SCIO briefing on performance of banking and insurance sectors
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E-mail China.org.cn, January 15, 2020
Et Net News Agency:
Currently, the insurance products in Hong Kong and Macao are not available on the Chinese mainland, and the channels for investors from the Chinese mainland to directly invest in overseas financial products are relatively limited. I would like to ask how the connectivity of financial and insurance products within the Guangdong-Hong Kong-Macau Greater Bay Area can be improved upon? Moreover, the pilot mainland personal account opening service has been introduced in Hong Kong. Will this pilot eventually be fully launched?
Huang Hong:
You've raised two questions. One of them is about insurance, and the other is about the banking issue. I would like to answer the former. The issues regarding the development of the Guangdong-Hong Kong-Macau Greater Bay Area have been explained at the previous press briefing, however, I'm willing to provide some further information about it. The construction of the Greater Bay Area is a national strategy that is designed, arranged and promoted by General Secretary Xi Jinping. It is not only a new measure to break new ground in pursuing the opening up on all fronts in a new era, but also a further step in taking forward the practice of "one country, two systems." The China Banking and Insurance Regulatory Commission will take various measures to support the overall planning of the construction of the Greater Bay Area in the following aspects:
First, we strengthened the leadership in our organizational work and built a multi-party response mechanism. The China Banking and Insurance Regulatory Commission (CBIRC) set up the working group of the Guangdong-Hong Kong-Macao Greater Bay Area. Headed by the CBIRC's leader, the group has formulated meeting and working mechanisms in this area.
Second, we established a joint mechanism to hedge against financial risks in Guangdong, Hong Kong and Macao. In 2018, a joint working conference of Guangdong-Hong Kong-Macao banking supervision was held to set up a supervision and contact mechanism for the area, where working-level meetings are held regularly every year.
Third, we supported cooperation among Guangdong-Hong Kong-Macao insurance institutions to develop cross-border auto and medical insurance products.
Fourth, we supported the Nansha District of Guangzhou to develop featured financial services including shipping finance, technology finance, and aircraft and ship charters.
Fifth, we expanded the financial opening-up to Hong Kong and Macao. We implemented the policy decisions and plans of the CPC Central Committee and the State Council, and also participated in negotiations of several agreements on establishing closer trading ties between the mainland and Hong Kong as well as between the mainland and Macao. We also promoted the implementation of opening-up measures, including facilitating foreign investments, relaxing requirements for foreign investments to establish financial institutions and expanding the business scope of foreign financial institutions.
More recently, we are working on regulations to allow Hong Kong insurance institutions to establish after-sales service institutions in the Guangdong-Hong Kong-Macao Greater Bay Area. On the whole, we have strengthened our policy guidance in multiple aspects to promote the development of the area and to facilitate Hong Kong insurance institutions' operations in the mainland.
Xiao Yuanqi:
Mr. Huang made a comprehensive presentation on the financial cooperation and development in the Guangdong-Hong Kong-Macao Greater Bay Area. To sum up, we strongly support and actively promote all measures which benefit financial cooperation and consumer convenience in the Guangdong-Hong Kong-Macao Greater Bay Area.
Xi Yanchun:
Thanks to the speakers and thanks to the journalists. Today's briefing is hereby concluded.
Translated and edited by Chen Xia, Zhang Liying, Chen Yinjun, Wang Yanfang, Zhu Bochen, Gong Yingchun, Cui Can, Wang Yiming, Duan Yaying, Zhang Rui, Li Huiru, Fan Junmei, Zhou Jing, Huang Shan, Zhang Junmian, Wang Qian, Wang Wei, Yang Xi, Guo Xiaohong, Kenneth Teh Chiu Soong. In case of any dispute over a discrepancy, the Chinese version is deemed to prevail.
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