A range of recent developments have had far-reaching effects on the promotion of closer cooperation between legal communities in Guangdong and Hong Kong to provide cross-border legal services in such areas as investment, financing, M&A and listing. They deserve the attention of lawyers from both places.

Hong Kong stock market leading the rally after the global financial tsunami

The ravages of the financial tsunami have plunged major capital markets around the world into sharp decline. As China is still able to maintain relatively high economic growth and boasts a potentially huge consumer market, the country will continue to attract attention from global investors. As the downturn of major global economies eases and global liquidity improves on the back of their initiatives to counter the crisis, international hot money will go to stocks with 'China concepts' once again. Due to restrictions on direct access to China's A-share markets, H-share companies and Chinese red chip companies on the Hong Kong stock market have naturally become the primary target of international investment funds. This could be the fundamental reason why the Hong Kong stock market has outperformed its global counterparts since the beginning of this year, led by H-share and Chinese red chip names. In the financial crisis, Hong Kong's Heng Seng Index lost two thirds of its value, down from its peak of 31958.41 points in October 2007 to 10676.29 points within one year. As of 12 June 2009, the Index was back at 19161.97 points, nearly an 80% increase from its baseline, while the Heng Seng Chinese Enterprise Index (HSCEI) rebounded from 4792.37 points to 11308.9 points to record an increase of 136% over the same period, and the Heng Seng Hong Kong Chinese Enterprise Index (HSHKCEI) rose 92%, from 2172.64 points to 4168.89 points. The strengthening and revival of the Hong Kong capital market will immediately lead to an increase in cross-border investment, financing, listing and M&A transactions and create a wealth of opportunities for legal communities in both Hong Kong and Guangdong.

Outline of the Plan for the Reform and Development of the Pearl River Delta Region (2008-2020)

In December 2008, the National Development and Reform Commission (NDRC) issued the Outline of the Plan for the Reform and Development of the Pearl River Delta Region (the Outline). For the 'strategic positioning' of the Pearl River Delta Region, the Outline specifies that 'upholding the one country, two systems principle, the region will push forward its intimate cooperation, integration and common development with Hong Kong and Macau so as to forge jointly the most dynamic and internationally competitive city cluster of the Asia-Pacific region'. The Outline also states expressly that the Pearl River Delta Region should 'develop a system of modern service industries to match Hong Kong as an international financial centre'. The primary goal for the development of a modern system of industries in the Pearl River Delta has been set to 'support the Pearl River Delta Region to conduct in-depth cooperation with Hong Kong and Macau in modern service industries, focusing on the development of finance, convention and exhibition service, logistics, information service, science and technology service, commercial service, service outsourcing industry, culture and creation industry, headquarter economy, and tourism, to comprehensively advance the development level of the service industries'.

The Outline also calls for closer cooperation with Hong Kong and Macau, promoting the integration of major infrastructures, strengthening industrial cooperation, together building a quality living environment and innovating forms of cooperation. In particular, it points out that 'full support will be given to the processing trade enterprises in the Pearl River Delta Region owned by Hong Kong and Macau investors to boost their transformation and upgrade effort to extend their industrial chains and reorient to modern service industries and advanced manufacturing industries' and adds: 'The state will support the enterprises in the Pearl River Delta Region to finance through their listing on the stock market of Hong Kong'.

The Outline highlights the state's unprecedented support for the development of a system of modern service industries in the Pearl River Delta Region to match Hong Kong as an international financial centre. It can be anticipated that the legal communities in Guangdong and Hong Kong will see new opportunities arising from in-depth cross-border cooperation in service industries, the transformation and upgrading of the Hong Kong and Macau processing trade enterprises in Guangdong and the financing of enterprises from the Pearl River Delta Region through listing in Hong Kong.

