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
     
    中文字幕精品久久久久人妻| 国产午夜精品无码| 亚洲一级特黄无码片| 久久午夜无码鲁丝片秋霞| 亚洲v国产v天堂a无码久久| 日韩精品中文字幕无码一区| 无码人妻黑人中文字幕| 免费无遮挡无码视频在线观看| 亚洲乱亚洲乱妇无码麻豆| 最近中文字幕高清字幕在线视频| 无码人妻少妇伦在线电影| 国产精品免费无遮挡无码永久视频| 亚洲日韩精品无码一区二区三区| 精品亚洲欧美中文字幕在线看| 人妻少妇无码视频在线| 国产午夜无码专区喷水| 国产v亚洲v天堂无码网站| 日韩AV无码久久一区二区| 亚洲av无码专区在线播放| 国产AV无码专区亚洲AV手机麻豆| 最近2018中文字幕在线高清下载 | 日韩人妻无码精品专区| 爆操夜夜操天天操狠操中文| 无码欧精品亚洲日韩一区夜夜嗨| 精品无码综合一区| 久久久久久久人妻无码中文字幕爆| 日本免费中文字幕| 中文国产成人精品久久不卡| 国产福利电影一区二区三区久久老子无码午夜伦不 | 久久超乳爆乳中文字幕| 无码中文人妻视频2019| 色综合久久中文字幕无码| 国产 日韩 中文字幕 制服| 亚洲Av无码国产情品久久| 日无码在线观看| 亚洲精品无码久久久| 天堂网www中文在线| 日本公妇在线观看中文版| 久久亚洲精精品中文字幕| 欧美精品丝袜久久久中文字幕| 无码人妻丝袜在线视频|