Wang Hongzhang: No region in China does not have the advantages and conditions such as Guangdong, Hong Kong and Macao

On September 21-22, in order to further enhance the international competitiveness of the Guangdong-Hong Kong-Macao Greater Bay Area, in the context of increasingly close cooperation between the Mainland and Hong Kong and Macao financial markets, the "Fenghuang Bay District Finance Forum 2022" was held in Hong Kong and the Mainland. Satellite TV and Phoenix.com have jointly launched and received support from more than ten academic institutions. Focusing on the theme of "Change Bureau and Confidence", multiple forums are set up to explore important issues such as global economic challenges under the big change, the Dagang area mission under China Financial Open, the construction of the Guangdong -Hong Kong -Macao Greater Bay Area, the Hong Kong capital market leadership and driving driving Essence

Wang Hongzhang, the former chairman of China Construction Bank and the first dean of the Northeast Asian Institute of Economics, delivered a keynote speech on "financial openness and financial stability". He believes that the functional positioning of the Greater Bay Area has the unique characteristics of the Guangdong -Hong Kong -Macao Greater Bay Area and is specifically manifested in the Greater Bay Area with comprehensive advantages. ; Differences and system differences in cities make up for each other, helping to build an international dialogue exchange mechanism and cooperation platform, and to build a business environment and development conditions connecting the world trade rules.

Wang Hongzhang, former chairman of China Construction Bank and the first dean of the Northeast Asian Institute of Economics, Wang Hongzhang

In Wang Hongzhang's view, the Greater Bay Area is an important area carrying the great rejuvenation of the Chinese nation. No regional development in China does not have the advantages and conditions such as Guangdong, Hong Kong and Macao. The plan to build a first -class bay area and a world -class urban agglomeration in the Bay Area is changing China's economic development and even direction. Among them, doing a good job of financial services is the basis for the implementation of the Greater Bay Area.

First, the implementation of the Greater Bay Area on the implementation of financial open support policies. In the "Outline of the Development Planning of the Guangdong -Hong Kong -Macao Greater Bay Area", in the accelerated development of the modern service industry, it proposed three requirements and several specific goals of the construction of international financial hubs, vigorously developing characteristic financial industries, and orderly promoting the financial market interconnection.

The People's Bank of China, the CBRC, the CSRC, and the Foreign Exchange Bureau jointly issued the "Opinions on the Construction of the Guangdong -Hong Kong -Macao Greater Bay Area" to promote the convenience of cross -border trade and investment and financing in the Guangdong -Hong Kong -Macao Greater Bay Area Five aspects of financial markets and financial infrastructure interconnection, improving the level of financial services innovation in the Guangdong -Hong Kong -Macao Greater Bay Area, and effectively preventing cross -border financial risks have proposed 30 specific measures.

In July of this year, the People's Bank of China announced two new financial open policies: First, the interaction of the interest rate exchange market in Hong Kong and the Mainland, the other was that the People's Bank of China and the Hong Kong Financial Administration signed a stand -alone exchange agreement. The currency swap arrangement is upgraded to the standby swap arrangement.

Second, the promotion of financial openness has a solid foundation. As an ecosystem in which the Greater Bay Area Financial System is in line with the global economic market, in the process of reform and opening up in a round of reform and opening up, we actively connect with the national strategy, grasp the economic transformation opportunities driven by traditional elements to digital drive, adhere to balance and handle financial opening up The relationship with economic growth and financial security has established an international and high -level financial open ecosystem, promoting the deep integration of the financial market of the Greater Bay Area and the global financial market, and continuously enhanced its road self -confidence in China's financial development practice.

From the perspective of financial influence and international competitiveness, the Guangdong -Hong Kong -Macao Greater Bay Area, including Hong Kong, Macau and the Pearl River Delta, is one of the most comprehensive strength in my country, the highest degree of openness, and the most energetic area. Guangdong is a window for China's reform and opening up. Hong Kong and Macao are an important platform for China to open to the outside world. The deep integration of Guangdong, Hong Kong and Macao's economy has created a good environment for the connection between the mainland and the overseas financial market. In addition to the Hong Kong Stock Exchange, Shenzhen Stock Exchange, offshore RMB international liquidation, settlement, trading center, GEM reform and registration system test field, digital currency landing pilot base, Guangzhou Futures Exchange, Guangdong, Hong Kong, Macao Greater Bay Area International Commercial Banks, etc., the Greater Bay Area has a unique advantage in opening up financial opening.