Decisions on Expediting the Development of Modern Service Industries

According to the Decisions issued by the CPC Guangzhou Municipal Committee and the Guangzhou Municipal People's Government in September 2008, in order to establish a system of modern industries featuring modern service industries and a service-based economy, to enhance the city's function as a hub and to provide comprehensive services and develop Guangzhou into the 'best city' in the province, it is imperative to 'firmly grasp the opportunities presented by the accelerated transfer of international service industries, strongly promote the opening up of the service sector to foreign investors on a comprehensive, broad and multi-level basis, actively seek service outsourcing projects in software development, information services, transaction processing and cross-border procurement, strengthen cooperation between Guangzhou and Hong Kong, Macau and Taiwan, further expand areas of cooperation, raise levels of cooperation and focus on improving the international competitiveness of the service economy'.

The Decisions also suggest that the province ought to 'deepen broad-based cooperation between Guangdong and Hong Kong/Macau in developing modern service industries; promote cooperation with Hong Kong/Macau on the basis of complementary strengths, shared resources and synergetic development; take advantage of Guangdong's privilege to experiment with CEPA within the province first to form a framework for cooperation between Guangdong and Hong Kong in the service sector as soon as possible by developing areas of cooperation between Guangdong and Hong Kong in modern service industries, reducing barriers to entry into certain services, focusing on introducing such modern service industries as modern logistics, finance and insurance, large commercial facilities, international marketing, R&D, designing, creative business, information services, testing and certification, and jointly constructing a comprehensive e-commerce platform for trade and investment between Guangdong and Hong Kong, an information platform for massive traffic of people and materials travelling across the border, a world-class base for conferences and exhibitions, and a zone of financial innovation'.

As the key messages of the Decisions echo the Outline, it will strongly facilitate the entry of advantageous service enterprises from Hong Kong into Guangzhou and provide further directions for lawyers from Guangdong and Hong Kong to participate in the in-depth cooperation between the two places.

Program for the Development of Headquarter Economy in Guangzhou

On 21 May 2009, the Guangzhou Municipal Reform and Development Commission issued the Program for the Development of Headquarter Economy which expressly sets one of Guangzhou's positions in its development as hosting 'headquarters of multi-national companies in South China'. To this end, the city needs to focus more on wooing key investors and attracting Fortune 500 companies and global companies with international influence to establish their subsidiaries or branches in Guangzhou, thus growing into an area where global companies set up their financial, R&D, procurement, manufacturing, marketing and trading headquarters in East Asia, China or South China.

This is the first time that Guangzhou has announced its plan in the form of a governmental program to develop the city into the host for 'headquarters of multi-national companies in South China'. It is believed that the promulgation of a series of policies around this program will gradually attract some multinational or large Hong Kong-based companies serviced by Hong Kong lawyers to establish their regional headquarters in Guangzhou. This will further promote cooperation between legal communities in Guangdong and Hong Kong in traditional foreign investment practice.

Signing of Supplements V and VI to CEPA

Supplement V to the Closer Economic Partnership Arrangement (CEPA) signed on 29 July 2008 helps open the Chinese market even further to Hong Kong by building on CEPA and its four supplements. In the service trade, China will further its market opening to Hong Kong in 17 areas. Among them, 15 sectors, including accounting, construction, medical services, placement and supply services of personnel, printing, convention and exhibition services, distribution, environmental services, banking, social services, tourism, maritime transport, air transport, road transport and individually owned stores are entitled to simplified approval procedures, relaxed requirements for market access, abolished restrictions on shareholdings, and expanded business scopes and territories, on top of the original liberalisation commitment. The Guangdong Provincial Government has also established a joint meeting regime to facilitate the further opening of the service sector to Hong Kong and Macau in Guangdong on an experimental basis. The Guangdong Provincial Hong Kong and Macau Affairs Office has developed a liaison and coordination mechanism with the Trade and Industry Department of the HKSAR Government to give full support for the implementation of Supplement V.

Supplement VI to CEPA signed on 9 May 2009 mainly concerns further liberalisation of service trade toward Hong Kong in China, especially Guangdong, facilitation of trade and investment and the mutual recognition of professional qualifications. Nine of the 29 policy initiatives in Supplement VI will be implemented in Guangdong first on an experimental basis. They relate to eight sectors including banking, securities, maritime transport, railroad transport, convention and exhibition services, utilities, telecommunications and legal services.

