the Central Bank’s Digital Currency Research Institute, promote the establishment of a financial technology innovation platform, carry out innovative applications such as digital currency research and mobile payment, and accelerate breakthroughs in key technologies such as mobile payment and terminal security related to digital currency wallets. Prospectively deploy a new generation of important financial infrastructure.

Further promote the pilot work of digital renminbi, continuously enrich the application scenarios of digital currency, strive to build a legal digital currency innovation pilot zone, and promote international cooperation and cross-border use of digital renminbi.

In addition, the “Plan” also pointed out that it will actively introduce internationally important financial institutions and infrastructure, support qualified foreign institutions to obtain payment business licenses in Shenzhen in accordance with laws and regulations, and encourage foreign investment to invest in local legal person financial institutions.

The “Plan” pointed out that, focusing on key links such as payment and settlement, registration and custody, credit rating, data management, etc., actively strive for the implementation of major national financial infrastructure in Shenzhen, steadily promote the safe application of new technologies in financial information infrastructure, and explore the realization of security and development. A “win-win” financial technology risk prevention and innovation system. Support the construction of the People’s Bank of China’s trade finance blockchain platform, further improve the supply chain accounts receivable multi-level financing, cross-border financing, international trade accounts supervision and other functions, and continuously enrich business scenarios. Promote the interconnection of financial and people’s livelihood service systems, strengthen the integration and application of cross-industry data resources, support the application and promotion of financial technology projects in medical, transportation, community and other urban service fields, and create a demonstration model for financial technology to help businesses and people.

The “Plan” pointed out that it is necessary to explore and innovate cross-border financial supervision. Strive for the support of the central financial supervision department, improve the communication and coordination mechanism with the financial management departments of Hong Kong and Macao, explore the first pilot of the cross-border financial innovation “sandbox supervision” management model in Qianhai and the Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone, etc., and build a financial innovation supervision pilot zone . Improve the monitoring and analysis mechanism of cross-border capital flows, further promote exchanges and cooperation with Hong Kong and Macao in the fields of financial technology and regulatory technology, and improve cross-border financial risk early warning and prevention capabilities. We will further advance the reform of “decentralization, regulation and service” in foreign exchange administration, improve the risk monitoring, analysis and management framework for cross-border capital flows, strengthen interim and ex post supervision, and promote cross-border trade and investment facilitation on the basis of safeguarding the stability of the foreign exchange market and financial security.

The “Plan” clarifies the strategic priorities and corresponding measures for the development of Shenzhen’s financial industry during the “14th Five-Year Plan” period from eight aspects:

The first is to promote the comprehensive deepening of reform, expansion and opening up of the financial industry, and to play a leading role in the national strategy; the second is to focus on market construction, improve the allocation of financial resources, and build a global innovation capital formation center; the third is to support the innovation ecosystem , optimize the financial technology innovation chain, and build a global financial technology center; fourth, featuring cross-border innovation, accelerate the accumulation of high-end factor resources, and build an international wealth management center; A sustainable financial center; six is ​​to serve the entity as the purpose, vigorously promote the “finance +” strategy, and enable high-quality economic development; seven is to use scientific supervision as a means to prevent and resolve major financial risks, and build a financial operation safety zone; eight. On the basis of strengthening services, we will create a world-class business environment and enhance the soft power of financial centers.

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