Core Viewpoint - The signing of the "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" aims to enhance Shanghai's competitiveness as an international financial center and consolidate Hong Kong's position, deepening cooperation between the two regions to support the national financial power strategy [1][4]. Group 1: Financial Cooperation Mechanisms - The action plan focuses on optimizing mechanisms such as "Bond Connect" and "Swap Connect" to create a global center for RMB asset allocation and risk management, supporting high-quality development of the Belt and Road Initiative and facilitating enterprises' international expansion [4]. - The plan emphasizes the importance of financial market connectivity and cross-border financial service innovation, including new initiatives for cross-border clearing cooperation and the application of digital RMB in cross-border payments [6][8]. Group 2: Innovation and Development - The action plan promotes innovation in financial services, particularly in green finance, digital finance, and technology finance, to support key national strategic areas and the real economy [5][7]. - It encourages the application of technologies such as AI and blockchain in asset management, insurance, and settlement, while also supporting financial policies that benefit technology innovation enterprises [7]. Group 3: Regulatory and Institutional Framework - The plan outlines the need for regular communication among financial regulatory bodies, cooperation among financial institutions, information sharing, standard alignment, and talent mobility to create a market-oriented, rule-of-law, and international business environment [6]. - It includes measures to enhance the financial infrastructure and service systems between Shanghai and Hong Kong, such as facilitating the establishment of non-resident accounts and promoting the use of RMB for trade settlements [8]. Group 4: Future Directions - The next steps involve leveraging the action plan as a new starting point to promote the complementary development of the Shanghai and Hong Kong financial centers, enhancing China's influence and voice in the global financial system [8].

Core Viewpoint - The signing of the "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" marks a significant step in enhancing financial cooperation between Shanghai and Hong Kong, focusing on various areas such as market connectivity and innovation in cross-border financial services [1] Group 1 - The action plan outlines specific directions for cooperation, including the interconnection of financial markets [1] - It emphasizes innovation in cross-border financial services [1] - The plan also highlights the development of green finance and cooperation in technology finance [1]

Group 1: Financial Market Connectivity - The Hong Kong government is committed to deepening the financial market connectivity between Mainland China and Hong Kong, promoting the two-way flow of funds, products, institutions, and talent [1] - Hong Kong plans to launch Mainland government bond futures and expand the investor eligibility for the Southbound Bond Connect to include more non-bank financial institutions [1] Group 2: Capital Market Growth - As of May 2023, the total market capitalization of the Hong Kong stock market reached HKD 40.9 trillion, a 24% increase year-on-year [2] - The average daily trading volume in the first five months of 2023 exceeded HKD 240 billion, more than doubling compared to the same period last year [2] - The amount raised through initial public offerings (IPOs) in the first five months of 2023 reached HKD 77.7 billion, a more than sevenfold increase year-on-year [2] - Northbound trading under the Stock Connect averaged RMB 176.08 billion daily, a 33% increase year-on-year, while Southbound trading averaged HKD 108.88 billion, a 191% increase [2] Group 3: Bond Market Development - Hong Kong is projected to be the largest international bond issuance center in Asia in 2024, with total issuance expected to exceed USD 130 billion, a 50% year-on-year increase [3] - The total issuance of offshore RMB bonds in Hong Kong reached RMB 1,071.6 billion in 2024, a growth of over 36% [3] - The Hong Kong government has included all local government debt securities issued in Hong Kong under the profit tax exemption, enhancing the attractiveness for local governments to issue bonds [3] Group 4: Liquidity Support Initiatives - Hong Kong has collaborated with the People's Bank of China to launch a RMB trade financing liquidity support scheme with a total quota of RMB 100 billion, aiding banks in providing cross-border RMB financing services [4]

Core Insights - The meeting focused on enhancing the internationalization of Shenzhen's financial market and facilitating cross-border financing for local enterprises through listings on the Singapore Exchange [1][3] Group 1: Singapore Exchange's Role - The Singapore Exchange (SGX) is recognized as a vital financial infrastructure for Chinese companies seeking international capital, offering a comprehensive listing framework that includes various structures such as red-chip and VIE [2] - SGX aims to attract more high-quality Chinese enterprises for listings, providing extensive support and enhancing its secondary listing mechanisms for companies already listed in Hong Kong, mainland China, and the U.S. [2] Group 2: Shenzhen's Financial Landscape - Shenzhen is positioned as a significant global financial center, with a robust industrial base and a strong emphasis on financial reform and technological innovation [3] - As of April 2025, Shenzhen has a total of 583 listed companies, ranking second in total market capitalization nationwide, with 423 on the A-share market and 160 listed abroad [3] Group 3: Local Government Initiatives - The Shenzhen Municipal Financial Committee is actively supporting high-quality enterprise development through initiatives like venture capital and private equity, aiming to enhance the listing success of local companies [3] - The Futian District, as a financial hub, houses nearly 60% of Shenzhen's licensed financial institutions and has a significant share of the city's venture capital management [4] Group 4: Collaborative Opportunities - Representatives from financial institutions and enterprises discussed practical issues such as ETF connectivity, bond market collaboration, and cross-border fundraising, aiming to strengthen capital flow and mutual benefits between Shenzhen and SGX [4]

