Successful Cases

HSBC

On 28 January 2013, a group of 15 banks including HSBC signed an agreement to offer loans to Shenzhen’s new Qianhai enterprise zone, opening the door for offshore participation in China’s domestic lending market for the first time since 1949. 
Since then, Qianhai, formally known as the Qianhai Shenzhen-Hong Kong Modern Service Industries Cooperation Zone, has accelerated its development. By this August when Qianhai celebrated its four year anniversary, the cross-border RMB lending to the zone has amounted to about 44 billion yuan and more than 11,000 companies have registered in the zone. 
While the launch of cross-border RMB lending marks a key milestone on the road to full internationalisation of the Chinese currency, Qianhai’s role is more than this. It is an experiment that aims to strengthen the economic ties between Hong Kong and Guangdong. Thirty-odd years ago, we found mutual benefit in the “Front Shop, Back Factory” model: Hong Kong developed into one of the world’s leading financial centres, while Guangdong became an industrial powerhouse and China’s most economically productive province.  As with so much of China’s economic transformation over the past 35 years, Guangdong is leading the move up the industrial value chain. Being one of the most service-oriented economies in the world, Hong Kong has just the right tools to help Guangdong tune its growth engine. 
We believe Qianhai has been tasked with pioneering the opening-up of the country’s service sector and is the next stage in the evolution of Hong Kong-Guangdong economic collaboration. And HSBC is in a privileged position to tap the opportunities in Qianhai and the next wave of collaboration between Guangdong and Hong Kong.
As an international bank with largest network in mainland China, HSBC is also a champion of RMB internationalisation with RMB trade capability in more than 50 countries and territories across six continents.