The signing of Supplements V and VI has not only expanded the opening up of the service sector to Hong Kong but also introduced measures for Guangdong to experiment with initiatives that will deepen cooperation between the province and Hong Kong. These measures will strongly promote economic exchanges and cooperation between Guangdong and Hong Kong and consequently bring opportunities for legal communities in these two places to provide legal services in the context of cross-border cooperation and innovation in the service sector.

Implementation of the Corporate
Income Tax Law of the PRC

The new Corporate Income Tax Law of the People's Republic of China which took effect on 1 January 2008 will affect the legal service in Guangdong and Hong Kong mainly in two ways.
First, the implementation of the new law which unifies preferential taxation policies and follows the principle of 'focusing on preferential treatment for particular industries with the supplement of preferential treatment for particular regions' has eliminated the difference in tax rates between Guangzhou and special economic zones such as Shenzhen and Zhuhai and will help attract more foreign companies to set up headquarters in Guangzhou.

Second, before the implementation of the new law, earnings from equity investment received by non-resident enterprises from domestic sources, such as dividends and bonus, were exempt from CIT. After the implementation of the new CIT Law, such earnings will be subject to a CIT rate of 20%, though under the CIT Implementation Rules a reduced rate of 10% will actually be applied. However, according to the taxation treaty with Hong Kong, if a Hong Kong resident (company) holds 25% or more of the interest in any domestic enterprise, the tax rate applicable to earnings from equity investment, such as dividends and bonus, shall not exceed 5%. This preferential arrangement will help induce foreign investors to incorporate companies first in Hong Kong and then make investment in the Chinese Mainland through such Hong Kong companies. This practice will bring more opportunities for cooperation between Hong Kong and Mainland lawyers in foreign investment and offshore transactions.

Delegation of vetting authorities by competent central government bodies

China's central government bodies continue to delegate vetting authorities downward. For example, in August 2008, the Ministry of Commerce delegated the vetting authority concerning the incorporation and alteration of foreign-invested joint stock companies downward to provincial-level regulators of commerce. In March 2009, some vetting authorities were delegated again. The incorporation, capital increase, contracts/constitutions and their alterations of foreign-invested enterprises (including joint stock companies) which are encouraged by the state, do not need comprehensive rebalancing by the state and used to fall within the vetting authority of the Ministry of Commerce are now subject to the examination and approval by commerce regulators governing provinces, autonomous regions, municipalities directly under the Central Government, cities specifically designated in the state plan, sub-provincial-level municipalities (including Guangzhou) as well as national economic and technological development zones. For foreign-invested companies incorporated under the approval of the Ministry of Commerce, all alterations are subject to vetting by local commerce regulators except capital increases that exceed the limit set by the NDRC and any transfer of equity which involves a transfer of control from Chinese to foreign investors. Where any foreign investor or foreign-invested enterprise merges with or acquires a domestic enterprise, if such a transaction is to be encouraged or allowed by the state and involves a deal worth no more than US$100 million, or if such a transaction is to be restricted but involves a deal worth no more than US$50 million, the merger or acquisition is subject to examination and approval by the local commerce regulator together with other relevant departments. The authority to examine, approve and administer the incorporation and alterations of foreign-invested venture capital enterprises and foreign-invested venture capital management companies with total capital of less than US$100 million has also been delegated downward to provincial-level commerce regulators and national economic and technological development zones.

In May 2009, the State Administration of Foreign Exchange (SAFE) issued the Circular on Adjusting the Approval Authority for Certain Foreign Exchange Businesses under the Capital Account which delegates the vetting authority over ten types of capital account transactions from SAFE to its local branches, including the opening of inter-city capital accounts, external guarantees provided by domestic institutions, external transfer of personal assets and the partial withdrawal from market regarding securities.

As a matter of fact, the downward delegation of approval authorities from regulators in the Central Government to local regulators will facilitate cooperation between Hong Kong lawyers and their local counterparts in Guangzhou and other cities.

