To support Hong Kong and Macao’s integration into the overall international development, what should we focus on?

It is necessary to support the integration of Hong Kong and Macao into the overall international development, focusing on the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, Guangdong-Hong Kong-Macao cooperation, and Pan-Pearl River Delta regional cooperation

The People's Bank of China and other four departments have recently released The "Opinions on Financial Support for the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area" introduces 26 measures in five aspects to further promote financial openness and innovation and deepen financial cooperation between the mainland and Hong Kong and Macao.

Despite the impact of the epidemic, many important cross-border financial businesses in the Greater Bay Area have been implemented in an orderly manner. Recently, channels including the capital and bond markets have been continuously expanded, and the "Cross-border Financial Management Connect" and "Southbound Bond" projects have been officially launched. What is even more noteworthy is that in the context of financial technology empowerment, commercial banks have quietly accelerated their integration of institutions in the Greater Bay Area.

In the view of industry insiders, the cross-border financial opening and cooperation between Guangdong, Hong Kong and Macao has formed various models such as market interoperability, mutual establishment of institutions and mutual recognition of products. The next step to promote financial system-based openness will be to deepen Guangdong, Hong Kong and Macao. The focus of the next phase of cross-border financial cooperation in the Greater Bay Area.

Account interoperability: from personal agent witness account opening to corporate cross-border settlement facilitation

The Gulf under "one country, two systems, three customs territories, three currencies" District construction is unprecedented in the world. Specifically, one of the foundations for deepening the construction of financial infrastructure in the Guangdong-Hong Kong-Macao Greater Bay Area is to promote the opening of bank accounts by individuals and companies in the Greater Bay Area.

Just a few years ago, Hong Kong residents who went to live, work, or travel in the mainland had to exchange a certain amount of RMB cash in Hong Kong in advance. With the joint support of regulatory authorities in both places, various financial institutions have seized the opportunity to launch various innovations in cross-border retail payments.