Page 68 - 2024 Special Report on the State of Business in South China
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Distinctive strengths to build Shenzhen
and Hong Kong as new financial hubs of
the Greater Bay Area
* Courtesy of EY
The development of the Guangdong- As an international financial center, Hong Kong
Hong Kong-Macao Greater Bay has remarkable strengths in terms of legal
Area (GBA) is a major development strategy environment, regulatory regime, market system
amid efforts to further drive China’s reform and and professionals, while Shenzhen has a complete
opening up in the new era, aiming to leverage manufacturing industry chain, numerous leading
a combination of advantages across the three financial enterprises and a vibrant innovation
regions to promote deeper regional integration ecosystem. In light of this, the integrated
and coordinated economic development. From development and mutually complementary
the promulgation of the Outline Development Plan cooperation between Shenzhen and Hong Kong
for the Guangdong-Hong Kong-Macao Greater Bay in the financial field is of great significance to the
Area in 2019, the GBA is now in its fifth year of development of the GBA.
development, and has made many economic and
social achievements, which are inseparable from Overview of Shenzhen and Hong Kong
the strong support of financial resources. As the financial development
fountain of strengths to drive the development of
the real economy, the high-quality development Since the implementation of the Opinions on
of the financial sector is jointly promoted by the Financial Support for the Development of the
three local governments and is expected to be the Guangdong-Hong Kong-Macao Greater Bay Area
pacing factor for greater future breakthroughs in by the People’s Bank of China (PBoC) and three
the GBA. other authorities, steady progress has been
made in enhancing the financial cooperation
In recent years, various cities in the GBA have between Shenzhen and Hong Kong, from the
introduced a raft of financial policies and measures establishment of financial institutions and
related to financial development to continuously interaction of talent in the early stages, to the
boost financial connectivity across the region, collaboration in the core aspects of the financial
including the 30 Financial Measures of Qianhai, system, including the alignment of financial
the 30 financial support measures for Hengqin, infrastructures, market connectivity, business
preferential financial policies under the Overall integration and regulatory cooperation.
Plan for Deepening Globally Oriented Comprehensive
Co-operation amongst Guangdong, Hong Kong &
Macao in Nansha of Guangzhou (Nansha Plan),
and measures on financial technology (fintech)
innovation in the development plan for Shenzhen
Park of the Hetao Shenzhen-Hong Kong Science and
Technology Innovation Cooperation Zone. As the
pioneers of financial development in the GBA,
Shenzhen and Hong Kong are adjacent to each
other, with interconnected financial markets.
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and Hong Kong as new financial hubs of
the Greater Bay Area
* Courtesy of EY
The development of the Guangdong- As an international financial center, Hong Kong
Hong Kong-Macao Greater Bay has remarkable strengths in terms of legal
Area (GBA) is a major development strategy environment, regulatory regime, market system
amid efforts to further drive China’s reform and and professionals, while Shenzhen has a complete
opening up in the new era, aiming to leverage manufacturing industry chain, numerous leading
a combination of advantages across the three financial enterprises and a vibrant innovation
regions to promote deeper regional integration ecosystem. In light of this, the integrated
and coordinated economic development. From development and mutually complementary
the promulgation of the Outline Development Plan cooperation between Shenzhen and Hong Kong
for the Guangdong-Hong Kong-Macao Greater Bay in the financial field is of great significance to the
Area in 2019, the GBA is now in its fifth year of development of the GBA.
development, and has made many economic and
social achievements, which are inseparable from Overview of Shenzhen and Hong Kong
the strong support of financial resources. As the financial development
fountain of strengths to drive the development of
the real economy, the high-quality development Since the implementation of the Opinions on
of the financial sector is jointly promoted by the Financial Support for the Development of the
three local governments and is expected to be the Guangdong-Hong Kong-Macao Greater Bay Area
pacing factor for greater future breakthroughs in by the People’s Bank of China (PBoC) and three
the GBA. other authorities, steady progress has been
made in enhancing the financial cooperation
In recent years, various cities in the GBA have between Shenzhen and Hong Kong, from the
introduced a raft of financial policies and measures establishment of financial institutions and
related to financial development to continuously interaction of talent in the early stages, to the
boost financial connectivity across the region, collaboration in the core aspects of the financial
including the 30 Financial Measures of Qianhai, system, including the alignment of financial
the 30 financial support measures for Hengqin, infrastructures, market connectivity, business
preferential financial policies under the Overall integration and regulatory cooperation.
Plan for Deepening Globally Oriented Comprehensive
Co-operation amongst Guangdong, Hong Kong &
Macao in Nansha of Guangzhou (Nansha Plan),
and measures on financial technology (fintech)
innovation in the development plan for Shenzhen
Park of the Hetao Shenzhen-Hong Kong Science and
Technology Innovation Cooperation Zone. As the
pioneers of financial development in the GBA,
Shenzhen and Hong Kong are adjacent to each
other, with interconnected financial markets.
68
