On October 30th, Roundtable on Money and Finance ·Autumn 2020 and Forum on Financial Innovation and New Opportunities in the Guangdong-Hong Kong-Macau Greater Bay Area, jointly sponsored by IMI, University of Macau Asia-Pacific Academy of Economics and Management (UM APAEM) and Zhejiang University Academy of Internet Finance, was held in University of Macau. This is the first time that the Roundtable on Money and Finance was held in Macau. We had Liu Xingjuan, Committee Member of Money Authority of Macau; Chi Tenghui, Director of Financial Service Bureau of the Hengqin New Area; Song Yonghua, Rector of UM; Cao Tong, Co-Chairman of Council of IMI and Chairman of HDFH; E Zhihuan, Chief Economist of Bank of China Hong Kong; Li Ning, Honorary Dean, UM; Zhao Xijun, Co-Dean, Academy of China Capital Market, RUC; Ben Shenglin, Dean of Zhejiang University International Business School and Academy of Internet Finance; Yan Zhihong, Professor of UM; Tu Yonghong, Deputy Director of IMI; Yu Jiefang, Associate Professor, School of Economics, Zhejiang University. Other leading experts and scholars from financial institutions, regulatory agencies and research institutes also attended the forum.

Song Yonghua, President of UM, delivered a welcome speech. He pointed out that Macau suffered a huge economic blow in the first half of 2020 and should consider leveraging financial innovation and fintech to achieve industrial upgrading, economic diversification and other goals.

Cao Tong made a keynote speech with theme of “DirectionandSignificanceofNewFinanceinMacau”. He suggested that Macau’s financial sector should reorient itself into “a global fintech cooperation platform” and follow three phases： “a fintech cooperation platform for Chinese mainland”, then “a Sino-Portuguese fintech cooperation platform for developing economies”, finally “a global fintech cooperation platform”. Meanwhile, he proposed a constructive and forward-looking action plan for Macau’s financial sector and shared insightful ideas on financial landscape in Macau. From his perspective, Macau should take the Phase II Project Plan in fintech pilot zone of Hengqin Area as a starting point and strengthen support mechanisms and policies.

Based on these, the Phase III Project Plan will be launched with clear mechanisms and division of functions between Hengqin, Zhuhai and Macau.

Ben Shenglin addressed with the theme of “New Global Financial Landscape and New Opportunities in the Greater Bay Area”. Yan Zhihong, Professor of UM, made a speech of “Financial Innovation and Hengqin-Macau Deep Cooperation”. The three experts shared their insights on Macau’s financial innovation and new opportunities in the Guangdong-Hong Kong-MacauGreater Bay Area from diverse lenses.

Tu Yonghong released 2020 Annual Report of Renminbi Internationalization online and gave an analysis. The theme of the report is “how does Shanghai develop into a global financial center”. The report carries out comprehensive and in-depth discussions on the model selection, basic conditions and development strategies for Shanghai to develop into a global financial center from different perspectives, such as the world and China, history and reality, opportunities and challenges.It also stresses that Shanghai should build itself into a global center of technology and innovation, business, trade, finance and shipping in a coordinated manner.The development of a global financial center can lead China’s high-quality economic development and high-level opening up and provide safeguard for long-term development of RMB internationalization. Moreover, Yu Jiefang launched 2020 Annual Report on Global Banks Internationalization.

Prof. Li Ning, Honorary Dean of UM, hosted the discussion of the Roundtable. Prof. Zhao Xijun and Dr. E Zhihuan delivered online speeches and exchanges thoughts on Macao’s Fintech, the Guangdong-Hong Kong-Macao Greater Bay Area’s prospects, opportunities and challenges of RMB internationalization and many other issues. At the end, other attendees addressed respectively and expressed their visions and best wishes for new Macau’s financial sectors with advanced fintech and an internationalized Guangdong-Hong Kong-Macau Greater Bay Area.

The Roundtable on Money and Finance is a high-level quarterly forum initiated by International Monetary Institute (IMI), Renmin University of China. The forum invites prominent financial experts and leaders from home and abroad to exchange ideas on financial reform and development. It aims to provides insights on China’s international finance strategy making and implementation. Currently, the forum has become a significant international platform for academic exchanges in money and finance and has great reputation among financial researchers and practitioners. This is the first time that the Roundtable on Money and Finance was conducted in Macau. The leading experts and scholars of the industry, universities and research institutions from the mainland and Macau were invited. They focused on closer future cooperation between Macau and its counterparts in the Greater Bay Area and building up an internationalized Greater Bay Area.