Hong Kong's financial sector remains to be convinced by the benefits of Qianhai

While bankers see big benefits from Qianhai development there is scepticism elsewhere in the financial industry about whether the plan will benefit the sector or the Hong Kong economy as a whole.

Some wonder whether Qianhai, like the many rounds of the Closer Economic Partnership Arrangement (Cepa), will benefit global banks and mainland businesses rather than local brokers, fund houses and insurers.

Last month, 15 banks were allowed to offer a combined 2 billion yuan (HK$2.46 billion) in loans to companies basing themselves in the special economic zone next to Shenzhen, where the Shenzhen government vowed in 2010 to build the "Manhattan of the Pearl River Delta".

Although bankers expect to cash in, brokers and insurers think differently. A local broker, who prefers to remain anonymous, is not optimistic.

"Like the many rounds of Cepa, it mainly benefits the international banks and the mainland financial firms. I do not see how Cepa nor Qianhai will greatly benefit the overall Hong Kong economy or financial services sector," the broker said.

He pointed out that while Cepa had proposed allowing Hong Kong-based futures brokers to set up joint ventures on the mainland, only a few such ventures were approved. By contrast, many mainland brokerages and fund houses had been allowed to set up in Hong Kong.