Guangzhou authorities have announced a new 88-step Implementation Plan to transform the city’s Nansha district into “a pilot for the opening up of China’s financial industry, a platform for financial innovation functions and an important node of the Greater Bay Area international financial hub.”
The Implementation Plan is based on an earlier masterplan in 2022. Nansha, as a Guangdong Pilot Free Trade Zone, already enjoys a business-friendly policy environment that supports technological innovation – for example, paving the way for the legalisation of self-driving cars, China Daily notes.
Additionally, the district is home to the Port of Nansha, a major container port that serves as a regional hub for trade.
[See more: Policymakers plan to make Nansha a ‘key development zone’]
According to the plan, local authorities will encourage innovation and investment into Nansha’s financial sector, such as by improving digital asset trading methods and providing support to startup founders from Hong Kong and Macao.
The district will also heavily emphasise environmentally friendly projects and attempt to integrate with markets across the Greater Bay Area (GBA). Specific measures include establishing an international commercial bank for the GBA and allowing foreign enterprises to create accounts for the Chinese yuan.
The plan also listed safeguards and regulations, such as creating information-sharing mechanisms and “deepening financial reform.”
