Regulators give massive spur to strengthen bond among GBA regions
Zhuhai, Guangdong-Hong Kong-Macao Greater Bay Area, May 23, 2021. /CFP
Zhuhai, Guangdong-Hong Kong-Macao Greater Bay Area, May 23, 2021. /CFP

Zhuhai, Guangdong-Hong Kong-Macao Greater Bay Area, May 23, 2021. /CFP

China is actively paving the way for closer economic and business relations among various regions of the Guangdong-Hong Kong-Macao Greater Bay Area. That's according to two key documents unveiled on Thursday which spotlight Qianhai and Hengqin, seeking further opening-up.

The documents underlined financial support for the development of Qianhai in Shenzhen and Hengqin in Zhuhai, both in south China's Guangdong Province.

The People's Bank of China (PBOC), the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange and the Guangdong provincial government jointly released the new guidelines.

The guidelines contain dozens of financial support measures such as innovation in financial services relating to people's livelihood, interconnection of financial markets and infrastructure, accelerated facilitation of cross-border trade, investment and financing, as well as enhanced cooperation on financial supervision.

China's efforts to develop the Guangdong-Macao In-depth Cooperation Zone in Hengqin and promote reforms and opening-up in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone will further expand the opening-up policy and boost innovation in the country's finance sector.

They will also deepen financial cooperation between the Chinese mainland and Hong Kong and Macao special administrative regions, offering strong financial support for building a major cooperation platform in the Guangdong-Hong Kong-Macao Greater Bay Area, the PBOC said in a statement.

In fact, in the process of formulating the two documents, quite a few measures have been implemented. For example, the scale of the pilot program for opening settlement accounts with mainland banks continued to expand; the market interconnection such as Shanghai-Shenzhen-Hong Kong Stock Connect, Bond Connect kept being optimized, among others.

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