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​Guangdong-HK-Macao Greater Bay Area to open market for foreign banks

2018-05-24 13:35

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The construction of Guangdong-Hong Kong-Macao Greater Bay Area is expected to expand market for foreign banks, noted Pan Guangwei, executive vice president of China Banking Association (CBA) in a forum held on Tuesday.

Pan tipped that foreign banks should grasp the historical opportunity to engage in the construction and help China’s banking industry gain high-quality development.

“China has recently introduced multiple measures to further open the financial sector, which pinpoints the ‘negative list’ principle and grants equal treatment for domestic and foreign banks,” said Pan, adding that the move will not only promote banking industry to better serve the real economy, but also create a favorable investment environment for foreign banks.

Pan believed that the construction of the Guangdong-Hong Kong-Macao Greater Bay Area will bring in a bright future for foreign banks, as one of the top priorities of the construction is to build a new platform to ensure a coordinated financial development among the Chinese mainland, Hong Kong and Macao.

To accelerate the development of foreign banks, Pan put forward three proposals. First, foreign banks should actively expand their business in China and speech up financial innovation to achieve high-quality development.

Second, foreign banks should intensify their efforts to set up branches in the area.

Third, foreign banks are encouraged to share their global development experience to help China’s banking industry to realize high-quality development.
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