On December 14, 2022, the Macro-Finance Salon (No. 198), co-hosted by the International Monetary Institute (IMI) and the Department of Monetary Finance, School of Finance, was successfully held online. Professor Xiao Geng, Director of Shenzhen Finance Institute, the Chinese University of Hong Kong and President of Hong Kong Institution for International Finance, and E Zhihuan, Chief Economist of Bank of China (Hong Kong) shared their views on the “Construction of the Greater Bay Area (GBA) and Financial Opening-up”. The salon was moderated by Tu Yonghong, Dean of the Yangtze River Economic Zone Research Institution of RUC and Deputy Director of IMI.

Professor Xiao Geng delivered a keynote speech and shared the following observations. As an offshore international financial center with strong risk absorption capacity, Hong Kong serves as a magnet to attract capital in China’s financial opening, and an important platform in RMB internationalization. Financial opening requires institutional innovation, including cooperation between Shenzhen and Hong Kong as well as cooperation among the cities in the GBA. Financial opening requires institutional innovation, including cooperation between Shenzhen and Hong Kong and among cities in the GBA. A pilot zone for deepened cooperation between Shenzhen and Hong Kong should be established, which consist of a physical zone in Hong Kong and a virtual zone in Shenzhen. Different market players should be under precise supervision through digital technology, and a white-list system should be adopted in approving pilot projects. The double-core system will expand the capacity of Hong Kong, meanwhile enhance competitiveness, improve business environment and step up internationalization of the GBA. Shenzhen and Hong Kong will become mutual shareholders instead of competitors, and achieve comprehensive development through in-depth cooperation and bundled complementarity.

Chief Economist E Zhihuan delivered a speech. She pointed out that as the 14th Five-Year Plan purposed, Hong Kong will be encouraged to better integrate itself into the country’s overall development through the construction of the GBA. The city's competitive advantages will be consolidated and enhanced, and will be established as eight major centers. As the GBA initiative enters the fourth year of implementation, relative regional development strategies are improved, and will better facilitate Hong Kong's development. Cross-border finance is an important part of GBA development. The Cross-boundary Wealth Management Connect Scheme is piloted in the GBA to build a connected collaborative mechanism for cross-border asset management. Shenzhen-Hong Kong Stock Connect (SEHKSZSE) was launched and expanded in the GBA to promote an systemic upgrade of the capital market interconnection.