"At Hengqin, the cross-border fund service process has been comprehensively simplified, and enterprises no longer need to register, file or open a special account with the foreign exchange management department for pre business registration, which is a great benefit for our business development," said Zhang Ying, Vice President of Bank of China Hengqin Branch. The new change that brought joy to Zhang Ying was the multi-functional free trade account that was about to be launched on May 6th. Recently, the Guangdong Branch of the People's Bank of China issued 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"), which significantly improves the convenience of overseas fund exchanges between the Hengqin Guangdong Macao Deep Cooperation Zone (hereinafter referred to as the "Cooperation Zone") and Macao, while controlling risks. Breaking through traditional regulatory measures in cross-border capital flows and remittances, the cooperation zone will fully leverage the advantages of multifunctional free trade accounts, innovate and launch more cross-border financial products, and explore the realization of high-level trade and investment liberalization and facilitation. So, what are the major breakthroughs in this new financial policy? How will it serve the economic and livelihood development of Qin'ao? What experiences will this new experiment of financial openness explore for the integration of the Guangdong Hong Kong Macao Greater Bay Area? "Many companies in Macau, Hong Kong, and even overseas have consulted us on how foreign funds should enter and profits should exit the cooperation zone if they want to invest in Hengqin and achieve development." Bao Weichun, Deputy Director of the Financial Development Bureau of the Cooperation Zone, said that with the application of multifunctional free trade accounts in the cooperation zone, a convenient channel for foreign funds to enter and exit the mainland will be built, and enterprises will receive more protection in cross-border fund application, becoming an important measure to promote the financial opening of the cooperation zone. Exploring the establishment of multifunctional free trade accounts in the cooperation zone has been planned and deployed in many policies. The overall plan for the construction of the Hengqin Guangdong Macao Deep Cooperation Zone proposes to strengthen the linkage between the financial markets of the cooperation zone and the offshore financial markets of Macau and Hong Kong, explore the construction of an electronic fence system, and promote the financial markets of the cooperation zone to be highly open. Subsequently, the Opinion on Financial Support for the Construction of the Hengqin Guangdong Macao Deep Cooperation Zone further clarified that the free trade account (FT account) system should be optimized and transformed, and an electronic fund fence should be established in the cooperation zone through financial account isolation. On this basis, the Implementation Rules for the Multi functional Free Trade Account (Electronic Siege) Business in the Hengqin Guangdong Macao Deep Cooperation Zone were publicly solicited for opinions from the public, and the Management Measures were recently launched. According to regulations, the banking institutions in the cooperative zone will provide a unified domestic and foreign currency account with multifunctional free trade ledger accounting business rules according to customer needs. At the same time, the Hengqin Multi functional Free Trade Account adopts an account design that integrates with overseas markets. Its positioning is different from the existing domestic and overseas account systems in China. It will become the only unique account based on the background of the "one country, two systems" system and the "intersection" of the dual circulation system, with the core feature of serving the high-level opening up of the integration of Australia and Qinhuangdao. It can be seen as the "upgraded version" of the current domestic FT account. In Bao Weichun's view, the multifunctional free trade account is the application of the "sub line management" policy in the cooperation zone at the funding level, and the relevant accounts will be managed according to the "first line liberalization" and "second line cross-border management" policies
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