The special session of “Finance+Dual Circulation” in the 3rd Shizimen Financial Week
held in Zhuhai International Convention and Exhibition Center
On the morning on November 18th, the Special Session “Finance + Dual Circulation” of the sub-forum of “Finance+” Empowering the Industry” in the 3rd Shizimen Financial Week was held in Zhuhai International Convention and Exhibition Center. Baige ZHAO, Chair of Advisory Committee of RDI, Kang JIA, Dean of China Academy of New Supply-side Economics, Hongchun ZHOU, Researcher of Development Research Center of the State Council, Xiaohuang ZHU, Chairman of Academic Committee of Mongoose Think Tank and former President of China CITIC Bank, Yanli ZHOU, former Vice Chairman of China Insurance Regulatory Commission, Jianhui HUANG, President of China Minsheng Banking Institute, Lecheng KUANG, Mermber of the Board of Directors of and Vice President of China Economic Information Service (CEIS) of Xinhua News Agency, and Hong KANG, Member of the Party Committee of Hengqin New Area and Deputy Director of the Administrative Committee, delivered keynote speeches and conducted in-depth discussions centering around the “Finance + Dual Circulation”.
Baige ZHAO delivering a keynote speech entitled “‘Financial + Dual Circulation’
Reform Model Promoting the Development of GBA”
Baige ZHAO, Chair of Advisory Committee of RDI, pointed out that the theme of “Finance + Dual Circulation” includes two indispensable parts. On the one hand, it’s about how to create a new form of finance; on the other hand, it’s about how to serve the new development pattern of “Domestic and international Circulations reinforcing each other” through developing the financial industry. At present, Hengqin-Macau financial cooperation has achieved remarkable fruits, but in order to empower GBA with further development of the financial industry and promote the “Dual Circulation”, the country must pay attention to the following three issues: 1) how to explore institutional innovation so as to boost the development of the financial industry; 2) how to carry out financial service innovation and the building of financial infrastructure; and 3) how to support the development of a modern financial system with a vibrant real economy.
Lecheng KUANG delivering a keynote speech entitled “Dual Circulation’s Promotion
Requiring High-quality Economic Information”
Lecheng KUANG, Mermber of the Board of Directors of and Vice President of CEIS of Xinhua News Agency and Member of Advisory Committee of RDI, said that promoting the “Dual Circulation” development pattern requires the convenient access to accurate economic information in an efficient way, including timely and comprehensive information, secure data, scientific research and judgment, and practical and effective solutions. In the era of media convergence, the CEIS, on behalf of Xinhua News Agency, works to provide services of collecting, editing and analyzing economic information, give full play to Xinhua News Agency’s advantages in terms of information, channels and networks, and deeply integrate big data, cloud computing, AI, and blockchain technology, in a bid to create products that cater to the needs of the country. Going forward, there is still great room for the cooperation between the CEIS and Hengqin. Hengqin-Macau faces Portuguese-speaking countries and it is hoped that both parties can use their respective advantages to create information distribution centers and data centers dedicated specifically to Portuguese-speaking countries and Spanish-speaking countries. This is how it can play a bigger role in the development of GBA, and the implementation of the nation’s “Dual Circulation” strategy.
Kang JIA putting forward suggestions on the Hengqin-Macau in-depth cooperation
Kang JIA, Dean of China Academy of New Supply-side Economics and Member of Advisory Committee of RDI, pointed out that against the background of the “Dual Circulation” and the development of GBA, the in-depth cooperation between Hengqin and Macau is one of the top priorities, and it is necessary to seize these new opportunities at the right time with their geographic advantages. In the future, we must optimize the strategic plan for the development of cooperation between the two sides featuring the mutual reinforcing of the “Dual Circulation”, highlight the key points of innovation, and work faster to build high-tech-led growth poles. Besides, we must also further formulate and implement talent strategy, free people’s mind, deepen reforms, and focus more on the work and innovation, as we forge ahead. That is how we can make Hengqin-Macau cooperation “Irreplaceable”, and foster more eye-catching “Highlights” and development momentum.
Hongchun ZHOU stating that China should improve the system building of six chains
Hongchun ZHOU, Researcher of the Development Research Center of the State Council, stated that against the backdrop of China-U.S. trade frictions and the post-epidemic new economy and new industries, China has worked to build the new “Dual Circulation” development pattern and thus entering a new stage with high-quality development. Hengqin should always be committed to high-quality development, focus on major industries such as intelligent manufacturing, life and health, and new materials, and develop demand-oriented digital products such as large databases, in a bid to achieve development that is of higher quality, better in efficiency, fairer, more sustainable and safer. What stands at the core of achieving high-quality development is to follow the trend of green and low-carbon development and implement sustainable development goals. We must make sure that all the projects can be implemented, all the work is clear in their key points, and all the performance can be evaluated. Achieving high-quality development also depends on whether there are supporting innovations, and a complete system must be established so as to ensure the implementation of the ideas. It is necessary to promote the system building of the six flows, namely material flow, energy flow, information flow, capital flow, technology flow, and waste flow and the six chains of product chain, industrial chain, value chain, capital chain, knowledge chain, and innovation chain.