This forum is supported by the chief strategic cooperation between the Oriental Luxury flagship MPV Red Flag HQ9, and has received academics of National Financial and Development Laboratory, the Chinese University of Hong Kong (Shenzhen), Shanghai Jiaotong University Shanghai Advanced Finance College, Druck Management College, France's Lyon Business College and other academics. The support of the organization, and the special support of Qingshuang Lang, the left bank of the Akui River on the left bank of the Chi Shui River. At the same time, China Fund News, Sing Tao News Group, Hong Kong Dagong Wenhui Media Group, Ming Pao, Hong Kong Business Daily, Asian Weekly, Bauhinia Magazine and other media institutions cooperated.

The following is a record of Wang Hongzhang's speech at the "Phoenix Bay District Finance Forum 2022":

Hello everyone, everyone!

Thanks to the invitation of the meeting to participate in the Bay Area International Finance Forum. Among them, "financial opening and financial stability" is an important content. Below the central government about the Bay Area plan, to explain a few views.

The functional positioning of the Bay Area has the unique characteristics of the Guangdong -Hong Kong -Macao Greater Bay Area

The Guangdong -Hong Kong -Macao Bay Area brings together some important domestic scientific and technological innovation resources. In 2021, the R & D expenditure of nine cities in the Pearl River Delta in the Guangdong -Hong Kong -Macao Greater Bay Area exceeded 360 billion yuan, and the R & D intensity reached 3.7%. The GDP of the Bay Area accounts for more than 12%of China's GDP, and the agglomeration intensity of industries, capital, and talents far exceeds other regions of the country. The characteristics and advantages of each city in the Bay Area occupy an important position worldwide. Therefore, compared with other bay areas in the Bay Area, the advantage is obvious.

Specific performance is: first, it has comprehensive advantages; second, it will quickly create international influence and competitiveness in strategic emerging industries, advanced manufacturing industries around the world, new generation of information technology, biotechnology, and new materials. In the industrial innovation center, China ’s Changsha, Wuhan, Nanchang and other southern cities have advantages in the development of science and technology and manufacturing. Industrial innovation in the Bay Area will become a strong growth in economic growth in southern China; Different from the system, there is just a space for learning to learn from each other, make up for the system, and system construction, which will help build an international dialogue exchange mechanism and cooperation platform, and build a business environment and development conditions connecting the world trade rules. The combination of China's unique institutional advantages with international traffic will make international trade rules more scientific and efficient, which will also be reflected in institutional innovation. Doing a good job of financial services is the basis for the realization of planning in the Bay Area

The Guangdong -Hong Kong -Macao Greater Bay Area is an important area that carries the great rejuvenation of the Chinese nation. No region in China does not have the advantages and conditions such as Guangdong, Hong Kong and Macao. The plan to build a first -class bay area and a world -class urban agglomeration in the Bay Area is changing China's economic development and even direction. As a service industry, finance is responsible for losing hard work. This effort includes two aspects.

First, the implementation of financial open support policies in the Bay Area. The 3rd anniversary of the "Outline of the Development Planning of the Guangdong -Hong Kong -Macao Greater Bay Area" was released. In the "Outline", in the accelerated development of the modern service industry, it proposed the three requirements and several requirements for the construction of international financial hubs, vigorously developing characteristic financial industries, and orderly promoting financial market interconnection and connection. specific target. In April 2020, the People's Bank of China, the CBRC, the CSRC, and the Foreign Exchange Bureau jointly issued the "Opinions on the Construction of the Guangdong -Hong Kong -Macao Greater Bay Area" to promote the facilitation of cross -border trade and investment and financing of the Guangdong -Hong Kong -Macao Greater Bay Area, expand financial Three aspects of industry opening up, promoting the interconnection of financial markets and financial infrastructure, improving the level of financial services innovation in the Guangdong -Hong Kong -Macao Greater Bay Area, and effectively preventing cross -border financial risks have proposed 30 specific measures. This was another distinctive attitude that the new crown epidemic was raging around the world and the economic globalization of the world. We have shined to the world that adheres to reform and opening up. Over the past two years, it has made great progress in promoting the diversification of financial channels in the Greater Bay Area, promoting financial markets through financial infrastructure, and further deepening the cooperation between Mainland and Hong Kong and Macao financial markets.

In July of this year, the People's Bank of China announced two new financial open policies: first, the interconnection and cooperation between the interest rate exchange market in Hong Kong and the Mainland (referred to as "interchange"), and the other is that the People's Bank of China and Hong Kong financial management management The bureau signed a stand -up exchange agreement to upgrade the currency swap arrangement into a standby swap arrangement. It can be seen that the cross -border business and cross -border innovation of the Guangdong -Hong Kong -Macao Greater Bay Area have strong policy support.

