Marine bank ‘should be set up in Qianhai’

Writer: Zhang Yu  | Editor: Holly Wang  | From:  | Updated: 2019-03-13

Several deputies to the National People’s Congress (NPC) from Shenzhen, led by Wang Jianjun, an NPC deputy and general manager of Shenzhen Stock Exchange, have jointly proposed that the international marine development bank be set up in Qianhai, the Shenzhen Special Zone Daily reported yesterday.

In the view of the deputies, Shenzhen not only has a sea area of 1,145 square kilometers and more than 260 kilometers of coastline, but also rich ocean resources and a developed financial industry. Qianhai, one of the areas of the China (Guangdong) Pilot Free Trade Zone, is the best place to set up the bank.

The deputies pointed out that there are at least four obvious advantages to establishing the bank in Qianhai. First, it is conducive to developing Qianhai into a financial engine for the Guangdong-Hong Kong-Macao Greater Bay Area and building a financial hub that serves the Belt and Road Initiative.

Second, it will promote the long-term stability, cooperation and prosperity of the region around the South China Sea. Third, the bank will be able to vigorously promote investment, financing and trade, and better serve the construction of the 21st Century Maritime Silk Road.

Last but not the least, the establishment of the bank can further help implement the country’s maritime power strategy and provide strong financial support for strengthening the marine economy and speeding up major projects in the marine field.

The deputies suggested that the Ministry of Natural Resources take the lead in guiding Guangdong and Shenzhen to jointly promote the establishment of the bank in Shenzhen while carrying out a feasibility study and preparatory work on site selection.

Xiong Jianming, an NPC deputy and president of China Fangda Group Co. Ltd., said he hopes a shipping exchange will be set up in Qianhai.

Xiong said that being adjacent to Hong Kong and Macao, Shenzhen enjoys obvious geographical advantages. Additionally, as the strategic advantages of Qianhai increase, Shenzhen should make full use of such edges and carry out various reforms and innovations in the construction of the Greater Bay Area.

Xiong said Singapore has a shipping exchange, but neither Hong Kong nor South China has one. He believes that Qianhai possesses many advantages for setting up such an exchange.

To accelerate the construction of a global marine city, Shenzhen has clarified its three-stage development goals. The aim is for the city’s marine economy to achieve high-quality growth, and for its scientific and technological innovation ability to be significantly enhanced by 2020.

By 2035, Shenzhen will be focused on enhancing its influence in the marine field in the Asia-Pacific region and basically building up a global marine city. The city is striving to achieve first-class marine development and become a global marine city by the middle of the century.