Guangzhou pledges to support financial development in GBA

Guangzhou put forward an action plan on supporting the construction of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) through financial measures on Sept 2.

The document, which includes 66 specific measures, covered six areas, such as boosting the construction of major projects and platforms, promoting the facilitation of cross-border trade, investment, and financing in the Greater Bay Area, as well as elevating the innovation level of financial services in the Greater Bay Area.

International commercial banks for the Greater Bay Area will be set up in Nansha, while insurance institutions from Hong Kong and Macao meeting certain requirements are allowed to set up operating agencies in Nansha. 

A service center will be established in Nansha to offer after-sales service in life insurance and medical insurance for Hong Kong and Macao residents working or living in the Chinese mainland with insurance policies of Hong Kong and Macao.

Guangzhou will support financial institutions from Hong Kong and Macao to participate in the construction of Guangzhou's demonstration zone for green financial reform, as well as set up a cooperation platform on green finance for the Greater Bay Area.

Financial institutions from Hong Kong and Macao meeting certain requirements will be eligible to expand their businesses in Guangzhou. For example, overseas banks are allowed to set up both branches and subsidiary banks in Guangzhou, while foreign capital is encouraged to be invested in Guangzhou financial institutions like trust companies. 

Guangzhou is encouraged to carry out registrations of cross-border real estate mortgages, allowing Hong Kong and Macao residents to pledge their self-occupied properties purchased in domestic areas in the Greater Bay Area to Hong Kong and Macao banks.