Recently, Guangdong issued the “Fourteenth Five-Year Plan for Financial Reform and Development of Guangdong Province”. The plan proposes that by 2025, the province’s listed companies at home and abroad will exceed 1500 and the premium income will surge to about 800 billion yuan.
According to the plan, financial industries in Guangdong will become an important pillar and the ability to allocate resources will be further strengthened, the high-quality development of finance will be in the forefront of the country. Also, the balance of domestic and foreign currency deposits in the province will reach 40 trillion yuan and the balance of loans will reach 30 trillion yuan.
As for financial development in Guangzhou, it will establish the Guangzhou Futures Exchange with high standards, develop a complete futures industry chain to attract global investors and enterprises.
Also, Guangzhou will support Shenzhen to build a global financial innovation center. The city will take the lead in the application of digital RMB, accelerate the cultivation of leading financial technology institutions and industry chains.
In terms of capital market connectivity, financial exchanges in the Greater Bay Area will be strengthened. It is to improve the financial market interconnection programs such as “Shenzhen-Hong Kong Stock Connect” and “Bond Connect”.
And further support the Shenzhen Stock Exchange to establish a bond platform in the Greater Bay Area to attract qualified Hong Kong and Macao financial institutions and non-financial companies to issue bonds.