Second, the promotion of financial openness has a solid foundation. The opening of financial opening has expanded the boundaries of financial resources. While allocating resources worldwide, it is also diversified globally, which is very important for our increasingly economic capacity to continue to develop. At the same time, financial openness means further improvement and improvement of risk allocation mechanisms and domestic financial institutions participating in international competitiveness. For financial institutions, the involvement of foreign capital will inevitably exacerbate competition, but it will also improve the financial ecology and learn from international advanced experience, and continuously improve its own operation level in international competition.

At present, the financial system of the Greater Bay Area, as an ecosystem that is in line with the global economic market, actively connects the national strategy in the process of reform and opening up in a round, seize the economic transformation opportunities that drive to digital drive, and adhere to balance and deal with handling well The relationship between financial openness and economic growth and financial security has built an international and high -level financial open ecosystem, promoted the deep integration of the financial market of the Greater Bay Area and the global financial market, and continuously enhanced its self -confidence in our financial development practice.

From the perspective of financial influence and international competitiveness, the Guangdong -Hong Kong -Macao Greater Bay Area, including Hong Kong, Macau and the Pearl River Delta, is one of the most comprehensive strength in my country, the highest degree of openness, and the most energetic area. Guangdong is the window for reform and opening up in my country. Hong Kong and Macao are an important platform for opening up my country to the outside world. The deep integration of Guangdong, Hong Kong and Macao's economy has created a good environment for promoting the interconnection of the Mainland and overseas financial markets. In addition to the Hong Kong Stock Exchange, Shenzhen Stock Exchange, offshore RMB international liquidation, settlement, trading center, GEM reform and registration system test field, digital currency landing pilot base, Guangzhou Futures Exchange, Guangdong, Hong Kong, Macao Greater Bay Area International Commercial Banks and so on, the Greater Bay Area has a unique advantage in promoting financial opening up.

Judging from the important role of the Hong Kong International Financial Center, in recent years, my country's financial market has made a series of breakthrough progress in two -way opening. Cross -border financial trading channels such as mutual recognition, bonds, direct entry into the market (direct investors directly invest in interbank bond markets), Hong Kong has become the bridge and link of the Mainland Unicom's global financial market during this process.

Judging from the initial formation of cross -border RMB business linkage innovation and development, in 2009, the Greater Bay Area, as the first batch of cross -border cargo trading RMB settlement areas. For more than a decade, the cross -border RMB business of Guangdong, Hong Kong and Macau has been widened from scratch, large to large, and its products have gradually expanded. The scale of cross -border circulation in the Guangdong -Hong Kong -Macao region has continued to expand. According to data from the People's Bank of China, the scale of cross -border RMB settlement in the Greater Bay Area in 2021 reached 3.8 trillion yuan, and the RMB became the largest cross -border settlement currency in the Greater Bay Area. This has spawned the diversified demand of market players in the Greater Bay Area for the management of RMB liquidity management, value preservation and hedging, and active cross -border investment and financing activities. Many challenges that the Greater Bay Area will face in promoting financial opening up

The first is the impact of the external environment. Under the complex situation of Russia and Ukraine's conflict, commodity price increases, and downward pressure on the global economy, the Fed raises interest rates rapidly, and global liquidity is shrinking. Sri Lanka, Salvador, Ethiopia, and Ghana have both debt crisis. Although these countries have their own internal structural problems, the impact of the US dollar and rising interest rates are direct detonation factors. With the further rise in the US dollar interest rate in the second half of the year, Pakistan, Egypt, and Argentina will also face debt crisis, and the financial market may be turbulent. Since our capital account is not fully opened, the impact of short -term arbitrage funds out of control is in a controllable state, but the overflowing effects of the oscillating of the external financial market cannot be ignored, which may have an impact on my country's financial security external environment.

Second, a new type of risk in the background of fintech development. New technologies such as artificial intelligence, big data, cloud computing, biometrics such as artificial intelligence, big data, cloud computing, biometrics, and new technologies in the Greater Bay Area are deeply integrated with the financial industry. With the help of huge, complex and interconnected information systems, fintech makes traditional financial risks more concealed. Sexuality, infectiousness and destructiveness, financial risks such as cross -border regulatory arbitrage, cross -border financial risks, cross -border funds abnormal flow, and other financial risks such as cross -border regulatory arbitrage, cross -border financial risks, etc. cannot be underestimated. Pay attention to.

