Shenzhen Gets 500 Billion Yuan to Support Business & Residents
25 Nov 2019
Great news for Shenzhen businesses and residents! Shenzhen has entered into an important strategic cooperation agreement worth 500 billion RMB with Bank of China.
On November 22nd, 2019, Bank of China and the Shenzhen Municipal People's Government signed a comprehensive strategic cooperation agreement to fully support Shenzhen's goal of becoming a pioneer demonstration zone for building socialism with Chinese characteristics.
The event was attended by Wang Weizhong, deputy secretary of the Guangdong Provincial Party Committee and secretary of the Shenzhen Municipal Party Committee, Chen Rugui, deputy secretary of the Shenzhen Municipal Party Committee, mayor of the Shenzhen Municipal Committee, Gao Zimin, deputy mayor of Shenzhen Municipality, Wang Lixin, deputy mayor of Shenzhen, Liu Lianxi, party secretary and chairman of the Bank of China, deputy governor of the Bank of China Zheng Guoyu, Gao Yingxin, president of BOC Hong Kong, and other leaders.
Bank of China has committed to providing 500 billion yuan in funding to support four key areas
The agreement focuses on helping to fund the development of Shenzhen's pioneer demonstration area of socialism with Chinese characteristics, and carrying out the development of key areas; such as creating modern economic systems, opening up and global cooperation, investments in fintech and smart cities, improvement of services to enhance people's livelihood in the city and old-age security.
This 500 billion yuan is earmarked to support all types of enterprises, institutions and residents in Shenzhen over the next five years.
Focus on these key areas
Accelerate the implementation of innovation-driven development strategies
Includes support for 5G industrial chain, artificial intelligence, cyberspace science and technology, high-end communication devices, and the development of strategic emerging industries such as high performance medical devices.
Accelerate the construction of a modern industrial system
Bank of China will set up a regional innovation and research base, financial research institute and wealth management college in Shenzhen to promote the establishment of financial technology companies, strengthen cutting-edge technology exploration and research, help Shenzhen pilot deepened foreign exchange management reform, and explore the internationalization of the RMB, Hong Kong and Macao financial markets, innovation in the areas of interoperability and financial (fund) product mutual recognition, digital currency research, and mobile payment.
Construct of a number of major projects, major platforms
Bank of China will participate in the construction of railways, highways, ports, airports, energy and other fields, promote the interconnection of infrastructure in the Greater Bay Area, and promote Shenzhen's core engine functions in the regional economic layout.
Create a "seven" people's livelihood happiness benchmark
Bank of China will promote Hong Kong and Macao residents' financial service innovation, enhance international talent financial services, support Shenzhen to introduce foreign talents more conveniently, promote cross-border, education, sports, silver hair, and other strategic-level financial scenarios.
Four strategic cooperation agreements
After the signing ceremony, seven newly unveiled institutions signed four strategic cooperation agreements to work together to contribute to the high quality development of Shenzhen's economy
① Bank of China Shenzhen Branch, Bank of China Group Investment Co., Ltd. and Shenzhen Major Industrial Investment Group Co., Ltd. signed the “Strategic Cooperation Agreement for Bank of China to Support Shenzhen Major Industry Investment”;
② Bank of China Shenzhen Branch, Bank of China Financial Assets Investment Co., Ltd. and Shenzhen Innovation Investment Group Co., Ltd. signed the “China Bank Service Support Shenzhen Science and Technology Enterprise Strategic Cooperation Agreement”;
③ Bank of China Shenzhen Branch, Bank of China Financial Assets Investment Co., Ltd. and China Merchants Capital Investment Co., Ltd. signed the “China Bank Service Support Shenzhen Information Technology Industry Strategic Cooperation Agreement”;
④ Bank of China Shenzhen Branch, Bank of China (Hong Kong) Co., Ltd., BOC International Holdings Limited, BOC Insurance Co., Ltd. and Shenzhen Investment Holdings Co., Ltd. signed the “Strategic Cooperation Agreement for Bank of China to Support Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone”.
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