Encouraging foreign investors to make venture capital investments and foreign-invested companies to list on domestic securities markets

In March 2008, the General Office of the Ministry of Commerce issued the Guidelines on Attracting Foreign Investment in 2008 which require relevant departments to 'encourage foreign investors to set up venture capital enterprises, improve the exit mechanism for venture capital, support the development and growth of domestic small- and medium-sized high-tech companies, and guide eligible foreign-invested enterprises to list in domestic markets'. This document aims to encourage foreign investors to set up joint venture capital enterprises in China and encourage joint venture capital to exit domestically. Recently, a senior official from Shanghai Stock Exchange also called for discussion on how to attract foreign companies to list on domestic markets. These policy developments will help enhance cooperation between Hong Kong and Chinese lawyers in matters related to the incorporation of joint venture capital enterprises, investment and financing projects involving private equity funds and domestic listing.

Pilot scheme on settlement in RMB for cross-border trade in four Guangdong cities and Shanghai

As an important step toward the internationalisation of RMB, the State Council in April 2009 decided to allow four Guangdong cities (Guangzhou, Shenzhen, Zhuhai and Dongguan) and Shanghai to conduct a pilot scheme on settlement in RMB for cross-border trade. Hong Kong will also become the first place outside China to carry on trade settlements in RMB. Settlement in RMB for cross-border trade means that trading companies can make payments directly in RMB, thus significantly reducing their transaction costs in foreign trade. Furthermore, as the United States is issuing dollar notes to cope with the financial crisis and the USD is under growing pressure to depreciate, payments in RMB can reduce FX conversion costs which will occur when settlement is made in US dollars. RMB is strengthening its role as a potential reserve currency. In the light of the previous 650-billion-yuan currency swap agreement between China's central bank and six countries and regions including Korea and Malaysia, the volume of settlement in RMB in these six countries and regions will increase sharply. Given Hong Kong's role as a global, especially Asia Pacific financial centre and the rapid growth of RMB business in Hong Kong's banking sector, it can be anticipated that following the pilot scheme on settlement in RMB for cross-border trade, Hong Kong will accumulate a huge amount of RMB. As RMB is not yet freely convertible, foreign institutions and enterprises holding large amounts of RMB do not have many investment channels to preserve or increase the value of their RMB money. This will lead to the raising of various types of RMB funds in Hong Kong and encourage domestic financial institutions to issue RMB-nominated bonds in Hong Kong.

As Guangdong enjoys the advantage of cooperating with Hong Kong in the financial sector on an experimental basis under the Outline of the Plan for the Reform and Development of the Pearl River Delta Region and CEPA, the province will be likely to make the first move in using offshore RMB. Clearly, this will create new business opportunities for legal communities in Guangdong and Hong Kong in the financial sector.

Legal communities in Guangdong and Hong Kong should pay close attention to these developments and attractive new opportunities in the legal services market. Lawyers associations and law firms from both sides should work closely together to carry out joint studies on industrial developments and regulatory and policy changes, and provide information to clients and develop the market together while referring clients to each other. In addition, lawyers in Guangdong should accelerate learning from their Hong Kong counterparts in servicing skills and law firm management and raise their own practice standards in order to cooperate better with Hong Kong lawyers to provide quality legal services for cross-border projects together.

Zhang Ping
Vice President, Guangzhou Lawyers Association
Executive Partner, Guangda Law Firm, Guangdong

This article is a transcript of the first-day speech given at the Conference on Cooperation in Legal Services between Guangdong and Hong Kong held on 20 June 2009 in Guangzhou. It provides an analysis of China's latest policies as well as the latest positions and trends in relation to the economic development of the major cities in the Pearl River Delta Region. In the context of implementing these policies on an experimental basis in Guangdong and Hong Kong's recently-granted privilege to provide offshore RMB settlement with five Mainland cities, the article provides Hong Kong lawyers with valuable advice in their continued provision of legal services in the region.

