The "Guangdong-Hong Kong Cooperation Framework Agreement" proposes six development orientations for the long-term development of the Greater Pearl River Delta region, including the "financial cooperation area". The "Framework Agreement" proposes to build a financial cooperation area with greater space and stronger competitiveness supported by the financial resources and services of the Pearl River Delta cities such as Guangzhou and Shenzhen, which is led by the Hong Kong financial system. It can be said that for the first time at the level of the central strategy, the focus and division of labor cooperation between the two major cities of Hong Kong and the Pearl River Delta region in the development of the financial industry are clearly defined.
According to the "Framework Agreement", Shenzhen, Guangdong, Hong Kong and Macao have important functions and roles in the process of constructing a Greater Pearl River Delta financial center area with Hong Kong as the leader, radiating at home and abroad, and having global influence. Since the reform and opening up, Shenzhen has played an important role in the development of China's financial industry. The financial industry has become one of Shenzhen's three pillar industries. Since the beginning of the 21st century, the Shenzhen government has put forward a series of policy measures to strengthen the development of the financial industry, emphasizing that Shenzhen "will unswervingly move towards the goal of building an important regional financial center." In the Greater Pearl River Delta Financial Center with Hong Kong as its leader, Shenzhen ’s strategic positioning is:
First, the function extension and important supplement of Hong Kong International Financial Center
Shenzhen's geographical location adjacent to Hong Kong determines its role as an extension and an important complement to Hong Kong's international financial center. The “Shenzhen Special Economic Zone Financial Development Promotion Regulations†formally implemented in June 2008 clearly stated: “Make Shenzhen an integral part of the Shenzhen-Hong Kong Metropolitan International Financial Center.†At present, Shenzhen-Hong Kong financial cooperation has opened up multiple channels The material foundation for cooperation between the two places in the areas of bank fund settlement, insurance, and risk investment is already available, and it is suitable for the development of related functions to assist the Hong Kong International Financial Center. Shenzhen needs to learn from and learn from the experience and system of the development of Hong Kong ’s financial industry, and actively promote the integration of the financial systems of Shenzhen and Hong Kong, becoming an effective extension and an important complement to the functions of Hong Kong ’s international financial center.
Second, China's venture capital center
In regional financial cooperation, the biggest advantage of Shenzhen is the Shenzhen Stock Exchange, the Shenzhen Stock Exchange has opened the main board and SME board, and the GEM is also about to be launched. Compared with Hong Kong, Shenzhen also has its unique economic advantages. Since the 1990s, Shenzhen's high-tech industry has developed rapidly, and has formed an industrial cluster of computers and its software, communications, and microelectronics. At present, Shenzhen has become a national high-tech achievement trading center, a high-tech achievement conversion base, a science and technology trade base and an important domestic high-tech product supporting center. The high-tech industry has become the "first engine" of Shenzhen's economic growth and resists the global economy Turbulent "shock absorber". Therefore, with Shenzhen's advantage as one of the country's two largest stock exchanges, its proximity to Hong Kong, and its own economic advantages, Shenzhen is fully qualified to develop into a venture capital center in China.
Of course, if Shenzhen is to develop into a venture capital center in China, two points are crucial: First, vigorously introduce and develop venture capital funds through Hong Kong or in conjunction with Hong Kong, especially the introduction of internationally renowned venture capital institutions. Develop local venture capital institutions and actively create a business environment conducive to the development of venture capital institutions. Second, we should learn from international experience and actively develop the SME board and the GEM. Shenzhen should seize the favorable opportunities for the development of the GEM and vigorously enhance the status of its securities trading center, fund management center and venture capital center, strive to become a financial futures center and financial product research and development center, and also consider how to integrate with the Hong Kong GEM, Eventually, a "one city, two boards" market structure was formed.
Third, the reinsurance center in South China
It is necessary to make full use of the geographical advantage of Shenzhen's proximity to Hong Kong, to promote the development of the reinsurance market of Shenzhen-Hong Kong cooperation, and to explore the establishment of an insurance system for catastrophes such as earthquakes, tsunamis, and typhoons in Shenzhen. (Professor, Professor, School of Economics, Jinan University)
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