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style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">  CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img decoding=\"async\" src=\"http:\/\/cxounion.cn\/wp-content\/uploads\/2023\/06\/CXOUNION\u65b0\u4e8c\u7ef4\u7801.png\" alt=\"\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\u7ffb\u8bd1\uff1a<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Drawing the Financial Blueprint for the Greater Bay Area &#8212; In conversation with Stephen Chan, Vice President of HSBC China and General Manager of the Greater Bay Area Office<\/h3>\n\n\n\n<p>Enoch Chan is a global Managing partner of McKinsey &amp; Company and a core leader of the financial sector in Greater China, based in Hong Kong<\/p>\n\n\n\n<p>With the unique geographical advantages of &#8220;surrounded by mountains on three sides and converging with three rivers&#8221;, the Guangdong-Hong Kong-Macao Greater Bay Area has numerous industrial clusters and has become a shining business card of China&#8217;s economic opening-up. According to statistics, the region covers a total area of 56,000 square kilometers, with a total population of more than 86 million by the end of 2022 and an economic aggregate of more than 13 trillion yuan, making it a world-class urban cluster. As the lifeblood of the economy, the financial industry plays an indispensable role in the economic and trade integration of the Greater Bay Area.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">  CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p>With a long history, HSBC has accumulated rich experience and business expertise in regional economic and trade exchanges. Facing the historic opportunities brought about by the integrated economic and trade development of the Guangdong-Hong Kong-Macao Greater Bay Area, the HSBC Group has also carried out corresponding business layout. In order to discuss the future development prospects of the Greater Bay Area and help more financial institutions capture business opportunities, Enoch Chan, Global Managing Partner of McKinsey &amp; Company, and Tony Chan, Vice President of HSBC China and General Manager of the Greater Bay Area Office, had an in-depth exchange on a series of important topics.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Today, it is a great pleasure to talk with Mr. Chen Qingyao, Vice President of HSBC China and General Manager of the Greater Bay Area Office. Would you please share with us the future development prospects of the Greater Bay Area for financial institutions?<\/h4>\n\n\n\n<p>The Greater Bay Area is one of the most open and innovative regions in China. Relying on the unique advantages of Hong Kong and Macao as free and open economies and Guangdong as a pioneer of reform and opening up, it has deepened reform and expanded opening-up, and in particular, has released growth potential, fostered new growth drivers and led the high-quality development of China&#8217;s economy through pioneering and pioneering institutional innovation.<\/p>\n\n\n\n<p>This year, driven by the economic restart of the Mainland, cross-border trade and personnel exchanges between Guangdong, Hong Kong and Macao have become increasingly frequent, the &#8220;one-hour life circle&#8221; has been fully restored, and the economic integration of the Greater Bay Area has also accelerated. In order to further smooth the cross-border flow of people, logistics and capital flows, the governments of the three places have accelerated the pace of policy innovation and reform, and promoted the development of the &#8220;connectivity&#8221; mechanism in the Greater Bay Area.<\/p>\n\n\n\n<p>For example, in February this year, the central government issued the &#8220;Financial 30&#8221; in Qianhai and Hengqin, introducing a number of pilot projects to expand cross-border investment and financing channels and promote cross-border financial facilitation, among which, Qianhai introduced a new pilot of cross-border data circulation, which will facilitate cross-border credit financing for Hong Kong enterprises and residents. In addition, the Cyberspace Administration of China and the Bureau of Innovation and Industry of the Hong Kong SAR Government signed a memorandum of understanding in June to jointly promote cross-border data flow in the Greater Bay Area. Guangdong Province has also recently issued a three-year action plan for the construction of the &#8220;Digital Bay Area&#8221; to promote the smooth circulation of resources and factors in the region with data flow, including supporting cross-border cooperation among credit investigation institutions in the region and exploring and promoting mutual recognition of credit investigation products.