GF Sun Shuming: Opening up leads financial innovation capital to empower the construction of the Greater Bay Area
□ Secretary of the Party Committee of Guangfa Securities, Chairman Sun Shuming’s opening to the outside world is one of its basic national policies, and it is an important magic weapon for the progressive development of new achievements.
The construction of the Guangdong-Hong Kong-Macao Greater Bay Area is to promote reform, development and innovation through opening up, and to further promote the opening of the regional capital market is the most important and urgent financial innovation.
Interconnection can improve the regional financial structure and better serve the real economy.
Taking interconnection as a starting point, high-level interconnection is the advanced form and mature form of the construction of the Guangdong-Hong Kong-Macao Greater Bay Area. It is the direction and goal of our efforts.
This is an important strategic deployment of the central government.
On February 18 this year, the Central Committee of the Communist Party of China and the State Council issued the “Outline of Development Planning for the Guangdong-Hong Kong-Macao Greater Bay Area” (“Planning Outline”), which clearly defined the strategic positioning of the Guangdong-Hong Kong-Macao Greater Bay Area as a “vibrant world-class city group.””.
The “Planning Outline” proposes two-stage development goals for the construction of the Greater Bay Area: By 2022, a framework of international first-class bay areas and world-class urban agglomerations with “smooth elements flowing” will be initially established; by 2035, the “Great Bay Area MarketHigh-level connectivity is basically realized “, and a world-class bay area has been built in an all-round way.
At the same time, interconnecting with the capital markets of Hong Kong and Macao and drawing on the successful experience of the development of overseas capital markets is a unique advantage of the development of a multi-level capital market in the Greater Bay Area.
The Guangdong-Hong Kong-Macao Greater Bay Area covers Hong Kong’s international financial center, which has greatly reduced the cost of regional financial reform and innovation.
Opening to regional capital markets can gain experience in the development of Hong Kong and Macao financial markets, speed up the division of regional industries, and rapidly enhance the strength of regional comprehensive financial services.
Therefore, to promote the development of the Greater Bay Area, the concept of “openness is innovation” needs to be firmly established.
Assisting Bay Area Industrial Transformation and Upgrading China is in a critical period from industrialization to modernization. Increasing the proportion of direct financing is an important part of alternative development.
First, compared with indirect financing, direct financing has a clear risk incentive mechanism, so that it can invest in a range of assets. It can also increase the return on investment by reasonably increasing leverage, and pursue relative returns.
Second, research by the International Monetary Fund has shown that countries with non-bank financial sector appointments have a smoother alternative to monetary policy.
Therefore, in the general stage, the development of direct financing can more effectively dredge the monetary policy mechanism and improve the efficiency of monetary policy.
Third, the official launch of the establishment of a science and technology board and a pilot system of registration is a new attempt to combine direct financing with science and technology innovation. It will further carry out investment in the science and technology industry chain, driving investment from venture capital, private placement, and leasing to bank creditincrease.
From international experience, world-class technology companies such as Microsoft and Google have grown up with the strong support of venture capital and equity investment.
Therefore, local financial institutions including securities firms must follow the pace of opening up and rely on the advantages of Hong Kong International Financial Center to provide a variety of investment and financing tools and integrated financial services including overseas financing, equity investment, mergers and acquisitions, and financial leasing.By grafting Chinese power in overseas markets (quotation 600482), we will accelerate the free and efficient flow of capital across borders and promote regional economic growth and development.
Enhancing the ability to integrate resources globally The benign cross-border flow of funds can greatly enhance the ability of financial services to the real economy.
First, regulators have introduced many practical changes for long-term overseas investment in China’s capital markets.
From the point of view of priority, on the basis of giving priority to meeting the needs of long-term domestic and international cross-border capital flows, we must accelerate the introduction of measures to meet the needs of the real economy’s cross-border resource allocation, and then gradually open up cross-border capital flows.
In essence, China Unicom’s domestic and overseas secondary markets have achieved fruitful results.
Such as Stock Connect, Bond Connect, Fund Connect, and Shanghai-London 深圳夜生活 Link, the internal and external secondary markets have been initially formed, and there are still many obstacles in the cross-border allocation of resources in the primary market, which need to be removed as soon as possible.
Thirdly, only by serving the real economy can we break through regional interconnectedness and financial innovation, and only by continuously meeting the growing cross-border flow of the real economy can we steadily improve the level of regional interconnectedness.
Therefore, in combination with the development stage of the Greater Bay Area, we recommend optimizing the cross-border capital flow and merger and acquisition approval mechanism, setting the “Qualified Bay Area Institutional Investor” (QGII) standard, and the ability to date overseasCertain financial institutions that serve the real economy with funds can enjoy a certain amount of cross-上海夜网论坛border funds.
Breakthroughs, guide international capital to invest in advantageous industries in the Pearl River Delta region, and also help companies participate in “Belt and Road” investment and cooperation, transform regional capital docking and resource integration; instead, they can create a cross-border investment and financing business platform for companies in the Greater Bay Area.Provide services for regional high-quality companies to be listed internally with Hong Kong, issue bonds, and cross-border mergers and acquisitions.
The construction of the Guangdong-Hong Kong-Macao Greater Bay Area is an important national strategy and a great prospect for Guangdong’s reform and opening up.
As a leading domestic comprehensive securities company and a financial institution with great influence in the Guangdong, Hong Kong, and Macau Greater Bay Area, GF Securities will make full use of its advantages in resource endowment, professional capabilities and network layout to actively participate in the institutional innovation of the construction of the Greater Bay Area, Program research and product design, contribute “Guangfa Wisdom” and “Guangfa Power” to build a world-class bay area and world-class city group.