10 July 2023
On 10 July 2023, the General Affairs Office of the Shenzhen Municipal People's Government issued the “Implementation Plan for Implementing Opinions on Comprehensively Deepening Reform and Opening-up of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone with Financial Support" (“the Plan”). The Plan specifically facilitates cross-border investment and financing for Hong Kong enterprises, including supporting eligible Hong Kong-funded Small and Thin-profit Enterprises (“STEs”) in Qianhai Cooperation Zone to obtain loans from overseas banks within a limit of RMB5 million. The Plan also supports the expansion of Hong Kong-funded financial institutions' business scope, including encouraging eligible overseas, especially Hong Kong-based banks to apply for qualifications for fund custody business in their branches in Qianhai Cooperation Zone.