05 June 2024
On 5 June 2024, the Office of the Leading Group for Comprehensively Optimizing the Business Environment in Guangzhou Municipality issued the “Three-Year Action Plan for Promoting the Construction of an International First-Class Business Environment in the Guangdong-Hong Kong-Macao Greater Bay Area” (“the Plan”). The Plan proposed to accelerate the construction of the futures exchange in Guangzhou Municipality, deepen the innovative cooperation with the Hong Kong Stock Exchange, enrich the product system, and actively develop the Hang Seng index and electricity futures products with the aim of creating a significant financial platform in the Guangdong-Hong Kong-Macao Greater Bay Area. In addition, the Plan proposed to explore the pilot implementation of cross-border credit reporting in the Nansha District, support the cooperation between credit reporting agencies among Guangzhou, Hong Kong and Macao and establish a mutual recognition mechanism for credit reporting products. Lastly, the Plan aimed to support the operation of Hong Kong and Macao financial institutions in Guangzhou Municipality and facilitate the construction of international commercial banks and an insurance service centre in the Greater Bay Area.