Core Insights - The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) aims to establish itself as an "international financial hub" as outlined in the development plan issued in February 2019 [1] - A series of financial support policies have been implemented over the past six years, promoting mutual benefits and integrated development within the GBA [1] - Despite progress, significant differences in legal and market systems among the GBA regions pose challenges to financial cooperation [1][2] - Recent discussions at the 2025 GBA Forum highlighted the need for enhanced interconnectivity in financial markets to facilitate China's financial market opening [1][2] Financial Cooperation and Innovation - Financial cooperation in the GBA has deepened, with improved payment methods enhancing residents' experiences and simplifying cross-border account opening procedures [2] - The "Cross-Border Wealth Management Connect 2.0" initiative has seen a substantial increase in personal investors, indicating a surge in market demand [2] - Experts emphasize that the financial sector has become a leading industry with international competitive advantages in the GBA [2] Institutional Challenges and Recommendations - Current financial reforms in the GBA are primarily focused on single-point initiatives, lacking integrated innovation [3] - There is a need to break down institutional barriers and unify planning across the GBA to enhance efficiency in financial cooperation [3] - Suggestions include top-level legislation to facilitate cross-border market integration and the flow of financial resources [3] Regulatory Framework and Support - The People's Bank of China has maintained close communication with financial regulators in Hong Kong and Macau to ensure orderly financial opening measures [4] - Future support for the GBA's development will focus on implementing financial policies that bolster its status as an international financial hub [4] RMB Internationalization - As of March 2025, cross-border RMB settlement in the GBA reached 38.5 trillion yuan, with RMB accounting for over 70% of total settlements [5] - Experts advocate for the GBA to become a leading area for RMB internationalization [5][6] Technological Empowerment - The impact of technology on global financial competition is becoming increasingly significant, with AI enhancing customer engagement and reducing operational costs [7] - The future of international financial hubs will rely on the integration of data, algorithms, and practical applications [7] - Establishing a cross-border financial big data pool is essential for the GBA's financial infrastructure [7] Focus on Real Economy - The GBA's complete industrial chain and resource advantages present significant opportunities for growth in technology finance and supply chain finance [8]