從近期的動態看粵港跨地域法律服務合作的發展趨向

近一段時間以來的一系列動態，對推動粵港兩地律師界緊密合作提供投資、融資、併購、上市等領域的跨地域法律服務有著深遠的影響，值得兩地律師同行的關注。

全球金融風暴後香港證券市場領先回升

金融風暴的洗禮讓全球的主要資本市場一度急劇萎縮。由於中國能依然保持相對較高的經濟增速以及中國巨大的消費市場潛力，中國將仍然是全球投資者關注的重點。隨著全球主要經濟體的經濟下滑速度放緩，隨著各經濟體應對金融危機而催生的全球流動性的增加，國際熱錢會再度投向中國概念企業。而由於直接進入國內A股市場存在一定的限制，香港證券市場中H股企業和中資紅籌企業自然就成了國際投資資金的首先目標。這或許正是今年以來H股企業和中資紅籌企業帶領香港股市在回升中領先於全球股市的根源。金融危機中香港生指數自2007年10月起的一年內由最高點31958.41跌至10676.29，跌去了三分之二。今年6月12日已回升至19161.97點，自最低點以來的漲幅有近80%，同期的生國企指數由4792.37回升至11308.9，漲幅136%；生香港中資企業指數由2172.64點回升至4168.89，漲幅92%。香港資本市場的回升和再度活躍將直接帶來跨境投融資、上市、併購項目的增加，再度為兩地律師界帶來巨大商機。

國家發改委發佈《珠江三角洲地區改革發展規劃綱要(2008-2020)年 》

國家發改委於2008年12月發佈的《珠江三角洲地區改革發展規劃綱要》在珠三角「戰略定位」中明確指出要「堅持『一國兩制』方針，推進與港澳緊密合作、融合發展，共同打造亞太地區最具活力和國際競爭力的城市群」。《綱要》明確指出，珠三角應「發展與香港國際金融中心相配套的現代服務業體系」。「支援珠江三角洲地區與港澳地區在現代服務業領域的深度合作，重點發展金融業、會展業、物流業、資訊服務業、科技服務業、商務服務業、外包服務業、文化創意產業、總部經濟和旅遊業，全面提升服務業發展水準」，被確定為珠三角發展現代產業體系的首要目標。
《綱要》還要求推進與港澳的緊密合作，推進重大基礎實施的對接，加強產業合作，共建優質生活圈，創新合作方式。特別指出，「全力支援在珠江三角洲地區的港澳加工貿易企業延伸產業鏈條，向現代服務業和先進製造業發展，實現轉型升級」。「支援珠江三角洲地區企業到香港上市融資」。

《綱要》突顯了國家對珠三角地區發展與香港金融中心相配套的現代服務體系的史無前例的支援。可以預見，粵港律師界將在兩地服務業的深度合作、港澳在粵加工貿易企業的轉型升級以及珠三角企業香港上市融資等領域迎來新的機遇。

中共廣州市委、廣州市人民政府發佈《關於加快發展現代服務業的決定》

於2008年9月發佈的該《決定》指出，為建立以現代服務業為主導、服務經濟為主體的現代產業體系，增強中心城市集聚輻射和綜合服務功能，把廣州建成全省「首善之區」，要「緊緊抓住國際服務業加速轉移的契機，大力促進服務業全方位、寬領域、多層次對外開放，積極承接軟體發展、資訊服務、交易處理、跨國採購等服務外包，加強穗港澳臺合作，進一步拓寬合作空間，提升合作層次，著力提高服務經濟國際競爭力」。

該《決定》還提出，「深化穗港澳在現代服務業發展方面的廣泛合作。立足於優勢互補、資源分享、協同發展，促進與港澳的合作。抓住CEPA在廣東先行先試的契機，儘快形成穗港服務業合作框架，建立穗港現代服務業合作園區，降低服務業引進准入門檻，重點引進現代物流、金融保險、大型商務設施、國際行銷、研發設計、創意產業、資訊服務、檢測認證等現代服務業，聯合構建穗港貿易投資綜合電子商務平臺、大通關資訊平臺、世界級會展基地和金融創新區」。

《決定》的核心內容與《珠江三角洲地區改革發展規劃綱要》一脈相承，將有力推動香港優勢服務企業進駐廣州，進而為兩地律師界參與粵港兩地服務業的深度合作進一步指明了方向。

