Guangdong opens door to HK consumer finance companies
Updated: 2012-06-28 10:46
By Oswald Chen in Hong Kong (China Daily)
|
|||||||||||
Hong Kong financial institutions will be allowed to establish consumer finance companies in Guangdong province through a pilot program in the Pearl River Delta, the central government said, according to a Xinhua News Agency statement on Wednesday.
The plan will also promote coordination among airports, harbors and train systems in the Pearl River Delta, including Hong Kong.
"Allowing Hong Kong financial institutions to establish consumer finance companies in Guangdong may provide business opportunities for local financial institutions to tap the huge mainland consumer finance market, as local players have a competitive edge in using proficient marketing techniques," said Terence Chong, executive director of the Institute of Global Economics and Finance.
"I envisage that the cross-border yuan lending pilot scheme can be kick-started shortly to realize Hong Kong-Guangdong financial cooperation," Chong added.
The central government has promoted economic cooperation across the border through a framework agreement signed in April 2010. The framework covered nine areas of cooperation, including infrastructure, manufacturing and education.
The framework envisioned that Guangdong and Hong Kong can formulate an advanced manufacturing and modern service industry base through leveraging Hong Kong's advantages in the service industry and Guangdong's niches in manufacturing.
It also aimed to elevate economic cooperation by concentrating on the development of high-end service industries.
The State Council in 2010 approved the construction of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone through the development of high-end financial, logistics, information technology and professional services industries in the Qianhai area, a 15-square-kilometer special development zone in Shenzhen.
The National Development and Reform Commission said last week that the various pilot economic measures involving the Qianhai area are expected to get the State Council's approval very soon.
Oswald@chinadailyhk.com
Related Stories
Hong Kong can build on its success 2012-06-27 13:36
Skyscraper becomes a Hong Kong landmark 2012-06-26 14:58
President Hu to visit Hong Kong for 15th anniversary celebrations 2012-06-24 11:48
Remaining competitive is key to Hong Kong's future success 2012-06-20 07:29
Today's Top News
President Xi confident in recovery from quake
H7N9 update: 104 cases, 21 deaths
Telecom workers restore links
Coal mine blast kills 18 in Jilin
Intl scholarship puts China on the map
More bird flu patients discharged
Gold loses sheen, but still a safe bet
US 'turns blind eye to human rights'
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
All-out efforts to save lives |
Liaoning: China's oceangoing giant |
Poultry industry under pressure |
'Spring' in the air for NGOs? |
Boy set to drive Chinese golf |
Latest technology gets people talking |