粤港澳大湾区规划及金融业发展研究

Economic Overview - The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) covers 0.6% of China's land area but generates 1/9 of the national economic output, with a total economic volume exceeding 14 trillion RMB in 2023[2] - The GBA has a resident population of over 86 million, showcasing significant economic vitality and strategic importance in China's development framework[2] Financial Sector Development - The financial industry in the GBA has rapidly developed, with financial value-added exceeding 1.5 trillion RMB, accounting for 11.9% of GDP, higher than the national average of 7.9%[23] - The GBA's financial market includes major exchanges like the Hong Kong Stock Exchange and Shenzhen Stock Exchange, with a total market capitalization ranking second among the world's four major bay areas[27] Policy Support and Integration - The GBA has seen extensive policy support since the release of the "GBA Development Plan" in 2019, which emphasizes financial integration and cooperation among the three regions[17] - Key initiatives include the establishment of the "Cross-Border Wealth Management Connect" and "Bond Connect," enhancing financial connectivity and cross-border investment opportunities[46][48] Green Finance Initiatives - The GBA is actively promoting green finance, with the establishment of the GBA Green Finance Alliance in 2020 to enhance regional cooperation in sustainable finance[55] - In 2023, Guangdong issued green bonds in Macau, exemplifying cross-regional collaboration in green finance projects[56] Internationalization of the Renminbi - Hong Kong plays a crucial role as a hub for offshore Renminbi transactions, with Renminbi deposits in Hong Kong reaching 835.7 billion RMB by the end of 2022, the highest among offshore markets[39] - The GBA's financial framework supports the internationalization of the Renminbi, with various policies facilitating its use in cross-border transactions[42]