Former Vice Chairman of the China Banking and Insurance Regulatory Commission, Huang Hong, suggests creating a financial reform experimental zone for technological innovation in the Greater Bay Area.

On August 30th, the 7th Guangdong-Hong Kong-Macao Greater Bay Area Financial Development Forum was held in Guangzhou. Huang Hong, former Vice Chairman of the China Banking and Insurance Regulatory Commission, stated at the forum that opening up to the outside world is the lifeblood of the survival and development of the financial sector in the Greater Bay Area of Guangdong, Hong Kong, and Macao. Currently, the financial industry in the Greater Bay Area has a large scale, complete elements, and a high degree of internationalization, ranking among the top in the world. In terms of deepening the opening up of the Greater Bay Area to the outside world, Huang Hong suggested that strong support should be given to the Greater Bay Area to explore and experiment ahead of others, and relevant departments should grant the Greater Bay Area more reform experimentation rights. It is suggested to allow the Greater Bay Area to explore and try in areas such as science and technology finance, digital finance, and cross-border finance. For example, creating a financial reform experimental zone for science and technology innovation in the Greater Bay Area, implementing cross-border payments in digital RMB, and promoting global allocation of financial assets.