On April 3rd, the Guangdong Branch of the People's Bank of China officially released the "Management Measures for Multi functional Free Trade Account Business in the Hengqin Guangdong Macao Deep Cooperation Zone" (hereinafter referred to as the "Management Measures"). The Management Measures will be officially implemented from May 6th, and the long-awaited launch and operation of the multifunctional free trade account by the market has entered the countdown. In the future, "cross frontline" funds can be freely transferred between Macao and the Hengqin Guangdong Macao Deep Cooperation Zone in accordance with the law. The innovation of cross-border financial management in the Greater Bay Area is the next city that can be both managed and opened up. The reporter learned that multifunctional free trade accounts are generally managed according to the principles of "first line liberalization, second line cross-border management, and limited penetration of accounts with the same name across second lines". Ren Zhihong, President of the Guangdong Hong Kong Macao Economic Research Association and Researcher at the Guangdong Academy of Social Sciences, stated that the principle designed in the "Management Measures" reflects the need to "manage effectively" and "let go". Specifically, "cross frontline" refers to the free transfer of funds between Macao and the Hengqin Guangdong Macao Deep Cooperation Zone in accordance with the law. Cross frontline funds can be freely transferred between multifunctional free trade accounts and overseas accounts, OSA accounts, NRA accounts, as well as multifunctional free trade accounts, in accordance with the law, and processed with payment instructions. It is worth noting that in terms of "cross frontline" transfers, enterprises within the cooperation zone use multifunctional free trade accounts and overseas institutional accounts for current account income and expenditure, and handle them with payment instructions; Engaging in capital related businesses other than securities investment is not subject to restrictions and approvals related to betting on foreign debts, full caliber cross-border financing, overseas lending, and does not require pre registration, filing, or opening a special account with the foreign exchange management department. Industry insiders point out that exploring the free and convenient flow of cross-border funds within the cooperation zone, deepening the connection of rules and mechanisms, is an innovative move in the cross-border financial management of the Greater Bay Area. "Cross second line" refers to the Hengqin Guangdong Macao Deep Cooperation Zone and other regions within the country. Funds transfer is managed according to cross-border transactions and can only be used in RMB. According to the "Management Measures", the transfer between the multifunctional free trade account and the settlement account of domestic residents with non identical names is limited to the settlement of goods trade funds that are deemed to be under import and export management by the customs. The transfer of funds between the multi-functional free trade account of institutions within the area and the settlement account with the same name within the territory shall be subject to limited "penetration" within the quota, and the use of funds shall be managed in accordance with the negative list. For key industrial enterprises in Hengqin, the account opening conditions can be appropriately relaxed. It is worth mentioning that the design and application of multifunctional free trade accounts place great emphasis on serving the real economy and promoting the integrated development of Qinhuangdao and Australia. Industry insiders point out that through more open cross-border fund flow management policies and relying on multifunctional free trade accounts, it explores the realization of high-level trade and investment liberalization and facilitation, helping to promote moderate and diversified development of Macau's economy. For example, a multifunctional free trade account emphasizes the substantial operation of the account opening enterprise in the cooperation zone, requiring the actual management agency to be established in the cooperation zone and implement substantial comprehensive management and control over the enterprise's production and operation, personnel, finance, property, etc. For example, in terms of technology research and development, high-end manufacturing industries, traditional Chinese medicine and other Macau brand industries, cultural and tourism exhibition and commercial industries, modern financial industries and other industries that comply with the development guidelines of the Hengqin Guangdong Macao Deep Cooperation Zone
Edit：Liangyongqing Responsible editor：Liyi
Source：NanFang+
Special statement: if the pictures and texts reproduced or quoted on this site infringe your legitimate rights and interests, please contact this site, and this site will correct and delete them in time. For copyright issues and website cooperation, please contact through outlook new era email：lwxsd@liaowanghn.com
Greater Bay Area
Recommended Reading Change it 
Home
