Experts share insights on Greater Bay Area development at IFF

The 14th global annual conference of the International Financial Forum (IFF) was held in Guangzhou from Nov 17 to 19, with many experts and scholars sharing their insights on the development of the Guangdong-Hong Kong-Macao Greater Bay Area and building a premium business environment.

The sci-tech innovation and research index in Guangdong is still lower than that of the Yangtze River Delta region and Beijing-Tianjin-Hebei Region and technological innovation is crucial in building strategically emerging industries, which play a vital role in the construction of a world-class bay area, according to Zhang Yansheng, principal researcher of China Center for International Economic Exchanges and member of IFF Academic Committee.

Zhang also emphasized the importance of setting diversified targets and promoting cooperation among the city clusters within the Guangdong-Hong Kong-Macao Greater Bay Area.

Rick Niu, president and CEO of Starr Strategic Holdings said Guangdong, as China's reform and opening forefront, should make full use of its advantages and promote the introduction of more foreign investment and encourage more domestic enterprises to go global. He also advised the enhancement of Sino-US and Sino-EU financial capital operation in the Greater Bay Area. 

At the conference, the experts also exchanged their views on how Guangdong can realize leapfrog development and reached a consensus that the Greater Bay Area's next move should be forming a more open market, business and investment environment.

At the conference, Simon Zhao, director of International Center for China Development Studies at Hong Kong University, expressed his views on global bay area construction from the perspective of an international financial center.

The financial sector is one of the strengths of Hong Kong and the global financial center involves more cooperation than competition; the construction of the Greater Bay Area should focus on forming sound legal system to promote innovation and business and learning Hong Kong's financial experience and combining them with Chinese characteristics, according to Zhao.