Opinions on Financial Support for the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area Yin Fa
The opinions propose 30 specific measures from 6 directions to promote financial opening and innovation and deepen the financial cooperation between the mainland and Hong Kong and Macao.
The People's Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and State Administration of Foreign Exchange have jointly issued opinions on financial support for the construction of the Guangdong-Hong Kong-Macao Greater Bay Area (“the Great Bay Area”) on 14 May 2020. The opinions propose 30 specific measures from 6 directions to promote financial opening and innovation and deepen the financial cooperation between the mainland and Hong Kong and Macao. The directions include promoting the Great Bay Area's cross-border trade and facilitating investment and financing, improving the convenience of local and foreign currency exchange and cross-border circulation, expanding the opening-up of the financial industry, deepening the mainland's financial cooperation with Hong Kong and Macao, promoting the diversification of Guangdong-Hong Kong-Macao funded financial channels, promoting the interconnection of financial markets and financial infrastructure, further enhancing the innovation of financial services in Greater Bay Area and effectively preventing cross-border financial risks. Among them, the opinions propose to support residents of the Greater Bay Area to purchase wealth management products sold by Hong Kong and Macao Banks through them, conduct pilot projects of cross-border cash pools combining local and foreign currencies in the Greater Bay Area and support banks in developing cross-border loan business.