The Guangdong-Hong Kong-Macao Greater Bay Area cross-border wealth management link was launched last week. Financial Secretary Chen Maobo expects that the scale of the Southbound Link will be larger in the initial period of opening. If it runs smoothly, the quota and investment product categories can be expanded in the future.
He pointed out on a radio program today (18th) that Hong Kong and Shenzhen should seize opportunities such as RMB internationalization and green finance to give full play to the strengths of the two places in terms of finance.
He believes that Hong Kong has advantages in terms of internationalization and financial innovation, while the mainland market is relatively large in size and capital. If the two places can be combined, Hong Kong's overall competitiveness can be enhanced.
Chen Maobo said that the Greater Bay Area is the fastest-growing market in the Mainland. It has a population of more than 80 million and accumulates huge wealth. Investors in the region will consider overseas investment products and channels if they want to invest or allocate assets. Cross-border financial management is expected. After opening, the scale of the southbound link will be larger.
He said that cross-border financial management is currently launched as a pilot program, and can only invest in low- and medium-risk banking products, and the quota is also limited.
If the operation is smooth, consider expanding the quota and increasing the types of investment products.
Chen Maobo: Hong Kong's leading role is a unique role that can be copied by non-mainland cities
Regarding the Qianhai proposal is mainly dominated by the Mainland, Hong Kong’s role is relatively passive. Chen Maobo pointed out that Hong Kong and Shenzhen have their own advantages and there has been communication between the two sides. Hong Kong is dominant in internationalization, financial innovation and grasping the international market, and has a very guiding role. The mainland market has always been large in scale and capital. If the two can be combined, Hong Kong’s overall competitiveness can be enhanced.
I was asked that some people are worried about the development and integration of China and Hong Kong. Hong Kong has to rely on the mainland for everything and lose its characteristics as an international city.
Chen Maobo mentioned that the development of the New Territories is dominated by housing. The residents of the New Territories have to work on Hong Kong Island and Kowloon, which makes them tired, heavy infrastructure load, and unsatisfactory layout of work and housing.
He believes that the cooperation between Shenzhen and Hong Kong can improve the technology industry chain and locate some industries in the northern New Territories. He emphasized that the difference between Hong Kong and other mainland cities lies in the advantages of "one country, two systems", including the rule of law, international connections, and free flow of funds. Hong Kong is unique The role is not easily copied by other mainland cities.
Building a new railway to connect Qianhai is worth studying
It is reported that the "Policy Address" will announce the study of the new railway linking Hong Kong and Qianhai. Chen Maobo agrees that it is worth studying and believes that it is a rewarding infrastructure.
He said that the plan is similar to the Western Express Corridor proposed by the government in 2014. At that time, after research, it was found to be inconsistent with economic benefits and was temporarily shelved. However, the current deepening reforms in Qianhai and the development of the Greater Bay Area are no longer the same, and Hong Kong is also welcome. In collaboration, Qianhai even has about one-third of new land reserved for Hong Kong enterprises to settle and develop.
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