Guangxi government issued the Measures to Accelerate the Construction of the Financial Opening Gateway to ASEAN to make greater efforts to promote Guangxi's financial supply-side structural reform and opening-up cooperation.

The measures set out detailed rules on the five aspects of encouraging the gathering of high-quality financial elements, supporting the innovation of cross-border financial services, promoting major regional financial reforms, encouraging finance to support the development of the real economy, and attracting outstanding financial talents.

According to the document, Guangxi will increase the introduction of licensed financial institutions, support the aggregation of functional service institutions in the financial sector, support the settlement of new financial institutions, encourage the establishment of equity investment institutions, encourage the development of financial technology, support the construction of ASEAN securities and futures service bases, support financial institutions to purchase or lease office space for their own use, as well as give priority to key financial institutions.

The measures support cross-border financial service innovation and encourage the development of offshore financial businesses. The construction of the Nanning offshore financial center, currency transaction clearing center, as well as the cross-border investment and financing service center will be accelerated to promote the establishment of cross-border electronic transactions and fund settlement platforms for investors.

The measures support the promotion of major regional financial reforms. Cities establishing green finance reform and innovation demonstration zones, as well as cities setting up comprehensive insurance innovation demonstration zones that rank first in the annual assessment will receive financial awards and supplementary funds of 8 million yuan ($1.13 million).

The document also suggests the implementation of measures like mergers and acquisitions to encourage finance to support the development of the real economy.

In addition, the measures focus on attracting outstanding financial talents. Preferential policies for financial talents will be implemented to provide one-stop service for high-level talents in Guangxi involving the settlement of the talents and their families, the school enrollment of their children, medical and social security, the application for residence and immigration documents, as well as support for entrepreneurship.