Xiao Gang, Former Chairman Of China Securities Regulatory Commission: Building An International Science And Technology Innovation Center With Global Influence Is The Primary Task Of Dawan District

"Building an international science and technology innovation center with global influence is the primary task for the construction of Dawan district." On November 28, Xiao Gang, former chairman of the China Securities Regulatory Commission, made suggestions and suggestions for the development of Guangdong, Hong Kong and Macao Bay area at the 2020 annual meeting of the southern finance and Economics International Forum.

According to the development planning outline of Guangdong, Hong Kong and Macao Bay area issued in 2019, Guangdong, Hong Kong and Macao Bay area should not only be built into a dynamic world-class urban agglomeration, an international science and technology innovation center, an important support for the construction of the belt and road, and a demonstration area for in-depth cooperation between the mainland and Hong Kong and Macao, but also create a high-quality living circle suitable for living, business and tourism, and become a model of high-quality development Guangzhou and Shenzhen are the core engines of regional development.

In order to promote the opening up of investment and financing, cross-border trade and financial industry, and enhance the innovation level of the bay area, the central bank, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission and the safe jointly issued the opinions on financial support for the construction of Guangdong, Hong Kong and Macao Bay area on May 14 this year. After that, the local financial supervision bureau of Guangdong Province, together with Guangzhou Branch of the people's Bank of China, Guangdong banking and Insurance Regulatory Bureau, Guangdong securities regulatory bureau, Shenzhen central sub branch of the people's Bank of China, Shenzhen banking and Insurance Regulatory Bureau and Shenzhen Securities Regulatory Bureau jointly issued the implementation plan on financial support for the construction of Guangdong, Hong Kong and Macao Bay area, and put forward 80 specific implementation measures.

"A number of financial policies have been issued intensively and breakthroughs have been made, forming a good financial policy environment, which has effectively promoted the construction of Dawan district", Xiao Gang commented on the recent launch of relevant policies. However, he also said that in terms of financial reform and opening up in Guangdong, Hong Kong and Macao, the key is to further implement the policies and measures that have been introduced, refine relevant rules and gradually.

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Industrial development as the foundation of financial services

In Xiao Gang's opinion, Dawan district construction needs to adhere to the purpose of serving the real economy and residents' life, and take industrial development as the foundation of financial services.

"The added value of manufacturing industry in Guangdong, Hong Kong and Macao Bay area accounts for about 21% of GDP, which is far higher than the three major Bay areas in the world, such as New York Bay area, San Francisco Bay area and Tokyo Bay area. The foundation of manufacturing industry is very strong," said Xiao Gang. Dawan district is also one of the regions with the highest degree of openness and the strongest economic vitality in China.

Therefore, he pointed out that financial services should closely focus on the industrial transformation and upgrading of Dawan District, realize high-quality development, adhere to the principle of mutual benefit and win-win cooperation, be market-oriented, and adhere to support the reasonable financial needs of real enterprises and residents of the three places. Vigorously develop industries with characteristic resources and advantages. Guangzhou, Shenzhen, Zhuhai and other cities should play an international financial hub role, strengthen cross-border financial cooperation, and vigorously develop characteristic financial industries.

In this context, Xiao Gang said that the financial reform and opening up of Dawan district should adhere to the service, collaborative innovation community as the priority.

"Building an international science and technology innovation center with global influence is the primary task for the construction of Dawan district." Xiao Gang said that the construction of Dawan district should be more practical, pay more attention to the collaborative innovation of science and technology, industry and mechanism, and pay more attention to the role of Hong Kong and Macao in introducing global high-end innovation resources. The financial industry should focus on supporting the construction of innovation infrastructure in Dawan District, promoting the cross-border convenient and efficient flow of innovation elements, and making up for the short board of cross-border innovation chain and capital chain.

Specifically, Xiao Gang suggests that banks can actively carry out cross-border loan business, and explore a new mode of two-way investment of private equity investment and venture capital venture capital fund. Support the three places to jointly set up new industry investment fund and Dawan District Youth Entrepreneurship support fund. We will study and issue securities in Dawan District, promote the standardized development of regional equity trading market, set up RMB overseas investment funds, and promote the diversified and characteristic development of financial services.

Opportunity period of cross border financial cooperation

With the development of Guangdong, Hong Kong and Macao Bay area, cross-border financial cooperation also ushered in a major period of opportunity.

Xiao Gang said that in terms of interconnection, it is necessary to vigorously promote capital access, promote the reform of capital account facilitation, simplify the external registration, foreign exchange settlement and payment management of enterprises, further open up channels for the two-way circulation of RMB funds, and promote the bank account system and cross-border fund pool business integrating domestic and foreign currency.

On the other hand, mainland banks should promote the implementation of single window cross-border services, expand online contract signing, foreign exchange settlement and sales financing and other products. Strengthen the coordination and linkage between domestic branches and overseas branches, and give full play to the advantages of commercial banks and investment banks. It provides a package of financial services for overseas bond issuance, group loans, cross-border asset transfer, M & A financing, and wealth management. We will support Hong Kong and Macao insurance companies to obtain QFII and rqfii qualifications, encourage overseas insurance funds to return to Dawan District, serve pilot projects of high-level investment and trade, support market procurement trade, cross-border e-commerce trade and other new formats, and open foreign currency settlement accounts for mainland enterprises and individual residents.

In addition, they will further explore the insurance agency mechanism for Hong Kong and Macao to open insurance accounts on behalf of Hong Kong and Macao. We will open up channels for residents in the three places to allocate financial assets, namely, payment, scene and exchange, so as to facilitate Hong Kong and Macao residents to live, travel, study and start their own businesses in the mainland.

However, Xiao Gang also said, "the Dawan district was built under the background of one country, two systems, three tariff areas and three currencies. There is no precedent in the world. This is the difficulty in the construction of the Great Bay area, and it is also the biggest opportunity and advantage."

Therefore, Xiao Gang believes that on the one hand, it is necessary to spread the existing financial policies of the free trade zone in Guangdong, Hong Kong and Macao, and on the other hand, it is also necessary to give full play to the effect of the new policies in Dawan district. We should do a good job in the connection of rules and mechanisms among Guangdong, Hong Kong and Macao, sort out the differences in financial rules, qualifications and standards among the three places, and deeply study the unified and mutual recognition management mechanism and implementation steps.

With the development of cross-border financial business, cross-border supervision has become more and more important. "In particular, there are more and more cross-border financial consumers and cross-border investors. How to build a protection mechanism for the legitimate rights and interests of cross-border financial consumers and investors is a new and arduous task for us. Only in this way can we ensure the financial reform and opening-up, and ensure the stability and prosperity of Dawan District," said Xiao Gang.