Greater Bay Area

Flow of factors and connection of rules - the "Qianhai model" helps promote high-level opening up in the Greater Bay Area

2025-08-18   

In the past 15 years of development and construction in Qianhai, we have focused on cross-border flow of factors, promoted the connection of rules, and formed the "Qianhai Model" through reform, opening up, and institutional innovation, helping the Guangdong Hong Kong Macao Greater Bay Area to open up to the outside world at a high level and achieve high-quality development. The cross-border "highway" of data has passed, and Hong Kong patients need to bring paper reports back to Hong Kong for follow-up after completing their examinations in Shenzhen. On July 1st, the cross-border secure and convenient data channel between Shenzhen and Hong Kong was successfully tested for the first time. The data from the University of Hong Kong Shenzhen Hospital was transmitted to the Hong Kong "Health Connect" system through this channel. Relying on the construction of a new national (Shenzhen · Qianhai) Internet exchange center, the channel will build a full chain management model of "controllable, risk aware, safe and traceable", laying the foundation for the construction of the "healthy bay area" in the Guangdong Hong Kong Macao Greater Bay Area. Previously, credit reports and other information had already achieved cross-border circulation in Qianhai. Chen Yijia, head of the Marketing Department of the National (Shenzhen · Qianhai) New Internet Exchange Center, told reporters that the Shenzhen Hong Kong cross-border data verification platform participated in the construction of the center adopts the separation of transmission and verification, and generates a unique hash value through blockchain technology. Thanks to this breakthrough, over 30 small and medium-sized enterprises in mainland China have completed credit data verification through the platform and successfully obtained loans in Hong Kong, with a total amount exceeding HKD 100 million. Tan Ya'an, Director of the Data Department of Qianhai Management Bureau, told reporters that in the future, Qianhai will adhere to the market-oriented allocation reform of data elements as the main line, take the actual needs of deep integration development between Shenzhen and Hong Kong as the driving force, accelerate the exploration and practice of cross-border secure and convenient channels for data between Shenzhen and Hong Kong, Qianhai offshore data center, etc., and fully leverage the multiplier effect of data elements. On April 10, 2025, Qianhai Joint Trading Center, together with Agricultural Bank of China Shenzhen Branch and Bank of China Hong Kong, launched the first domestic commodity digital currency bridge cross-border settlement business, relying on the innovative financial tool of multilateral central bank digital currency bridges to achieve cross-border digital currency settlement of 200 million yuan. The person in charge of the Agricultural Bank of China Shenzhen Branch told reporters that this is another new development in the implementation of the "30 Measures for Financial Support in Qianhai" policy in Qianhai. The digital currency bridge business enables peer-to-peer payments between banks, without relying on intermediary banks or third-party institutions, and can provide 24/7 uninterrupted account and settlement services. As a demonstration window for the opening up of the national financial industry and a cross-border RMB business innovation pilot zone, Qianhai has fully played its role as a "test field" in the past 15 years, supporting Hong Kong's integration into the new pattern of national financial reform and opening up, and enhancing Hong Kong's status as an international financial center. After the release of the "30 Measures for Financial Support in Qianhai", one cross-border financial achievement after another has landed in Qianhai, continuously polishing the "gold" brand of Qianhai's cross-border finance. Liang Ke, Deputy Secretary of the Party Working Committee of the Qianhai Shenzhen Hong Kong Modern Service Industry Cooperation Zone, said that the implementation rate of the "30 Measures for Financial Support in Qianhai" exceeded 90%. It was the first to implement 6 national "firsts", 8 national "first batch" innovation achievements, and multiple national "first" financial institutions such as "dual license" banks. It has also formed a number of leading demonstration cases for the connection of financial rules and mechanisms between Shenzhen and Hong Kong, providing Qianhai experience for national financial reform and innovation. At present, more than 500 financial institutions have settled in Qianhai Shenzhen Hong Kong International Financial City, and the cross-border income and expenditure of Qianhai Free Trade (FT) accounts have reached 1.15 trillion yuan. Qianhai has become one of the preferred destinations for Hong Kong and foreign financial institutions. The Qianhai Mawan Nineteen Unit School, which was launched in September this year under the Cross border Practice "Pilot Field" program, is the first pilot project to implement Hong Kong and international engineering construction management models. This is one of the first pilot projects to implement the "Three party Responsibility Subject (Construction Unit, Architect Team, Construction Unit)" management mode after the release of the "Reform Plan for the Connection of Hong Kong and Macao Rules in the Management System of Qianhai Construction Projects in 2023", which has enabled Hong Kong people and Hong Kong enterprises to independently undertake engineering projects. The first two pilot projects attracted 105 Hong Kong engineering professionals to participate. Lu Dawen, founder of Huichuang International Architectural Design Co., Ltd. and Hong Kong architect, said that the success of the Qianhai pilot project will provide experience for greater openness in the future, making it easier for Hong Kong architects to enter the mainland market. Not only architects, there are now 26 types of Hong Kong and Macau professionals who do not need to take the mainland vocational qualification examination and can practice in Qianhai directly or after registration. In recent years, Qianhai has started exploring the connection between vocational qualifications in Hong Kong and Macao and the rules of Hong Kong and Macao. It has sorted out the corresponding relationship between vocational qualifications in Hong Kong and Macao and the vocational qualification system in mainland China, implemented step by step, and promoted the recognition and orderly opening of vocational qualifications in Hong Kong and Macao. It has successively issued management measures for the practice registration of professionals in engineering construction, tax related, cultural and tourism fields, supported the integration of professional talents in Hong Kong and Macao into the overall development of the country, and gradually established a global professional talent convenience service system. Since the State Council approved the Overall Development Plan for the Qianhai Shenzhen Hong Kong Modern Service Industry Cooperation Zone in August 2010, the implementation of innovative policies over the past fifteen years has not only brought tangible development opportunities for enterprises and individuals, but also enabled Qianhai to promote high-level opening up through institutional innovation, continuously surging with innovation momentum and development vitality. (New Society)

Edit:He Chuanning Responsible editor:Su Suiyue

Source:Xinhua

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