According to the information on the website of the Central bank, the People’s Bank of China, China Banking and Insurance Regulatory Commission, the securities regulatory Commission and State Administration of Foreign Exchange (SAFE) recently issued ” guideline on financial support for the construction of the Guangdong-Hong Kong-Macao Greater Bay Area ” (hereinafter referred to as ” guideline”).
Promoting the development of the Greater Bay Area is a major strategic decision made by the Communist Party of China Central Committee and the State Council, and it is expected to have a significant and far-reaching impact on China’s reform and opening-up, the central bank said in a statement.
The guideline put forward 26 specific measures for these five areas: Firstly, promoting cross-border trade and investment and financing facilitation in the Greater Bay Area of Guangdong, Hong Kong, and Macao. Secondly, expanding the opening up of the financial sector to the outside world. Thirdly, promoting the interconnection of financial markets and financial infrastructure. Fourthly, improving the innovation level of financial services in the Greater Bay Area of Guangdong, Hong Kong, and Macao. What is more, effectively preventing cross-border financial risks.
The Central Bank said that the guidelines will help further promote financial opening and innovation, deepen financial cooperation between the Mainland and Hong Kong and Macao, enhance the role of the Greater Bay Area in supporting and guiding the country’s economic development and opening up, and provide strong financial support for building a dynamic and internationally competitive first-class bay area and a world-class city cluster.
In February 2019, the Chinese authorities announced the outline of the development plan for Guangdong-Hong Kong-Macao Greater Bay Area, aiming to develop the region into a model of high-quality development.
The Greater Bay Area consists of Hong Kong, Macao, and nine cities in Guangdong — Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing.