21 December 2023
On 21 December 2023, the National Development and Reform Commission issued the “Overall Development Plan for Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone” (“the Plan”). The Plan proposed to support Hong Kong-based financial institutions to set up Research & Development centres, data centres, operation centres in Qianhai and pilot test the cross-border flow of financial data such as credit investigation data among Shenzhen and Hong Kong. The Plan also proposes to strengthen Shenzhen-Hong Kong regulatory cooperation and establish a joint cross-border financial regulatory coordination mechanism with Hong Kong to facilitate cross-border business for financial institutions in Mainland and Hong Kong.