China News Service, Beijing, May 27 (Reporter Wang Enbo) The construction of the Guangdong-Hong Kong-Macao Greater Bay Area is in full swing, and financial support is indispensable.
The reporter recently went to Guangzhou, Dongguan, Shenzhen and other places for interviews and found that with the joint efforts of regulatory authorities and financial institutions, the financial power in the construction of the Greater Bay Area is continuing to increase.
The Guangdong-Hong Kong-Macao Greater Bay Area covers an area of 56,000 square kilometers, with a total population of more than 72 million, and a GDP of more than 11 trillion yuan in 2020. It is one of the most open and economically dynamic regions in China. There are many strategic emerging industries.
How to accurately meet the needs of relevant enterprises and promote the high-quality development of the real economy in the Greater Bay Area is a problem that the financial industry needs to solve.
Founded in 1989, Yishite Group Co., Ltd. is headquartered in Dongguan. It is mainly engaged in the three strategic sectors of 5G+ smart power supply, smart city and big data, and smart energy. It is a global new energy 500 company.
The company works with partners to provide charging services for shuttle buses and new energy vehicles in the Hong Kong-Zhuhai-Macao Bridge.
The accelerated integration and development of the Greater Bay Area has brought great opportunities to Yishite, but the chairman of the company, He Simo, also has distress.
He told reporters that the prices of bulk commodities are currently rising rapidly. As a high-tech company, there are as many as one or two hundred supporting enterprises of Easystar. Once the price of raw materials rises, the pressure will be transmitted to the end of finished products. Said to be a challenge".
How can financial institutions help companies deal with challenges and hedge related risks?
The reporter found in the interview that the current banking industry is no longer limited to the traditional deposit, loan and foreign exchange business, but uses the function of information gathering place to give full play to the synergistic advantages of "investment bank + commercial bank" and financial full license to empower enterprises, residents and the government.
With the vigorous advancement of the Guangdong-Hong Kong-Macao Greater Bay Area and the pioneering demonstration zone of socialism with Chinese characteristics, Shenzhen has broad prospects for development.
Lu Wei, Vice President of China CITIC Bank and President of Shenzhen Branch, introduced to reporters that in 2020, China CITIC Bank Shenzhen Branch will cooperate with CITIC Group subsidiaries such as CITIC Securities, CITIC Construction Investment Securities, CITIC Trust, CITIC Bank (International), Trust and Credit Insurance, etc. Enterprises in Shenzhen jointly provided 79.2 billion yuan in financing.
In response to the rising pressure on the cost of production factors faced by local enterprises, especially manufacturing enterprises, the Shenzhen branch of China CITIC Bank has made attempts in individualized financing and industrial chain finance.
In the context of rising raw material prices, help improve the efficiency of fund use by small and micro enterprises, and help enterprises revitalize some accounts receivable and other assets through supply chain financing as soon as possible to reduce capital occupation.
At the same time, small and micro enterprises have relatively weak inventory management capabilities. CITIC Group's subsidiaries that focus on supply chain cargo management can help companies with inventory financing.
In addition, the professional advice provided by CITIC Futures on the price trend of bulk commodities will also help companies to manage their inventory.
Financial companies give full play to their own characteristics and provide personalized package services for industries with distinctive resources and advantages in the Greater Bay Area. Such examples are increasing.
In May last year, the People’s Bank of China and other four departments formally issued the "Opinions on Financial Support for the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area" to promote cross-border trade and investment and financing facilitation in the Guangdong-Hong Kong-Macao Greater Bay Area, expand the opening of the financial industry, and promote 26 specific measures have been proposed in five areas, including the interconnection of financial markets and financial infrastructure, improving the innovation level of financial services in the Guangdong-Hong Kong-Macao Greater Bay Area, and effectively preventing cross-border financial risks.
According to the Guangdong Provincial Financial Supervision Department, since the publication of this document one year after its implementation, more than 90% of the measures have been implemented, and the quality and effectiveness of financial support for the real economy have been continuously improved.
Xiao Gang, the former chairman of the China Securities Regulatory Commission, pointed out that financial services should focus on the industrial transformation and upgrading of the Greater Bay Area, achieve high-quality development, adhere to cooperation and mutual benefit, be market-oriented, and adhere to support the reasonable financial needs of entity enterprises and residents of the three places. .
Recently, financial support for the construction of the Guangdong-Hong Kong-Macao Greater Bay Area has been another major move.
On May 6, the "Implementation Rules for the Pilot Project of "Cross-border Wealth Management" in the Guangdong-Hong Kong-Macao Greater Bay Area (Draft for Solicitation of Comments)" was opened to the public for comments, which means the early stage of the operational and technical aspects of "Cross-border Wealth Management" The work has been basically completed.
Associate Professor Mai Cui of the Department of Finance and Policy Studies of Hong Kong Baptist University pointed out that the launch of "Cross-Border Financial Link" will strengthen the interconnection between Hong Kong and the mainland financial markets, which is a good thing for Hong Kong and mainland investors, and it can increase investment. The scope and type also have the opportunity to obtain higher returns.
It will also play a positive role in the financial development of the entire Guangdong-Hong Kong-Macao Greater Bay Area.
In this context, many banks are gearing up and ready to go.
Jin Xinian, President of the Guangzhou Branch of China CITIC Bank, believes that the country proposes that my country’s per capita GDP will reach the level of a medium-developed country by 2035, which should generally be around US$20,000 per capita. At present, Shenzhen, Zhuhai, and Guangzhou have reached the standard in the Greater Bay Area.
At this stage, residents' demand for wealth management, especially property income, has become stronger and stronger, and there are great opportunities for the wealth management industry in the Guangdong-Hong Kong-Macao Greater Bay Area.
The Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, also stated earlier that Licaitong brings huge business opportunities to Hong Kong's financial industry chain and other professional services, opens up a broader market for the financial industry in Guangdong, Hong Kong and Macao, and provides residents of the Greater Bay Area with more choices of financial products , To promote the cross-border circulation and use of renminbi, and further consolidate Hong Kong’s position as a global offshore renminbi business hub.
Another analysis said that as the "cross-border financial management link" promotes the development of the banking industry, it will also drive capital flows between the Mainland and Hong Kong, thereby improving corporate financing efficiency, optimizing resource allocation, and providing fresh blood for the development of the real economy in the two places.
(Finish)