Global EditionASIA 中文雙語Fran?ais
    Business
    Home / Business / Finance

    Luminaries see GBA as global financial hub

    By CHEN JIA and JIANG XUEQING | China Daily | Updated: 2021-03-05 08:51
    Share
    Share - WeChat
    Workers undertake construction of a railway bridge in South China's Guangdong province. The bridge interlinks the Guangdong-Hong Kong-Macao Greater Bay Area. [Photo/XINHUA]

    Yuan-denominated asset investment services, fintech offerings to get priority

    Lawmakers and political advisers have suggested to develop the Guangdong-Hong Kong-Macao Greater Bay Area into an international financial hub, with a flurry of fintech, green finance and renminbi-denominated asset investment services in the region.

    In the GBA financial hub, fintech innovations, digital currency trials for cross-border use, and programs for stock, insurance and carbon trading across different regions should be encouraged, with an eye on making the GBA an attractive destination for global investors, Bai Hexiang, head of the Guangdong branch of the People's Bank of China, the central bank, said on Thursday.

    The hub could link the onshore market, which has Shanghai as the financial center, and the offshore market catered by Hong Kong, said Bai, who is also a deputy to the 13th National People's Congress. He said the GBA hub should be as important as the Shanghai international financial center, but it should develop in a different manner.

    Building the GBA financial hub is expected to be one of the tasks of China's 14th Five-Year Plan (2021-25). It will be led by the central government under a mechanism that involves the central bank and financial regulators, said Bai.

    Regulators have already achieved a consensus on jointly supervising wealth management products in the area with a pilot program, the so-called cross-boundary Wealth Management Connect, which allows residents to conduct cross-boundary investments in such financial instruments, the central bank announced earlier.

    China can learn from the system created in the European Union that enables a financial institution, which receives a business license in one area, to offer financial services via branches across the entire EU.

    Zhou Xiaochuan, former central bank governor, had earlier suggested that the GBA take the EU system as a reference for developing financial connect programs, with unified regulatory standards.

    Peter Wong, HSBC's Asia-Pacific chief executive and a member of the 13th National Committee of the Chinese People's Political Consultative Conference, suggested that China should create a financial regulatory system that is geared to international standards, to accelerate the integration of financial markets and services in the GBA area.

    In a proposal to the CPPCC National Committee, Wong said that though the GBA has made great strides in financial infrastructure construction, interconnectivity between financial markets, and the further opening up of China's financial sector, some institutional obstacles still restricted the development of integrated financial markets and services within the region. Problems such as differences in financial regulations and the not-so-smooth running of financial products and services across borders are still waiting to be solved.

    "China could grant permission for wider and deeper reforms of the existing free trade zone in the GBA, to further eliminate institutional barriers and build a financial regulatory system that is in line with international practices," he said.

    "This will not only promote the integration of financial markets and services in the GBA but also be conducive to achieving replicable institutional innovation results that can be propagated. In addition, it is helpful to improve China's new institutions of a higher-level open economy."

    The government could take specific measures, such as implementing a "single pass system" so that financial institutions in Guangdong province, Hong Kong and Macao need not apply for a license separately in each place to offer cross-border financial services, Wong said.

    He also advised the local governments of the three areas to recognize each others' credit reports, allowing entrepreneurs from Hong Kong and Macao who start their own business in the mainland to use their credit reports in their hometowns to apply for financial services at mainland financial institutions.

    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    CLOSE
     
    国产中文字幕视频| 无码国内精品久久人妻蜜桃| 亚洲AV无码成人网站久久精品大| 午夜无码中文字幕在线播放| 亚洲精品午夜无码电影网| 日韩亚洲欧美中文高清| 日韩精品无码久久一区二区三 | 超清中文乱码字幕在线观看| 无码日韩精品一区二区免费暖暖| 最近最新免费中文字幕高清| 久久久久亚洲AV无码去区首| 熟妇无码乱子成人精品| 日韩精品无码视频一区二区蜜桃| 亚洲中文字幕久久精品无码喷水| 国模吧无码一区二区三区| 无码成A毛片免费| 99精品人妻无码专区在线视频区| 亚洲一区中文字幕久久| 亚洲日韩VA无码中文字幕| 爽到高潮无码视频在线观看| 国产在线无码视频一区二区三区| 无码中文人妻在线一区二区三区| 八戒理论片午影院无码爱恋| 免费无码又爽又刺激网站直播| 熟妇人妻无乱码中文字幕真矢织江| 日本免费中文字幕| 91在线中文字幕| 最好看最新高清中文视频| 在线日韩中文字幕| 日韩欧美中文字幕一字不卡| 久久亚洲2019中文字幕| 最近最好最新2019中文字幕免费| 久久e热在这里只有国产中文精品99 | 中文国产成人精品久久亚洲精品AⅤ无码精品 | 中文字幕精品无码久久久久久3D日动漫 | 99无码人妻一区二区三区免费 | 亚洲av无码国产精品色在线看不卡| 国产免费黄色无码视频| 精品久久久久久无码人妻热| 久久久久无码精品| 亚洲男人第一无码aⅴ网站|