Yanli ZHOU delivering a keynote speech entitled “Smoothing Dual Circulation for Hengqin-Macau’s
Insurance Development, Forming a New Driving Force for the Financial Reform of GBA”
Yanli ZHOU, former Vice Chairman of China Insurance Regulatory Commission and Member of Advisory Committee of RDI, pointed out that the insurance industry development in GBA is at the forefront, and deepening exchanges and cooperation in the insurance industry between Hengqin and Macau can serve as an important engine for the reform and development of the industry in GBA. This lies in the fact that: 1) the Central Government’s series of supporting policies provide great opportunities; 2) Zhuhai’s financial reform and development have laid the foundation; and 3) Hengqin-Macau financial opening-up and cooperation have been intensified. In the future, as for the smooth development of the “Dual Circulation” of Hengqin-Macau’s insurance industry, we need to pay attention to the following four aspects: 1) aligning ourselves with the Central Government’s deployment to form a “New Driving Force” for the development of GBA; 2) improving the insurance market system and help build a financially open “Agglomeration Zone”; 3) deepening the driving role financial innovation plays and creating an “Experimental Field” for financial reforms; and 4) contributing to Macau’s finance with its own characteristic and make better “First Moves” in terms of the cooperation between the two sides.
Jianhui HUANG putting forward the key tasks of finance digitization
Jianhui HUANG, President of China Minsheng Banking Institute, pointed out that in terms of the Finance digitization, we need to give priority to two things: 1) digitization of the capital market. Hengqin, as a golden area jointly developed by Zhuhai and Macau, will create a new global digitized capital market facing the 21st century, namely the “Hengqin-Macau Chain Creation”; and 2) platform building in the credit market. Digital credit platforms based on financial technologies such as blockchain, big data, AI, etc., should be built to effectively link the financial supply side and the demand side, and to open up funding channels. By doing so, we can form synergy among governments, banks, enterprises, credit investigation organizations and other forces to create a one-stop online intelligent financing ecosystem, so as to grant enterprises access to financing at lower costs.
Xiaohuang ZHU and CEIS jointly releasing the Report on the Cooperation and Development of
Hengqin and Macau under the “Dual-Circulation” Development Pattern (2020)
Xiaohuang ZHU, Chairman of Academic Committee of Mongoose Think Tank and former President of China CITIC Bank, released the Report on the Cooperation and Development of Hengqin and Macau under the “Dual-Circulation” Development Pattern (2020) jointly with CEIS. The report pointed out that there are four aspects that can linkGBA to the “Dual Circulation as the followings: 1) GBA is the intersection of internal and external circulation;2) the internal circulation is based on huge consumption capacity; 3) the “Dual Circulation” is connected with the investment in GBA. The construction and investment of GBA metropolitan area will become a priority and continue to be optimized, which will serve as a model for China’s metropolitan area’s development; and 4) the advantages of the “Dual Circulation” of the science and technology industry are salient. Cooperation between Hengqin and Macau can promote the internal circulation in terms of leisure tourism’s development, gambling industry + diversified development, and the external circulation of China-Latin America economic and trade cooperation.
Xiangdong WANG pointing out the advantages of central enterprises’ active participation in GBA development
Xiangdong WANG, Deputy General Manager of China Civil Engineering Construction Corporation (CCECC), pointed out that CCECC will deeply explore and share its own resources, carry out in-depth cooperation with all sectors in GBA, and actively participate in the development of GBA. First, CCECC has abundant overseas resources to share, which can contribute to the integrated development between the B&R and GBA; second, it enjoys great advantages when it comes to development overseas, which can help GBA to cooperate with the countries along the B&R in an all-round way and promote new international circulation; third, it has been deeply involved in GBA for 34 years and has formed a comprehensive industrial layout, which enables it to promote the integration of “Finance +” and the real economy with an international thinking mode of cross-sector integration.
The Special Session “Finance + Dual Circulation” of the sub-forum themed “Finance+”
Empowering the Industry” in the 3rd Shizimen Financial Week
Representatives of RDI platform enterprises, including Quangen CAI, Chairman of Iluvatar CoreX Semiconductor Co., Ltd., and Hongbo CHEN, Founder of Guangdong Jiaten Robot & Automation Co., Ltd. participated in the high-level discussion session. CAI stated that high-end chips are crucial to the “Dual Circulation” strategy, and in the 14th Five-Year Plan, the semiconductor plan was made the top priority. However, the characteristics of the high-tech industry decides that it needs a huge amount of investment with high risks in the long run. It is hoped that financial institutions can support the investment into the high-tech industry based on the characteristics of the industry and financial products that are created in different ecosystems. Hongbo CHEN said that industry and finance need to interact, so as to empower each other. enterprises and fiance have to have knowledge of each other, and achieve coexistence and win-win results through cooperation.
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