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">  CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p>For financial institutions, we believe that the in-depth development of &#8220;connectivity&#8221; in the Greater Bay Area and the pioneering trial of policy innovation will accelerate the convergence of financial rules and market mechanisms in the region, and the financial services industry in the Greater Bay Area will also see deeper integration, and is expected to lead China&#8217;s high-level financial opening up in a wider scope. This will not only bring unprecedented new opportunities to financial institutions in the region, but also require cross-border finance to serve the people&#8217;s livelihood and the real economy of the Greater Bay Area more efficiently and with high quality.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">From the perspective of corporate customers, what financial services do companies with operations in Guangdong, Hong Kong and Macao in the Greater Bay Area need? What difficulties do you face?<\/h4>\n\n\n\n<p>The Greater Bay Area has a developed export-oriented economy, with total exports of nearly $1.4 billion in 2022, accounting for about 35% of China&#8217;s total exports. As China&#8217;s manufacturing base, the zone has gathered more than 300 industrial clusters and 80% of the country&#8217;s supply chain enterprises, deeply participating in the division of labor and cooperation of the global industrial chain. All along, whether enterprises in the Pearl River Delta &#8220;go out&#8221; or foreign enterprises &#8220;come in&#8221;, enterprises mostly use Hong Kong as an international financial centre for cross-border trade and investment. With the increasing economic and trade links in the Greater Bay Area, enterprises are increasingly demanding seamless and integrated cross-border financial services, especially the facilitation of cross-border payments and financing, which is critical to improving operational efficiency and customer experience.<\/p>\n\n\n\n<p>To this end, HSBC has made full use of digital platforms and technologies to launch the &#8220;Five Links for Greater Bay Area Enterprises&#8221; service linking the Guangdong, Hong Kong and Macao markets, covering account opening, payment, credit, trade and customer service, and providing integrated cross-border services.<\/p>\n\n\n\n<p>In recent years, the State has made promoting high-quality development the top priority of economic development. The Greater Bay Area leverages the region&#8217;s advantages in manufacturing, technological innovation and financial resources to promote the transformation and upgrading of traditional industries, foster strategic emerging industries, and nurture a large number of innovative new economy enterprises. In order to support the development of the new economy, in recent years, the establishment of the Science and technology innovation board and the reform of the GEM registration system have provided financing facilities for innovative enterprises, but they have not covered their full life cycle, especially the early stage of unprofitability.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">  CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p>Due to the large R&amp;D investment, high marketization uncertainty and long income cycle, the financing demand of new economy enterprises in the initial stage is difficult to match the traditional risk assessment mode of &#8220;focusing on profit and risk sensitivity&#8221; of banks. Therefore, to serve the new economy, banks first need to deeply understand the characteristics and laws of the industry, so as to accurately &#8220;price risks&#8221; for enterprises and design financing plans in an innovative way.<\/p>\n\n\n\n<p>HSBC, for example, launched a $3bn &#8220;New Economy Credit facility&#8221; this year. In the credit evaluation, different from the traditional, we judge the development prospects of enterprises based on the characteristics of the industry and operational data, do not force profit, pledge or guarantee, support the new economy enterprises in the mainland and Hong Kong to obtain series A financing, this fund can also provide venture capital debt financing to innovative enterprises that have completed Series B financing and later stages in Hong Kong. We also believe that financial innovation will enable the growth and development of enterprises in the Greater Bay Area, and help them open up new opportunities in a broader market through more personalized and accurate financial services.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">From the perspective of individual customers, what are the main differences between customers in Hong Kong and Mainland cities in the Greater Bay Area in terms of customer preference and banking service mode? What pain points exist?