Regulations of Nansha on Deepening the Comprehensive Cooperation among Guangdong, Hong Kong and Macao Towards the World
On 19 January 2024, the Standing Committee of the Guangdong Provincial People’s Congress issued the “Regulations of Nansha on Deepening the Comprehensive Cooperation among Guangdong, Hong Kong and Macao Towards the World” (“the Regulations”). The Regulations specified that the Guangdong Provincial People’s Government and relevant departments aimed to support Nansha expand the opening-up policy of financial industry, deepen the financial cooperation with Hong Kong and Macao, strengthen the construction of the Guangzhou Futures Exchange, the Futures Industrial Park and the Cross-border Wealth Management and Capital Management Centre in the Guangdong-Hong Kong-Macau Greater Bay Area (Guangzhou Nansha), and promote the interconnection of the financial markets of Guangdong, Hong Kong and Macao. In addition, the Regulations support the development of a cross-border credit standard system with Hong Kong and Macao, explore and promote mutual recognition of credit products and services, and expand commercial cooperation with credit service institutions in Hong Kong and Macao. The Regulations will be effective from 1 March 2024.