Two cities play crucial role in opening-up

Leading the way

Xi also visited Shenzhen in 2018 and 2020, laying out a new vision for the special economic zone and renewing commitments for China to open itself wider to the world.

He told a celebration marking the 40th anniversary of the establishment of the zone in Shenzhen that reform would not come to a standstill, and opening-up would progress further.

The first stop during his visit in 2012 was Qianhai, a pilot free trade zone and a hub for cooperation in modern services between Shenzhen and the Hong Kong special administrative region. Xi visited the area again in 2018, and two years later, he delivered a speech at a local convention center.

He encouraged the region to fully pursue the pioneering spirit of special economic zones and to put special piloting policies in place.

Financial services is among the sectors given priority in Qianhai, and this is one of the reasons foreign banks, including HSBC, have set up branches such as securities.

The lender, which is based in London, used its advantage in owning the Hongkong and Shanghai Banking Corp－a subsidiary based in Hong Kong－to launch China's first joint venture securities company majority-owned by a foreign bank in Qianhai in December 2017.

Raising its stake in the securities venture to 90 percent in April was another step taken by the bank to gain a firmer foothold as it looks to expand in China.

Wang, from HSBC, said, "All these steps show that HSBC's commitment to supporting China's continued economic growth and internationalization remains as strong as ever－and is still growing."