<\/h4>\n\n\n\n<p>The Greater Bay Area has more than 1.2 million wealthy families and more than 500,000 high net worth families, among which Guangdong has more than 300,000 high net worth families, ranking first among domestic provinces, and there is a huge demand for wealth management.<\/p>\n\n\n\n<p>In the mainland, in recent years, the economic growth model driven by real estate and infrastructure investment has gradually transformed, and the preference of wealthy people for wealth management has gradually shifted from saving, investing in high-risk products and real estate to investing in financial products, and focusing on diversification and internationalization of asset allocation.<\/p>\n\n\n\n<p>Different from the mainland, Hong Kong, as an international financial center, has a rich and diversified investment products. The HSBC Excellent Financial Services 2023 New Middle Class report shows that the wealthy class with &#8220;millions&#8221; of current assets tend to buy investment products and fixed assets to achieve further wealth appreciation, while the rich class with &#8220;tens of millions&#8221; of current assets tend to adopt more aggressive investment methods. On average, 70% of liquidity is invested in different types of financial assets.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">  CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p>It can be seen that diversified and international asset allocation to achieve wealth preservation and appreciation is the common demand of residents in the Greater Bay Area. The launch of the &#8220;Cross-border Financial Link&#8221; in 2021, on the one hand, provides mainland residents in the Greater Bay Area with more options to allocate global assets and build a diversified investment portfolio through Hong Kong, and on the other hand, provides a new channel for Hong Kong and Macao residents to invest in RMB products with stable returns and share the dividends of the mainland&#8217;s economic development. Its optimization measures are also expected to be implemented in the near future, which will provide residents in the region with more convenient, diversified and flexible cross-border investment options.<\/p>\n\n\n\n<p>In addition, whether in the Mainland or Hong Kong, we have also observed that wealthy people in the Greater Bay Area no longer simply pursue wealth, but pay more attention to the &#8220;double balance&#8221; between physical and mental health and wealth health. At the same time, they have an increasing demand for family health protection and family wealth inheritance. Therefore, they especially expect banks to provide wealth management services covering the whole life cycle.<\/p>\n\n\n\n<p>Taking HSBC as an example, our teams from Guangdong, Hong Kong and Macao have worked together to make full use of the rich financial products in domestic and overseas markets, provide one-stop services such as health protection, wealth management and family inheritance, and establish an omni-channel digital platform to further enhance service efficiency and customer experience.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">The Greater Bay Area is accelerating its integration, and people and business exchanges will become increasingly close in the future. How can banks seize this opportunity? What key capabilities and external support are needed?<\/h4>\n\n\n\n<p>Since the full resumption of customs clearance, personnel exchanges between the three places have gradually resumed and reached the pre-epidemic level during the National Day holiday. &#8220;North to south&#8221; cross-border life and consumption continue to flourish, from cross-border account opening, consumer payment, investment and financial management to insurance protection, residents in the region&#8217;s demand for cross-border financial services has increased by multiple levels. For businesses, close business links in the Greater Bay Area have led to growth in cross-border trade and investment. In recent years, in the face of the global financial cycle shift and increasing market volatility, their demand for optimizing cross-border capital management, trade finance and capital market arrangements using both domestic and foreign markets has also increased.<\/p>\n\n\n\n<p>It is critical for banks to fully understand their customers&#8217; needs for cross-border financial services and to be sensitive to and responsive to changes in their needs. This also requires us to accelerate innovation and optimization in products and services, and continuously improve the customer service experience.