Policies provide strong financial support for GBA development

Since a financial support guideline with 30 specific measures for the development of the Greater Bay Area (GBA) was issued by central bank on May 14th of last year, over 90% of the measures have been implemented, according to Guangdong Financial Supervisory Authority.

Over the past year, Guangdong furthered its financial cooperation with Hong Kong and Macao, as well as made great progress in key financial reform items.

As of April 30th, Guangdong has attracted 34 domestic-listed companies in 2021, and raised 29.573 billion yuan through IPOs, ranking first in China. Now the total number of domestic-listed companies in the province has reached 710, also topping the list in the country.

In terms of financial connectivity, a number of measures have been issued for promoting GBA’s cross-border trade and facilitating investment and financing.

For instance, cross-border mobile payment is becoming more common in the GBA. Guangdong has launched a series of mobile payment apps in Hong Kong and Macao editions. By the end of March, GBA mainland cities have seen a total of 6,209,100 transactions in cross-border mobile payment with an amount of 966 million yuan.

With the launch of direct payment service for cross-border electronic bills, Macao residents can pay their bills for public utilities or livelihood services in Guangdong even through the banks in Macao.

In addition, Hong Kong and Macao residents opened a total of 1400,000 personal accounts on the Chinese Mainland through agents, that brings a total of 4.478 million transactions with a total amount of 3.27 billion yuan.