Guangdong Supports Development of Financial Sector in the Greater Bay Area

The Guangdong Financial Supervisory Authority recently issued a joint circular in conjunction with the departments concerned (Yue Jin Jian No. 51 [2020]) on the plan for the implementation of opinions on support of the development of the financial sector in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The plan seeks to further promote financial opening-up and innovation, deepen financial co-operation between the mainland, Hong Kong and Macao, increase financial support for the GBA, and enhance the GBA’s role in supporting and leading China’s economic development and opening-up. It puts forward 80 specific measures in five areas that are within the powers and authority granted by the central authorities to the GBA to explore financial reforms.

• Promote cross-border trade and investment and financing facilitation and make the conversion and cross-border circulation and use of foreign exchange more convenient.

• Expand financial opening-up and deepen financial co-operation between the mainland and Hong Kong and Macao.

• Advance the diversification of financing channels in Guangdong, Hong Kong and Macao and promote the connectivity of financial markets and financial infrastructure.

• Further improve the innovation of financial services in the GBA.

• Effectively guard against cross-border financial risks.

Source: Guangdong Financial Supervisory Authority