Shenzhen Unveils Ambitions to Become Global Fintech Hub, Digital Renminbi Industry Ecosystem

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The southern Chinese tech hub of Shenzhen has unveiled a new policy directive to step up its prominence in the domestic and global fintech sectors.

On 19 October the “Guidance Opinions Concerning Driving the Finance Sector Servicing New Development Conditions” (关于推动金融业服务新发展格局的指导意见) were jointly issued by the Shenzhen offices of the Chinese central bank and the Chinese banking regulator in conjunction with Shenzhen’s municipal finance regulator.

The Opinions calls for transforming Shenzhen into a “global fintech centre,” via improvements to fintech industry incubation mechanisms, the “accelerated nurturing” of leading fintech institutions and improvements to fintech industry chains.

The directive also calls for “deepening digital renminbi application scenario innovations, attracting major infrastructure in relation to the digital renminbi to be built in Shenzhen, and the cultivation of a digital renminbi industry ecosystem.”

Shenzhen will “explore the application of fintech to customer credit ratings, credit authorisations and approvals and risk management,” and establish a “unified, full-city digitised comprehensive financial services platform.”

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