Guangxi's plan on financial opening-up gateway for ASEAN

The Nanning municipal government and the financial supervision administration of Guangxi Zhuang autonomous region officially issued the Construction Plan of the Financial Opening-up Gateway Nanning Core Area for ASEAN (2019-2023) on July 7.

The plan shows that Guangxi will strive to establish a regional leading financial industrial structure and a distinctive financial industry functional system by 2023, as well as complete the basic construction of Nanning Core Area, which will serve as the financial opening-up gateway for ASEAN.

The plan is divided into six parts, with the scope covering 2.6 square kilometers of Nanning Wuxiang New District and the surrounding areas. The key issues are divided into 121 items in 21 sectors. It requires the integration of financial institutions' business formats and functional types, as well as the construction of financial headquarters, financial information service areas, financial operation service areas, and science and technology financial industry zones.

The plan focuses on Nanning Core Area, establishing an insurance innovation comprehensive experimental pilot zone, as well as a green finance reform and innovation demonstration zone. It will build a regional RMB offshore financial center, regional currency transaction clearing center, as well as a cross-border investment and financing service center. It will create a financial back-office service base, wealth management service base, financial information service base, and financial exchange training base. It will form a China-ASEAN commodity spot trading market, gold industry trading market, regional equity investment market, regional property rights trading market, and capital cultivation service market. It will improve the area’s building supply, intermediary service, credit reporting service, living service, talent support, and business environment.

The planning period is 2019-2023 and is clearly implemented in three phases: the first phase will be fully launched in 2019; the second phase will be effective by early 2020; and the third phase will be completed by 2023.

In the future, Nanning will fully build Nanning Core Area, striving to take the lead in achieving key policies, major projects, and key supporting projects to provide an open financial gateway for ASEAN .