The Fourth Guangdong-Hong Kong-Macao Greater Bay Area Financial Development Forum
Experts and scholars from Guangdong, Hong Kong and Macao expressed their views on "the construction of an international financial hub in the Greater Bay Area and the opening up of financial institutions".
As the financial cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area has made a series of breakthroughs, further exploring the opening of the financial system has become an essential part of the construction of the Greater Bay Area as an international financial hub. The fourth Guangdong-Hong Kong-Macao Greater Bay Area Financial Development Forum, co-hosted by the Financial Research Institute of the Development Research Center of The State Council and the Guangdong Provincial Financial Supervision Administration, was held in Guangzhou recently. Central ministries and commissions, financial industry experts, financial authorities, financial institutions and scientific research institutions in Guangdong, Hong Kong and Macao put forward their respective views on the construction of the Greater Bay Area as an international financial hub and the opening of financial institutions.
Experts and scholars believe that to accelerate the integration of the Greater Bay Area into the new development pattern, it is necessary to deepen the reform and opening up of the financial sector and drive the high-quality development of other economic fields with the high-quality development of the financial sector. At the same time, we can take advantage of the special financial advantages of the Greater Bay Area and take the Guangdong-Macao In-depth Cooperation Zone and the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone as institutional innovation platforms to actively and orderly explore new measures of financial system-based opening-up and gradually promote mutual recognition, mutual learning and convergence of financial system rules.
Focusing on institutional opening pays attention to pioneering exploration
Finance is the core of modern market economy. Based on the new development stage, the Greater Bay Area can not implement the new development concept and integrate into the new development pattern without the guidance and promotion of finance. "To fulfill the new important mission entrusted to the Greater Bay Area by the new development pattern, the Greater Bay Area should continue to play a leading role in reform, opening-up and economic development, and strive to build the Greater Bay Area into a strategic fulcrum for the construction of a new development pattern." Zhang Jungu, deputy director of the Development Research Center of The State Council, said at the forum that to accelerate the integration of the Greater Bay Area into the new development pattern, it is necessary to deepen the reform and opening up of the financial sector, and use the high-quality development of the financial sector to drive the high-quality development of other economic fields.
In this regard, Tong Shiqing, deputy director of the Guangdong Provincial Financial Regulatory Bureau, believes that the cross-border financial opening and cooperation between Guangdong, Hong Kong and Macao has formed a variety of modes such as market interconnection, mutual establishment of institutions and mutual recognition of products. Promoting the opening of financial system will be the focus of the next stage of deepening cross-border financial cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area. "The opening up of the financial sector in Guangdong, Hong Kong and Macao should focus more on pioneering exploration and integrated innovation, and take the lead in integrating with high-standard international rules." Tong Shiqing said.
In terms of institutional convergence and integration, Tong shiqing said that for some new financial forms, if the system is not perfect, Guangdong, Hong Kong and Macao can timely strengthen communication and coordination, jointly formulate unified rules, form the "System scheme of The Guangdong-Hong Kong-Macao Greater Bay Area", and contribute "wisdom of the Guangdong-Hong Kong-Macao Greater Bay Area".
He Guofeng, deputy director of the POLICY Research Bureau of the CBRC, said that the CBRC encourages guangdong, Hong Kong and Macao to unify their green finance standards and enhance China's voice and influence in the international green transformation. He Guofeng also revealed that CBRC supports the establishment of an insurance service center in the Greater Bay Area, and has formed a preliminary plan in terms of establishment principles, organizational form and design procedures.
At the forum, the financial authorities of the three places shared their progress in opening up their financial systems. Chen Shouxin, chairman of Macao's Monetary Authority, said the central bond custodian system, the core infrastructure of Macao's bond market, would soon be launched. In order to encourage enterprises in Hengqin Guangdong-Macao Deep Cooperation Zone to use Macao market for direct financing, the financial department of Shenhe District is studying and issuing special support measures to support enterprises to issue bonds in Macao, and giving appropriate incentives to intermediary service institutions in Shenhe District.
Lau Ying-pan, deputy chief executive of the Hong Kong Monetary Authority (HKMA), said that more convenience measures are being studied. One of them is to test the technology with the People's Bank of China for the use of the digital yuan in Hong Kong, hoping to provide more payment options for residents of both places in the future.
"The expansion, deepening and continuous development of connectivity in the past decade and more have witnessed the country's continued reform, opening-up and innovation on the premise of properly managing risks." Paul Chan, financial secretary, said Hong Kong would continue to work with relevant mainland ministries to expand plans for various financial connectivity schemes and to optimize arrangements for existing schemes.
Financial connectivity has injected lasting momentum into cross-border financing
In September this year, the pilot business of "Cross-border financial link" was officially launched, bringing new development opportunities for the greater Bay Area to develop a multi-functional and multi-level financial market. Following this, Guangzhou proposed to seize the opportunity of the "Cross-border financial link" pilot project to build a financial management and asset management center in the Guangdong-Hong Kong-Macao Greater Bay Area. At this forum, topics related to residents' investment and financing, such as "cross-border financing", "financing" and "capital management", have become the focus.