<\/p>\n\n\n\n<p>On the one hand, banks should fully grasp the policy reforms and breakthroughs in the Greater Bay Area and develop new cross-border financial products and services, such as &#8220;Cross-border Financial Connect&#8221; and the &#8220;Insurance Connect&#8221; that is expected to be launched in the future. On the other hand, banks should make full use of digital platforms and technologies to promote iterative innovation in cross-border financial services and enhance service facilitation. For example, in order to support the booming cross-border e-commerce in the region, HSBC not only launched convenient and efficient digital cross-border payment and receipt services in Hong Kong and the Mainland, but also further cooperated with the cross-border e-commerce data API platform to provide domestic and foreign trade financing services for e-commerce based on data models and algorithms. It is also important for financial institutions to increase investment in talents, especially to promote the flow of talents in the region and increase relevant training in the Greater Bay Area, so that they can better understand the differentiated needs of customers in the three places, and continuously improve the ability and level of cross-border financial services.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">  CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Please share the HSBC Group&#8217;s vision and deployment for the Greater Bay Area.<\/h4>\n\n\n\n<p>The Greater Bay Area is the focus of HSBC&#8217;s Asian business strategy, and HSBC is committed to becoming a leading international banking and wealth management specialist in the Greater Bay Area. The resource linkage and global service network of Guangdong, Hong Kong and Macao is the most prominent advantage of HSBC in serving the development of the Greater Bay Area.<\/p>\n\n\n\n<p>In the past few years, we have integrated the service resources and market advantages of both domestic and overseas markets in the Greater Bay Area, promoted the deep integration of digital technology and financial services, and created &#8220;one-stop&#8221; and seamless cross-border financial services for customers in the Greater Bay Area. We have also increased our support for the new economy and sustainable development, and promoted all-round cooperation with our ecosystem partners.<\/p>\n\n\n\n<p>The HSBC Group has also increased its investment in wealth management business, accelerated the expansion of private banking, private wealth planning and insurance services, and provided comprehensive wealth management and health protection for residents of the Greater Bay Area. Among them, in 2021, HSBC became one of the first banks to participate in the &#8220;cross-border Wealth Connect&#8221; business pilot, last year, HSBC China&#8217;s global private bank doubled its size in Guangdong, and established a strategic partnership with HSBC Qianhai Securities, and HSBC Insurance opened the world&#8217;s first insurance planning center in Macau this year.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">  CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p>In the future, we will continue to invest in digital construction, cross-border products, innovative services and talent training to help businesses and residents in the Greater Bay Area seize new opportunities for economic and wealth growth in the region.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Finally, how do you see the future talent needs of the financial industry in the Greater Bay Area? What skills do young people need to acquire to capture this opportunity?<\/h4>\n\n\n\n<p>With two domestic and international financial markets, three different currencies, tariffs and legal regimes, to help clients seize the opportunities brought about by Greater Bay Area connectivity, financial institutions need financial talents with an international perspective and understanding of local systems and cultures.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">  CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p>Therefore, for young people, they should start to establish an understanding of the three markets as early as possible, and accumulate cross-regional and cross-industry knowledge and experience through increased communication or personal experience. Since 2021, the Hong Kong SAR Government has launched the &#8220;Greater Bay Area Youth Employment Programme&#8221; to support young people in Hong Kong to work in mainland cities in the Greater Bay Area. HSBC has also been fortunate to support this programme, providing a total of 200 young people in Hong Kong with 18-month work opportunities in Guangzhou and Shenzhen for two consecutive sessions. Let them work in wealth management and personal banking, industrial and commercial finance and other business sectors and receive on-the-job training.