Finance in Greater Bay Area aims for higher quality development

The Fifth Guangdong-Hong Kong-Macao Greater Bay Area Financial Development Forum opened on April 22 in the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, gathering around 300 guests to discuss pressing issues concerning the high-quality financial development of the Greater Bay Area in the new era. 

The forum was held by the Financial Research Institute, which is part of the Development Research Center of the State Council and the Guangdong Financial Supervisory Authority. It invited guests to deliver keynote speeches and put forward suggestions on the Greater Bay Area's financial development.

Huang Hong, the former vice chairman of China Banking and the Insurance Regulatory Commission, noted that a financing service system that covers the whole innovation process should be established. Huang further stated that diversified financial tools should be offered to support basic scientific research in the Greater Bay Area.

Dynamic Hengqin [File photo by Zeng Yao / Zhuhai Daily]

He added that long-term bank loans with low interest rates should be provided for talents involved in basic scientific research when purchasing housing. High-quality insurance products for these talents, especially those from overseas, should also be established to meet up with the demands in health management, medical services and elderly care.

Huang also suggested that the listing procedures of institutes that manage basic scientific research needs to be simplified, and that core technical talents in these institutes should get more control rights.

Hong Kong's Financial Secretary, Paul Chan Mo-po, said that Hong Kong has now been active in adding renminbi service counters at Hong Kong Exchanges and Clearing to boost the issuance and trading of offshore RMB stocks.

He expressed the hope that insurance after-sale service centers will be approved in Guangzhou's Nansha district and Shenzhen's Qianhai district to provide services such as consultations, claim settlements, and insurance renewals for residents living in the Greater Bay Area with Hong Kong insurance.

Great efforts will be devoted to developing finance leases and releasing preferential financial policies, added Paul.

Tong Shiqing, deputy director of Guangdong Provincial Local Financial Supervision and Administration Bureau, noted that Guangdong will vigorously develop financial leasing and promote the introduction of conducive policy measures to boost the standardized development of these characteristic financial formats, aiming to consolidate the province's position as the third pole of financial leasing in the country and create a new growth point for finance in the Greater Bay Area. 

Vong Lap Fong, member of the advisory board member of Macao's Monetary Authority, said that the bond market in Macao has taken shape after nearly three years of construction, and it will help Macao play a major part in the construction of a Sino-Portuguese financial service platform.