Qiu Yitong, director of guangzhou Local Financial Supervision Bureau, revealed guangzhou's plan to build the financial management and asset management center of The Guangdong-Hong Kong-Macao Greater Bay Area at the forum, that is, to build three central carrying areas with central, eastern and southern branches in spatial layout, with the Pearl River as the link, across the two sides of the Pearl River, along with the pace of Guangzhou's development from east to south. In addition, Guangzhou will accelerate the establishment of the Hong Kong and Macao Insurance Service Center in Nansha District, strive to take the lead in undertaking the cross-border "insurance Link" business pilot in the Greater Bay Area in the future, promote the establishment of the Guangdong-Hong Kong-Macao Greater Bay Area international commercial Bank and build it into a high-quality sample of the original cross-border asset management institutions in the Greater Bay Area.
The construction of the Cross-border Wealth management and asset management Center in the Greater Bay Area is believed to bring great opportunities to the wealth management business in the Greater Bay Area. "The construction of the Greater Bay Area International asset Management Center is the supporting requirements for the Greater Bay Area to become an international science and technology innovation center with global influence, and an important embodiment of the high-quality development of financial services in the Greater Bay Area." "Li Tong, CEO and CEO of Bank of China International Holdings and vice chairman of the Hong Kong Chinese Securities Industry Association, said at the forum.
Silver protects inspect bureau party committee member and deputy director of the guangdong xiao-yong Chen said that guangdong silver protects inspect bureau to actively promote a large bay area of guangdong insurance service center set up, under the guidance of silver in China insurance regulatory commission, led jointly with silver protects inspect bureau of shenzhen and Hong Kong and Macao financial regulators held several rounds of discussion meeting, to study and draft the preparation plan, besides, promote each work orderly, Strive to include insurance service center construction into the CEPA framework as soon as possible and promote its implementation.
"The cross-border financial Link is just the beginning, and we look forward to expanding and improving the plan through practice to further meet the investment and financial needs of residents in the area." Mr Chan also revealed at the forum that Guangdong and Hong Kong were working hard to follow up on the Proposal of the Hong Kong insurance industry to set up after-sales service centres in mainland cities in the Greater Bay Area, and to implement the "equivalent pre-recognition" policy for the insurance of Hong Kong cars driving in Guangdong via the Hong Kong-Zhuhai-Macao Bridge at an early date.
Technology empowers green finance to boost bay Area development
How should the financial construction of the Guangdong-Hong Kong-Macao Greater Bay Area be further promoted? At the forum, a number of participants suggested that featured finance should be taken as an important breakthrough for the high-quality development of the financial industry in the Greater Bay Area. In particular, the Greater Bay Area should seize the commanding heights of green finance, promote green development and help achieve the goal of "dual carbon".
Data show that the fintech competitiveness of core cities in the Greater Bay Area ranks first in the world. At the forum, Zhang Junguo believed that accelerating the development of science and technology finance, helping the Greater Bay Area to become an international science and technology innovation center, promoting self-reliance and self-improvement of science and technology, and consolidating the foundation of industrial development are the primary and core tasks of building a new development pattern.
Wang Xin, director of the Research Bureau of the People's Bank of China, suggested that fintech in the Greater Bay Area should focus on the four core areas of people's livelihood, universal benefit, green and low-carbon, and RMB internationalization. At the same time, in establishing and improving the collaborative development mechanism of fintech in the Greater Bay Area, it is necessary to strengthen the top-level design, formulate the fintech development plan of the Greater Bay Area, clarify the development orientation of core cities in it, and accelerate the formation of a sound pattern of benign competition and coordinated development of fintech in the Greater Bay Area. "For example, we can give full play to the advantages of Hong Kong's high status as an international financial center, Shenzhen's active market players in scientific and technological innovation, and Guangzhou's strong research institutes, strengthen the integration of fintech resources in the Greater Bay Area, and strengthen the network synergies of core cities connected by points and by lines." Wang Xin said.
Participants also discussed how the Greater Bay Area should seize the opportunities of green finance in the greater Bay Area market under the "dual carbon" target.
An Qingsong, president of The Securities Industry Association of China, suggested that the Greater Bay Area should establish a green financial information statistical platform, establish unified green financial standards, provide green certification and counseling services, and optimize the channels for the securities industry to directly provide investment and financing services to the digital industry and green industry, so as to promote the green development of regional economy.
Chan pointed out that Hong Kong is leading international funds to support the country's transition to a green economy, and will encourage more mainland local governments, institutions and enterprises to conduct green financing and certification through Hong Kong's capital market to support the construction of green projects.
Service green development related varieties are widely concerned guangzhou Futures Exchange development of one of the four sectors. Li Zhen, deputy general manager of Guangzhou Futures Exchange, said green development products will be the core sector of The exchange, including carbon futures, power futures and industrial silicon and lithium futures closely related to the new energy industry.
Tong shiqing said that the standards and systems of green finance in the international community are not yet complete and formed. Guangdong, Hong Kong and Macao can establish a unified and quantifiable green finance identification standard and authoritative rating system, and unify standards and enrich products in green credit, green bonds, green insurance and green investment. We will continue to lead the Guangdong-Hong Kong-Macao Greater Bay Area in institutional opening-up.
