Shenzhen will seek to expand its financial sector in a comprehensive plan that could see an inflow of Hong Kong-based financial institutions.
Shenzhen outlined an extensive blueprint that that will seek to foster financial innovation, widen market access to foreign investors and strengthening market cooperation with Hong Kong, according to a report by «Shanghai Securities News».
«The Shenzhen government is keen to cement a stronger bond by welcoming Hong Kong-based banks, securities houses and insurers to grow their footprint in the city,» the report added.
GBA Expansion
The announcement is part of broader plans to integrate Hong Kong and others in an 11-city megalopolis that generated $1.66 trillion in GDP last year, placing it on par with the 11th ranked Russian economy.
«The Hong Kong Monetary Authority will maintain close collaboration with the mainland authorities to implement various initiatives to support GBA development,» said a spokesperson, highlighting efforts to further facilitate cross-border access to financial services for individuals and companies.
