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Global Research on Financial Hubs ⑤|How Guangdong-Hong Kong-Macao Greater Bay Area can integrate financial resources

2018-May-14       Source: Newsgd.com

Financial resources have been ever more closely integrated worldwide in both new and established financial centers. Therefore, it is a must for the Guangdong-Hong Kong-Macao Greater Bay Area to accelerate its opening-up process and develop an open financial center connected to the international market.

Hong Kong: a “launchpad” for Chinese enterprises to go global

Stuart Gulliver, former group chief executive of HSBC, stated that Hong Kong as an international financial center is a “launchpad” for Chinese enterprises to go global.

“Hong Kong is an important partner for the clusters of innovation enterprises in Guangzhou and Shenzhen,” said Mr. Gulliver.

Indeed, Hong Kong, like London, has the key ingredients of an international financial center—the abundance of international financial institutions.

According to Shi Wei, Chief Risk Officer of Bank of China (UK), around 60% of banking assets in London are foreign capital, and many US-funded and Japan-funded banks in London are active in commercial and investment banking.

Likewise, Hong Kong is home to about 70 of the top 100 international banks. By the end of 2016, there were already 195 authorized banking institutions and the representative offices of 57 foreign-funded banks.

In fact, quite a few Chinese enterprises have entered the international market with the help of this “launchpad”. In 2015, HSBC’s Guangzhou Branch and HSBC Hong Kong helped Guangdong Rising Assets Management Co., Ltd. and Guangzhou Metro to issue bonds (totaling 1.1 billion USD) to the international capital market in Hong Kong.

Qiao Lei, CFO of the Bank of China (New York), thinks that Hong Kong can further improve its competence as a global financial center with the regional advantages of the Guangdong-Hong Kong-Macao Greater Bay Area, and in return Hong Kong can help develop the Area into another global financial center.

Catherine McGuinness, chairman of the Policy and Resources Committee, City of London Corporation, also expressed her wish to cooperate with the Guangdong-Hong Kong-Macao Greater Bay Area in the financial sector.

“The Area has made considerable progress and we are interested in the further internationalization of the RMB, green financing, and the development of financial technology,” said Ms. McGuinness.

Editor: Nan

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