The Shenzhen Branch of the People's Bank of China and the Shenzhen Branch of the State Administration of Foreign Exchange launched an initiative to promote cross-border financial services in its districts on Wednesday. The inaugural event held in Luohu District, themed "Enhancing Trade Stability and Optimizing Structure through Cross-Border Financial Services," gathered over 170 participants, including representatives from 62 commercial banks and more than 50 enterprises.

Chen Yuanfu, Deputy Director of the Shenzhen Branch of the People's Bank of China, highlighted Shenzhen's progress in cross-border financial innovation. Shenzhen has developed a distinctive advantage in cross-border finance, establishing smooth transition and integrated development in six areas between Shenzhen and Hong Kong including account, exchange, financing, service, wealth management, and credit connectivity. The city has also launched 14 pioneering financial policies, with 11 replicated nationwide, and organized initiatives such as the "Hetao Financial Services Day" and the "Belt and Road Cross-Border Financial Alignment" to support enterprises in accessing comprehensive financial services.

In 2025, Shenzhen's financial authorities aim to further stabilize foreign investment and trade while advancing RMB globalization. Efforts will include creating integrated platforms for policy dissemination, product promotion, and government-business-bank collaboration, ensuring market participants have access to reliable and tailored financial solutions.

Zuo Jinping, mayor of Luohu District, emphasized Luohu's strategic importance as Shenzhen's financial birthplace and a vital hub in the Greater Bay Area. With its proximity to Hong Kong, Luohu hosts key transportation links, including Shenzhen Railway Station, Luohu North Station, and three major border checkpoints—Luohu, Wenjindu, and Liantang. As the nation's largest land port cluster, Luohu is a critical node for connecting the Greater Bay Area and global markets, offering unique advantages in cross-border exchanges of people, goods, capital, and information.

In recent years, Luohu has achieved notable success in cross-border financial innovation, including advancing digital RMB usage between Shenzhen and Hong Kong, supporting enterprises' global expansion through comprehensive financial solutions, and fostering cross-border credit information sharing and the implementation of "Cross-Border Wealth Management" services. Zuo expressed hope that this initiative would foster richer, deeper, and more direct exchanges in cross-border finance, sharing innovative practices and exploring new service pathways.

During the event, Shenzhen’s financial authorities delivered presentations on high-level cross-border trade and investment opening-up pilots, RMB cross-border policies, and foreign exchange compliance. Luohu's Commerce Bureau shared insights into the district's trade development and related policies, while China Merchants Bank showcased its "one-stop" cross-border financial services. Local enterprises also shared practical case studies on cross-border financial services.

Looking ahead, Shenzhen's financial authorities plan to collaborate with district governments to organize diverse cross-border financial service activities, enhancing service quality and facilitating Shenzhen's high-quality economic development.

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