<\/p>\n\n\n\n<p>In addition, with the acceleration of digital technology to promote financial innovation, I also encourage young people to continue to learn and master cutting-edge digital technology, combined with the understanding of the Greater Bay Area market demand, in the future can open up new application scenarios of financial technology. Taking HSBC Technology as an example, our technology service team in Guangzhou combines cutting-edge technology with market needs to provide digital financial solutions for Hong Kong and the Asia Pacific market. In the future, the continuous innovation and development of the Greater Bay Area in policy, market, technology and other levels will bring unlimited possibilities for young people&#8217;s career development.<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">  CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/mark><\/p>\n\n\n\n<p class=\"has-text-align-center has-cyan-bluish-gray-color has-text-color has-small-font-size\">\u7531<a href=\"http:\/\/cxounion.cn\">CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09<\/a>\u8f6c\u8f7d\u800c\u6210\uff0c\u6765\u6e90\u4e8emckinsey\uff1b\u7f16\u8f91\/\u7ffb\u8bd1\uff1aCXO UNIONCXO\u8054\u76df\u5c0fU\u3002<\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\">\u5982\u9700\u52a0\u5165<a href=\"http:\/\/weixin.qq.com\/r\/fxJxaVHE1AyrrRUK90dt\">CXO UNION\uff08CXO\u8054\u76df\uff09<\/a>\u9ad8\u7ba1\u793e\u7fa4\uff0c\u8bf7\u8054\u7cfb\u793e\u7fa4\u5c0f\u4f19\u4f34\u54e6~<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img decoding=\"async\" src=\"http:\/\/cxounion.cn\/wp-content\/uploads\/2023\/06\/CXOUNION\u65b0\u4e8c\u7ef4\u7801.png\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"has-cyan-bluish-gray-color has-text-color has-small-font-size\">\u514d\u8d23\u58f0\u660e: \u672c\u7f51\u7ad9(<a href=\"http:\/\/cxounion.cn\">http:\/\/www.cxounion.cn\/<\/a>)\u5185\u5bb9\u4e3b\u8981\u6765\u81ea\u539f\u521b\u3001\u5408\u4f5c\u5a92\u4f53\u4f9b\u7a3f\u548c\u7b2c\u4e09\u65b9\u6295\u7a3f\uff0c\u51e1\u5728\u672c\u7f51\u7ad9\u51fa\u73b0\u7684\u4fe1\u606f\uff0c\u5747\u4ec5\u4f9b\u53c2\u8003\u3002\u672c\u7f51\u7ad9\u5c06\u5c3d\u529b\u786e\u4fdd\u6240\u63d0\u4f9b\u4fe1\u606f\u7684\u51c6\u786e\u6027\u53ca\u53ef\u9760\u6027\uff0c\u4f46\u4e0d\u4fdd\u8bc1\u6709\u5173\u8d44\u6599\u7684\u51c6\u786e\u6027\u53ca\u53ef\u9760\u6027\uff0c\u8bfb\u8005\u5728\u4f7f\u7528\u524d\u8bf7\u8fdb\u4e00\u6b65\u6838\u5b9e\uff0c\u5e76\u5bf9\u4efb\u4f55\u81ea\u4e3b\u51b3\u5b9a\u7684\u884c\u4e3a\u8d1f\u8d23\u3002\u672c\u7f51\u7ad9\u5bf9\u6709\u5173\u8d44\u6599\u6240\u5f15\u81f4\u7684\u9519\u8bef\u3001\u4e0d\u786e\u6216\u9057\u6f0f\uff0c\u6982\u4e0d\u8d1f\u4efb\u4f55\u6cd5\u5f8b\u8d23\u4efb\u3002<\/p>\n\n\n\n<p class=\"has-cyan-bluish-gray-color has-text-color has-small-font-size\">\u672c\u7f51\u7ad9\u520a\u8f7d\u7684\u6240\u6709\u5185\u5bb9(\u5305\u62ec\u4f46\u4e0d\u4ec5\u9650\u6587\u5b57\u3001\u56fe\u7247\u3001LOGO\u3001\u97f3\u9891\u3001\u89c6\u9891\u3001\u8f6f\u4ef6\u3001\u7a0b\u5e8f\u7b49) \u7248\u6743\u5f52\u539f\u4f5c\u8005\u6240\u6709\u3002\u4efb\u4f55\u5355\u4f4d\u6216\u4e2a\u4eba\u8ba4\u4e3a\u672c\u7f51\u7ad9\u4e2d\u7684\u5185\u5bb9\u53ef\u80fd\u6d89\u5acc\u4fb5\u72af\u5176\u77e5\u8bc6\u4ea7\u6743\u6216\u5b58\u5728\u4e0d\u5b9e\u5185\u5bb9\u65f6\uff0c\u8bf7\u53ca\u65f6\u901a\u77e5\u672c\u7ad9\uff0c\u4e88\u4ee5\u5220\u9664\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u9648\u4ee5\u8bfa\u662f\u9ea6\u80af\u9521\u5168\u7403\u8463\u4e8b\u5408\u4f19\u4eba\uff0c\u5927\u4e2d\u534e\u533a\u91d1\u878d\u884c\u4e1a\u6838\u5fc3\u9886\u5bfc\uff0c\u5e38\u9a7b\u9999\u6e2f\u5206\u516c\u53f8<\/p>\n","protected":false},"author":1,"featured_media":14199,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[179],"class_list":["post-14197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-character-story","tag-179"],"_links":{"self":[{"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/posts\/14197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/comments?post=14197"}],"version-history":[{"count":1,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/posts\/14197\/revisions"}],"predecessor-version":[{"id":14203,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/posts\/14197\/revisions\/14203"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/media\/14199"}],"wp:attachment":[{"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/media?parent=14197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/categories?post=14197"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/tags?post=14197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}