PR93553

GUANGZHOU, China, Dec. 8, 2021 /PRNewswire-AsiaNet/ --

International Finance Forum (IFF)[http://www.iff.org.cn/php/list.php?tid=240]

2021 co-organized a roundtable

discussion[https://dythz.evp.mudu.tv/watch/m93lzgdm?a=2960] with the Nansha

Management Committee of China (Guangdong) Pilot Free Trade Zone, inviting 14

speakers to share their views and suggestions on the opportunities, challenges

and competition surrounding the Guangdong-Hong Kong-Macao Greater Bay Area

(GBA).

To build the GBA as an international financial hub, Zhu Xian, IFF Vice

President and Secretary General, and Former Vice President of New Development

Bank, said the area needs to accelerate internationalization of the Chinese

yuan.

Zhu pointed out that as the area covers two independent customs zones, it is

necessary to have a mindset of top-level design to take into account the

interests of each region, while giving full play to their particular advantages

to avoid excessive competition. Talent-wise, Zhu said the area needs to ensure

smooth transportation and reduce living costs to attract and retain talents.

Meanwhile, Ding Shuang, Chief Economist for Greater China and North Asia at

Standard Chartered Bank (Hong Kong), said to address emerging challenges,

innovation is key to reduce reliance on American technology. Also, China's

"dual carbon" national goals mean the country's industrial structure would have

to undergo significant adjustments.

Another mission for the GBA is to contribute to China's goal of common

prosperity. Essentially, that means an expanding middle class and narrowing the

gap for income and wealth, Ding said, adding the area can contribute by playing

a key role in the "China+1" supply chain strategy. Additionally, the area can

work toward becoming a national and regional center for scientific innovation

and green finance.

Antony Leung, IFF Vice President and Former Financial Secretary of Hong Kong

Special Administrative Region, said the area has great opportunities, with Hong

Kong bringing in huge potential for stock and fund markets. Prestigious

universities gather world-class scholars and researchers, so the area has a

firm footing in developing life sciences and technology, especially in AI and

robotics, given the rapid technological development in Shenzhen and Guangzhou.

Qi Ye, IFF Academic Committee Member and Director of Institute for Public

Policy at Hong Kong University of Science and Technology, said the GBA can

serve as an exceptional demonstration for the various pilot zones across the

nation given its experience in economic development, technological advancement

and social governance.

SOURCE International Finance Forum (IFF)