Core Viewpoint - The Greater Bay Area (GBA) is experiencing strong trends in driving development, participatory development, and collaborative development despite increasing global uncertainties [1] Group 1: Economic Positioning - Hong Kong's position in the global economy is continuously strengthening, serving as the largest offshore RMB center, providing robust support for Chinese enterprises going global [1] - The unique legal advantages and high-quality workforce in Hong Kong will enhance its role as a super connector, facilitating GBA enterprises' integration into international markets [1] Group 2: Collaborative Development - Cities like Shenzhen and Guangzhou have significant advantages in industry and technological innovation, while Hong Kong and Macau possess unique institutional, financial, international, and talent advantages [1] - The deep integration of industry, technology, and finance, particularly in terms of institutional and talent collaboration, will lead to more pronounced synergistic effects among GBA cities [1] Group 3: Financial Market Connectivity - The interconnectivity of financial markets between the mainland and Hong Kong is considered the largest financial institutional innovation in the past 30 to 50 years [2] - Initiatives such as Stock Connect have enabled investors from 130 countries and regions to invest in mainland stocks and Hong Kong assets, alongside other measures like Bond Connect and ETF Connect [2] Group 4: Future Initiatives - The Shenzhen Financial Bureau plans to accelerate several initiatives in collaboration with Hong Kong, including leveraging the Hong Kong Financial Cooperation Committee to enhance financial cooperation [2] - There is a focus on supporting and encouraging outstanding Shenzhen and GBA enterprises to list in Hong Kong, as well as welcoming eligible Hong Kong companies to return to the Shenzhen Stock Exchange [2][3] - Additional efforts will be made to facilitate enterprises going global and to strengthen cooperation with Hong Kong's financial regulatory and government departments to provide better services and support [3]

"我们要用确定性回应不确定性，金融领域有很多工作要做。"时卫干表示，从我们深圳金融局的角度来讲，近期 有几项工作是与香港的同事一起加快推动，第一项工作是用好香港金融合作委员会机制，当前也成立了四个专 班，一个是企业"走出去"，一个是金融科技，一个是前海、一个是河套。希望通过这四个专班，把香港各个领域 的金融合作全面的项目化、清单化、具体化，走深走实。 他补充道，第二项重点工作是进一步支持和鼓励优秀的深圳企业、大湾区企业走出去到香港上市，同时也欢迎鼓 励符合条件的香港在H股上市的大湾区企业重新回到深交所上市。时卫干强调，这是今年要重点推进的工作。 此外，第三项工作是服务企业出海；第四项是与香港金融监管部门、香港政府部门加强合作，为企业、为市场主 体在香港金融合作的过程中提供更好的服务、更多的支撑，让交易更便捷，让交易成本更低。 文/李明会 5月17日，以"共享未来：构建开放包容的经济与金融体系"为主题的2025清华五道口全球金融论坛在深圳召开。深 圳市委金融委员会办公室常务副主任、市委金融工作委员会常务副书记、市地方金融管理局局长时卫干在当日下 午"粤港澳大湾区建设与发展"主题讨论环节上表示，整个内地和香港的金 ...

Core Viewpoint - The People's Bank of China, along with several regulatory bodies, has issued a set of 30 key measures aimed at enhancing financial support for the Guangzhou Nansha area, promoting its role in the Guangdong-Hong Kong-Macao Greater Bay Area's development and modernization efforts [1][2][3] Group 1: Financial Services Enhancement - The measures include improving financial services for innovation and entrepreneurship, supporting the construction of technology innovation industry cooperation bases, and encouraging financial institutions to innovate financial products like bill discounting [1] - There is a focus on expanding financial services for social welfare, including the trial of video-based credit card applications and cross-border cooperation among credit institutions [2] Group 2: Development of Specialized Financial Services - The initiative encourages the Guangzhou Futures Exchange to explore electricity futures and enhance the renewable energy futures product system [2] - It supports the development of generative artificial intelligence models for financial applications, including smart credit, investment, and risk control services [2] Group 3: Financial Market Connectivity - The measures promote the use of free trade accounts and other mechanisms to provide comprehensive financial services to foreign institutions [2] - There is encouragement for cross-border cooperation in futures products between the Guangzhou Futures Exchange and the Hong Kong Stock Exchange [2] Group 4: Cross-Border Financial Innovation - The initiative aims to attract diverse investment institutions such as sovereign wealth funds and venture capital firms to the region [2] - It supports qualified Hong Kong and Macao investors in establishing securities and fund companies in mainland China [2] Group 5: Financial Regulatory Mechanism - The measures emphasize the need for coordinated regulatory efforts between central and local authorities, ensuring compliance with unified financial management rules [3] - There is a focus on creating an innovative financial regulatory mechanism tailored to the needs of Nansha's development [3] Group 6: Supportive Measures - The initiative includes policies to support housing, talent, and education, facilitating the development of an international talent zone in Nansha [3] - It aims to create favorable conditions for domestic and foreign professionals in the financial sector to work in Nansha [3]