China: Opening up the Financial Industry, Promoting Integration in the Greater Bay Area
On May 14, 2020, the People’s Bank of China, along with three other central authorities, unveiled new guidelines to support the financial reform and opening-up of the Guangdong-Hong Kong-Macao Greater Bay Area (“GBA”), according to an article from China Briefing.
The Opinions Concerning Financial Support for the Establishment of the Guangdong-Hong Kong-Macao Greater Bay Area (“the guidelines”) transcribe a series of 26 new measures aimed at liberalizing China’s controls on foreign exchange and foreign currency remittance, to boost cross-border capital flows in the GBA.
The guidelines will encourage more cross-border business activities between Hong Kong, Macao, and mainland China to optimize the allocation of financial resources in the region, and to improve its individual efficiency and quality over time.
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