廣州市發改委發佈《廣州市總部經濟發展規劃》

廣州市發展與改革委員會於2009年5月21日發佈的《廣州市總部經濟發展規劃》明確指出，廣州的發展定位之一就是「跨國公司華南地區總部」。為此，要加強重點招商，吸引世界500強企業以及具有國際影響力的跨國公司在廣州設立子公司或分支機搆，形成跨國公司在東亞、中國及華南地區的金融總部、研發總部、採購總部、製造總部、行銷總部和貿易總部。

這是廣州市第一次以政府規劃的方式提出要將廣州建設成為「跨國公司華南地區總部」。相信圍繞該規劃的一系列政策的出臺將會逐步吸引香港律師業所服務的部分跨國公司或香港大型企業在廣州建立地區總部。這將會進一步促進粵港兩地律師界在傳統的外商投資業務領域的合作。

《內地與香港關於建立更緊密經貿關係的安排》(CEPA)補充協議五和補充協議六的簽署

2008年7月29日簽署的《內地與香港關於建立更緊密經貿關係的安排》(CEPA)補充協議五在CEPA及其四個補充協議的基礎上，對香港進一步擴大開放。在服務貿易方面，內地在17個領域擴大對港開放，其中對會計、建築、醫療、人員提供與安排、印刷、會展、分銷、環境、銀行、社會服務、旅遊、海運、航空運輸、公路運輸和個體工商戶15個領域在原有開放承諾基礎上，進一步採取簡化審批程序、放寬市場准入條件、取消股權限制、放寬經營範圍和經營地域等措施。廣東省政府還建立了推進服務業對港澳擴大開放政策在廣東先行先試工作聯席會議制度,廣東省港澳辦與香港特區政府工業貿易署建立了聯絡協調機制，全力推進補充協議五的實施。

2009年5月9日簽署的內地與香港CEPA補充協議六主要涉及內地特別是廣東在服務貿易領域對香港進一步擴大開放及促進貿易投資便利化、推動專業人員資格互認。補充協議六的29項政策措施中，有9項在廣東先行先試，涉及銀行、證券、海運、鐵路運輸、會展、公用事業、電信、法律等8個領域。

補充協議五和補充協議六的先後簽署，不僅進一步擴大了服務業對香港的開放，還推出了為深化粵港合作而採取的在廣東省先行先試的措施，這些措施將有力推動粵港兩地的經貿交流與合作，進而為粵港兩地律師界在兩地服務業創新合作中提供法律服務帶來了先行先試的機遇。

《中華人民共和國企業所得稅法》的施行

《中華人民共和國企業所得稅法》於2008年1月1日起開始實施。新稅法對粵港兩地律師業務的影響主要來自兩方面。

第一，新稅法的實施統一了稅收的優惠政策，實行「產業優惠為主，區域優惠為輔」，使廣州與深圳、珠海等經濟特區的稅率差異不復存在，將有利於吸引更多境外企業在廣州設立總部。

第二，新稅法實施前對非居民企業取得的來自境內的股息、紅利等權益性投資收益免於徵收所得稅。新稅法實施後開始就該等收益徵收所得稅，適用稅率為20%。所得稅實施條例則規定減按10%的稅率徵收。而根據內定與香港的稅收協定，若香港居民（公司）持有境內企業25%或以上股權，則針對股息、紅利等權益性投資收益所適用的稅率為不超過5%。此優惠安排將有利於引導境外投資者先設立香港公司，再以該香港公司來投資中國內地，從而增加了外商投資及離岸交易中香港與內地律師的合作機會。

中央相關主管部門的審批許可權下放

近一段時間以來，中央相關主管部門一再將審批許可權下放。如：國家商務部於2008年8月將外商投資股份公司的設立及變更審批許可權下放至省級商務主管部門。於2009年3月再次下放部分審批許可權：原在商務部審核許可權內的鼓勵類且不需要國家綜合平衡的外商投資企業（含股份公司）設立、增資、合同／章程及其變更事項，均由省、自治區、直轄市、計劃單列市、副省級城市（包括廣州）商務主管部門和國家級經濟技術開發區審核。經商務部批准設立的外商投資企業，除由國家發展改革委核准的限額以上增資事項和控股權由中方向外方發生轉移的股權轉讓事項外，其他變更事項均由地方商務主管部門審核。外國投資者和外商投資企業併購境內企業的，鼓勵類、允許類併購交易額1億美元及以下、限制類交易額5000萬美元及以下的，由地方商務主管部門會同有關部門審核。資本總額1億美元以下的外商投資創業投資企業、外商投資創業投資管理企業的設立及變更亦同時下放由省級商務主管部門和國家級經濟技術開發區審核、管理。

