HONG KONG, Oct. 30, 2023 /PRNewswire/ — On October 27th, the “2023 Greater Bay Area (GBA) Sustainable Development Week” was launched in Shenzhen and Hong Kong. This week-long event is organized by the Shenzhen Municipal Local Financial Regulatory Bureau and Luohu District People’s Government, together with co-organizers Southern Finance Omnimedia Group, China Alliance Of Social Value Investment (Shenzhen), 21st Century Business Herald and the Guangdong Institute of GBA. The event is strategically supported by Standard Chartered Bank.
The event, which will run until November 3rd, is jointly assisted by Invest Hong Kong of the HKSAR Government and the Finance Institute of the Chinese University of Hong Kong (Shenzhen). On the afternoon of October 27th, the “2023 GBA Sustainable Finance Forum” kicked off in Shenzhen, marking the start of this significant week.
The Guangdong, Hong Kong and Macao Greater Bay Area (GBA) is a region in China known for its dynamism and internationalization. It has significantly contributed to the high-quality and sustainable development of China’s economy. GBA plays a crucial role in driving the upgrading and transformation of the industrial chain, supply chain and promoting the development of green and transition finance.
To this end, the event brought together distinguished experts, scholars, and entrepreneurs from both domestic and abroad. The speakers share their perspectives, amplify China’s financial voice on a global stage, demonstrate a broader international vision, and provide their unique insights.
At the forum, Mr Xingan Ge, Deputy Director of China Alliance of Social Value Investment, highlighted the strategic importance of the GBA in China’s new development pattern. The GBA is seen as a model for high-quality development and serves as an example of Chinese-style modernization. With its significant role in China’s economy, the GBA is actively exploring sustainable financial development, attracting a diverse group of international and domestic experts.
Mr Yumin Shu, the Party Secretary of the Shenzhen Municipal Local Financial Regulatory Bureau, stressed the city’s achievement in sustainable finance. Shenzhen has been at the forefront of institutional innovation by implementing the world’s first local comprehensive act regulating green finance and developed supporting systems and standardized structures. Shenzhen is also actively promoting policies to support the growth of social finance. In the future, the city plans to organize world-class financial summits, fintech competitions, and exhibitions to further advance financial innovation with global participation.
Mr Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury of the Hong Kong SAR, emphasized that the Outline Development Plan for the Greater Bay Area supports Hong Kong’s goal to become a regional green financial center. The plan also encourages enterprises in the Qianhai Cooperation Zone to issue green bonds in Hong Kong and obtain green financing from banks. Hong Kong will leverage its unique advantages as an international financial center under the “One Country, Two Systems” to facilitate sovereign funds entering the mainland market.
Ms. Beate Trankmann, Representative of the United Nations Development Program (UNDP) in China, highlighted that only 15% of the Sustainable Development Goals (SDGs) are on track globally, with one-third facing stagnation or regression due to various challenges. It’s crucial for countries worldwide to rescue to SDGs by reevaluating their economic models and redesigning their financial systems.
According to Mr Tianyang Ren, Party Secretary and Chairman of Southern Finance Omnimedia Group, the GBA has successfully utilized the scientific research capabilities, industrial endowments and financial resources of key cities like Hong Kong, Macao, Guangzhou and Shenzhen. This has led to the transformation and upgrading of traditional industries, resulting in the establishment of major projects and pillar industries. These industries have laid the foundation for the high-quality development in this region and represent the future direction of China’s economic growth.
During the Greater Bay Area Financial Dialogue Session, Mr. King Leung, Head of Financial Services and FinTech, Invest Hong Kong, highlighted that Hong Kong’s efforts to create a new accelerated track for enterprises in the green and technology sectors. Hong Kong has worked towards providing a conducive environment for these companies to access financing. Notably, Hong Kong has been actively issuing green bonds this year, and is now ranked second in Asia following Mainland China.
Ms. Christina Bao, Managing Director and Co-Head of Market Development of HK Exchange, shared in the dialogue session that from 2011 to 2022, HKEX ranked among the top globally in terms of IPO capital raised compared with other major exchanges. This achievement can be attributed to the rapid growth of China’s economy, which has presented Hong Kong with abundant opportunities. As the super connector between mainland China and the world, Hong Kong is currently exploring ways to facilitate Chinese companies’ global expansion and guide foreign companies in expanding into the Chinese market.