Third, there are many systems and markets in the Bay Area functional positioning. In the future, the Bay Area must build a vibrant world -class urban agglomeration. The urban agglomeration and the urban circle are different concepts. The urban agglomeration is the advantages of several large cities to display and interact with each other, and the complementary vitality and energy and function of the outbreak are indispensable for any region. In terms of services for world -class urban agglomerations, finance also lacks experience and methods, including service functions. Another functional positioning of the Bay Area is an international science and technology innovation center. It is a system of innovation in the two systems. The two markets collide with each other. Financial services also need to find the establishment, institutional, and methods suitable for the establishment of an international science and technology innovation center suitable for the Guangdong -Hong Kong -Macao Greater Bay Area in cross -regional, cross -system, and cross -system.

Some suggestions on promoting financial opening in the Guangdong -Hong Kong -Macao Greater Bay Area

The first is to adhere to preventing and resolving risks in promoting high -quality development, based on the actual situation of our country, and embark on the road of financial development with Chinese characteristics. The Guangdong -Hong Kong -Macao Greater Bay Area has different construction forms and operating laws in other world -class bay areas. Financial In the development of the Bay Area, in the development of the Bay Area, in the reform and opening up, it is necessary to enhance the penetration depth and application breadth of financial development and innovation in the Bay Area to create The financial service system and regulatory framework that is in line with international standards and stable, stable and expected, and improve the financial risk monitoring and control system and coordination mechanism of forward -looking, penetrating, seamless, and multi -dimensional Greater Bay Area. Deepen the cooperation with Hong Kong and Macau, and explore the regulatory system and coordination mechanism that can highly adapt to the development characteristics of the Greater Bay Area. In response to the Asian financial crisis and the 2008 World financial crisis, the cooperation experience of mainland financial institutions, regulators, and Hong Kong and Macao financial regulatory agencies and international financial organizations can be thoroughly studied and reference.

The second is to support the real economy as the foundation and lead high -level technological innovation. The economic and technological development of the Bay Area provides unlimited reforms and innovation opportunities for finance. Grasp the historical opportunities of digital transformation and green transformation, and focus on the development of industrial finance, technology finance, green finance and inclusive finance around key areas, regions, and major projects. Configure more financial resources and innovative products to key areas and weak links of economic and social development, and better meet the diversified financial needs of the people and the development of the real economy. Give full play to Hong Kong's financial service functions, support Hong Kong private equity funds to participate in the financing of innovative technology companies in the Greater Bay Area, and allow eligible innovative technology companies to enter the Hong Kong listed fundraising platform and develop Hong Kong into the Greater Bay Area High -tech Industry Financing Center.

The third is to continue to develop cross -border RMB business. In May 2022, the IMF (International Monetary Fund) raised the RMB share from 10.92%to 12.28%in the latest SDR (special withdrawal right). It shows that in the past five years, the status of RMB in the global currency system has been consolidated and enhanced. In the future, it is necessary to continue to enhance the space and capabilities of RMB in commodity transactions, various financial markets, and investment, enhance the proportion of market financing and pricing, enrich the international application scenarios of RMB, provide a variety of types of RMB exchange rate hedging products , Enhance the convenience of RMB cross -border circulation and exchange, form a financial open system for domestic and foreign currencies, benign interaction between the shore market, and serving the dual -cycle of common service.

The fourth is to continuously improve the product system and enrich the types of assets that can be investable. Continue to improve the product system that can be opened to the outside world, enrich the voting products of overseas investors, and help further enhance the convenience of foreign investment and attract more overseas incremental funds. At the same time, the diversification of financial products in the future has also brought an increase in investment risks. In order to better protect consumers' rights and interests, on the one hand, we must improve the financial consumption rights protection work system in the Guangdong -Hong Kong -Macao Greater Bay Area. On the other hand, it is necessary to strengthen investor education and guide market entities to establish a sense of risk. Fifth, the establishment of a financial security review mechanism. The advantages of the Guangdong -Hong Kong -Macao Greater Bay Area for international markets and the use of international funds must be accompanied by the rise in financial risks. It is necessary to increase the monitoring of cross -border funds abnormal flow, improve the long -term mechanism of financial risk monitoring, early warning and prevention and control, and make early recognition, early warning, and early disposal of various risks, strengthen anti -money laundering, anti -terrorist financing and anti -terrorist financing, and Anti -tax evasion supervision and cooperation and information exchange mechanism construction, maintaining financial stability in the Greater Bay Area, for this reason, it is necessary to establish a financial security review mechanism.

My speech was over, thank you all.

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