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Xinhua Silk Road
Economy

S. China's Guangdong to build whole financial industry chain in Greater Bay Area

January 29, 2019


Abstract : South China's Guangdong Province plans to deepen the reform and opening up of the banking and insurance sector to establish a whole financial industry chain in the Guangdong-Hong Kong-Macao Greater Bay Area.

BEIJING, Jan. 29 (Xinhua) -- South China's Guangdong Province plans to deepen the reform and opening up of the banking and insurance sector to establish a whole financial industry chain in the Guangdong-Hong Kong-Macao Greater Bay Area, according to China Bank and Insurance Regulatory Commission (CBIRC), Guangdong Bureau on last Saturday.

In 2019, the regulator will take measures to optimize the structure of financial institutions to improve their service, as well as promote innovation in the banking and insurance to improve the financial market and meet the demand, said Pei Guang, head of the Guangdong Bureau of CBIRC.

The Guangdong Bureau of CBIRC deepened reform and opening up last year in the banking and insurance sector to support the development of Guangdong-Hong Kong-Macao Greater Bay Area.

Specifically, Guangdong provided syndicated loans of nearly 30 billion yuan and risk protection of around 28 billion yuan for the construction of Hong Kong-Zhuhai-Macao Bridge. A cross-border auto insurance system in Guangdong, Hong Kong and Macao was also formed in 2018.

In 2018, Guangdong extended credit lines of more than 300 billion yuan to 180 infrastructure projects along Belt and Road routes, and facilitated 15,000 enterprises' foreign trade and outbound investment with 540 billion yuan via export credit insurance (ECI).

According to statistics, as of the end of 2018, the balance of deposit and loan in Guangdong Province had reached 12.47 trillion yuan and 8.9 trillion yuan, an increase of 8.8 percent and 15.69 percent year on year, respectively. In addition, insurance companies in the province provided coverage of 752.7 trillion yuan in total in 2018. (Edited by Wu Shuang, wushuang2018@xinhua.org)

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Keyword: Guangdong-Hong-Kong-Macao-Greater-Bay-Area China-finance

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