Judging from the experience of various advanced bay areas, the development of the financial industry is a common feature.
The financial talent Luo Wenhua has six suggestions on Hong Kong's role in the finance of the Guangdong-Hong Kong-Macao Greater Bay Area:
1. Establish a financial group: Ren Zhigang, the former president of the HKMA, stated in a forum on November 18 this year that under the Guangdong-Hong Kong-Macao Greater Bay Area Leading Group, a professional, dedicated and exclusive financial group can be established to promote the effective implementation of policies. This will speed up Hong Kong's financial integration into the overall situation of the country's development.
This move can strengthen coordination to remove obstacles caused by the differences in systems and practices in the three places, and promote the convergence of rules and systems in the three places.
2. Sharing of Hong Kong's supervisory experience: In terms of financial supervision, Hong Kong has a sound financial supervision system, and various financial risks are under control. It can be shared with Guangdong and Macao in many areas.
3. Simplify the process to further facilitate the facilitation of cross-border trade and investment and financing in the Greater Bay Area: It is recommended to learn from the EU's "single pass" system, under this system, as long as financial institutions are registered in any place, they can provide services in the entire region.
In addition, carry out capital account facilitation reforms, simplify foreign exchange settlement and payment management methods, and improve their processes.
Monetary Authority President Yu Weiwen stated that the HKMA has been discussing with the People's Bank of China to connect the People's Bank of China's "finan technology innovation supervision tools" with the Hong Kong Monetary Authority's "finan technology supervision sandbox" through "networking" methods.
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4. Conveying talents to the financial industry in the Greater Bay Area: Hong Kong’s financial industry gathers Chinese and foreign talents, and it is possible to export various financial talents to the other two places in the Greater Bay Area. The special policies related to talents in the Hengqin Free Trade Zone are extended to the entire Greater Bay Area, attracting Hong Kong financial talents to work in other parts of the Greater Bay Area.
5. Explore the perfect space for the "integration of industry and finance" mechanism: It is recommended that Hong Kong make full use of its financial advantages, such as strong financial strength and rigorous project approval standards and procedures, combined with Guangdong’s solid manufacturing foundation, and "assisted financial assistance, "Promoting finance with industry" and improving the mechanism for integrating industry and finance. On the one hand, it assists the upgrading and development of industries in the Greater Bay Area, and on the other hand, the financial sector in the Greater Bay Area can further develop.
6. Expanding Hong Kong's offshore RMB fund pool: It is recommended to enrich the product series.
To expand the fund pool, it is also recommended that the People's Bank of China consider establishing a renminbi liquidity supplement mechanism.
For details, please read the 296th "Hong Kong 01" Electronic Weekly Newsletter (December 20, 2021) "
Enhance Hong Kong's Role in the Financial Development of the Greater Bay Area
".
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