國家外匯局於2009年5月發佈了《關於調整部分資本專案外匯業務審批許可權的通知》，將包括資本金帳戶異地開戶、境內機構對外提供擔保、個人財產對外轉移以及證券項下部分市場退出類等十項資本項目外匯業務的審批許可權從外匯局下放至分局。

中央主管部門審批許可權下放至地方的這一趨勢將在客觀上促進香港律師界與廣州等城市的地方律師界的合作。

鼓勵外商在華創業投資及外資企業在境內證券市場上市

商務部辦公廳於2008年3月發佈的《關於2008年全國吸收外商投資工作的指導性意見》明確要求要「鼓勵外商設立創業投資企業，完善創業投資退出機制，支援國內中小高新技術企業發展壯大。引導符合條件的外商投資企業在境內上市」。這一文件旨在鼓勵外商在中國境內設立合資創投企業及鼓勵合資創投在境內實現退出。上海證券交易所的負責人近期還提出，要探討吸引境外企業在境內上市。這些政策動向將有利於增加香港律師與內地律師在合資創投企業設立、私募股權基金投融資、境內上市領域的合作。

在廣東省內四城市和上海市開展跨境貿易人民幣結算試點

作為推動人民幣國際化的重要一步，2009年4月國務院決定在廣東省內的廣州、深圳、珠海、東莞四城市和上海市開展跨境貿易人民幣結算試點。香港亦將成為內地以外首個配合以人民幣進行貿易結算的地區。進行跨境貿易人民幣結算，意味著進行貿易的企業可以直接用人民幣進行結算，貿易交易成本大幅降低。同時，目前美國為應對金融危機大量發行美元，美元貶值壓力加大，而以人民幣作為貿易支付可以減省用美元結算的匯兌成本。人民幣作為儲備貨幣的功能正在逐步增強。結合此前中國央行與韓國、馬來西亞等 6個國家和地區簽訂的6500億元的貨幣互換協定，在這6個國家和地區的人民幣結算量將大幅增加。鑒於香港在全球尤其在亞太地區的金融中心地位和香港銀行界人民幣業務的迅速發展，可以預見，隨著跨境貿易人民幣結算的試點，香港將會集聚大量的人民幣資金。而由於人民幣目前還不可以自由兌換，境外持有大量人民幣的機構和企業並無太多的投資管道以實現人民幣資金的保值升值。這一狀況將會催生各類人民幣基金在香港的募集和推動境內金融機構在港發行人民幣債券。

由於廣東在《珠江三角洲地區改革發展規劃綱要》和CEPA的支持下享有與香港在金融領域合作的先行先試的優勢，廣東將很有可能在利用境外人民幣這一領域贏得先機。顯然，這將會為粵港兩地律師界帶來金融領域新的業務機會。

對於上述趨向和誘人的法律服務市場新機會，粵港兩地律師界應予以高度重視。粵港兩地的律師協會和律師事務所應緊密合作，在相互推介客戶的同時，加強對行業動態和法規政策變化的共同研究，共同積極主動引導客戶和培育市場；同時，廣東律師界要在服務技能和律師事務所管理等方面加快向香港律師同行的學習，提升執業水準，以便更好地與香港律師同行聯手合作，為跨境項目共同提供高品質的法律服務。

張平
廣州市律師協會副會長
廣東廣大律師事務所執行合夥人



本文是在2009年6月20日於廣州市舉行的「粵港法律服務合作研討會」上的首天發言，有關內容就國家最新政策，對珠三角主要城市的最新經濟事務發展定位及方向，具分析力。在先行先試的政策實施下，及在香港剛獲批准與五個內地城市的境外人民幣結算的優勢下，對香港律師繼續提供涉珠三角法律服務有很好的參考價值。