On May 17-18, 2025, the Tsinghua PBCSF Global Finance Forum 2025 was successfully held in Shenzhen under the theme "Sharing the Future: Building an Open and Inclusive Economic and Financial System". On the afternoon of May 17, Session IV: Innovation-Driven Development in the Guangdong-Hong Kong-Macao Greater Bay Area was successfully convened.

  SHI Weigan, Executive Deputy Director General, Office of the Financial Affairs Committee of the CPC Shenzhen Municipal Committee; Executive Deputy Secretary, Financial Work Committee of the Shenzhen Municipal Committee of the CPC; Director General, Shenzhen Municipal Financial Regulatory Bureau; Darryl Chan, JP, Deputy Chief Executive, the Hong Kong Monetary Authority; Deputy Chairman, the Hong Kong Academy of Finance; WANG Chunxin, Deputy Head, the Government of the Hong Kong Special Administrative Region Chief Executive's Policy Unit; ZHU Junlin, Adviser, Monetary Authority of Macao; and LI Jiefeng, President, the Hong Kong Small and Medium Listed Companies Association; Chairman, Czech JKL Investment Co., Ltd. delivered keynote speeches. The forum was moderated by ZHANG Wei, Assistant Dean, Tsinghua PBCSF.

Photo: SHI Weigan at a thematic discussion

  SHI Weigan stated that, despite rising global uncertainties, the development prospects of the Greater Bay Area remain firmly assured. Firstly, Hong Kong’s position as an international financial center continues to consolidate, with its status as the world’s premier offshore RMB trading hub becoming increasingly prominent. Secondly, Shenzhen and Guangzhou's industrial and technological innovation capabilities are achieving deeper integration with Hong Kong and Macao's institutional frameworks, capital advantages, and global resources, collectively driving high-quality growth of Guangdong-Hong Kong-Macao Greater Bay Area. Furthermore, as Chinese enterprises accelerate their overseas expansion, Hong Kong’s role as a “super-connector” is being further enhanced, providing indispensable support to mainland enterprises.

Photo: Darryl Chan, at a thematic discussion

  Darryl Chan stated that The Greater Bay Area must firmly uphold two principles amidst the irreversible trend of globalization: first, pursuing high-quality development by fully leveraging its advantages in manufacturing, finance and innovation; second, promoting high-standard opening-up. As global uncertainties intensify and the industrial supply-chain of the financial sector becomes increasingly regionalized, Hong Kong will continue to capitalize on its highly internationalized strengths to serve as a crucial pivot, assisting more mainland enterprises in expanding overseas markets and accessing the global stage.

Photo: WANG Chunxin, at a thematic discussion

  WANG Chunxin stated that the Greater Bay Area is driving integrated development through openness and innovation. The region is focusing on three major opening-up strategies: consolidating markets in Europe and America, deepening cooperation with East Asia, and expanding the Belt and Road Initiative. In terms of innovation, Shenzhen’s strengths in innovation-driven industrial clusters are evident, while Hong Kong is accelerating its efforts through the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone and venture capital funds. In the financial sector, priority is given to developing innovative finance, green finance, inclusive finance (people’s livelihood finance), and Silk Road finance, aiming to build a diversified financial system. Leveraging its comprehensive advantages, the Greater Bay Area is emerging as a world-leading, all-encompassing bay area.

Photo: ZHU Junlin, at a thematic discussion

  ZHU Junlin stated that Macao is actively leveraging its role as a "precision liaison" to strengthen ties with Portuguese-speaking markets. Under the institutional innovation of the "One Country, Two Systems" principle, Macao is advancing its economic diversification strategy by focusing on key industries.In the financial sector, efforts are being made to enhance connectivity with Hong Kong and the mainland through interoperable financial infrastructure, with priority given to developing the bond market, fast payment systems, and digital currency.Through institutional innovation and deepened reform and opening-up, Macao is emerging as a vital bridge connecting the Greater Bay Area with Portuguese-speaking countries.

Photo: LI Jiefeng, at a thematic discussion

  LI Jiefeng stated that to address current challenges, the Greater Bay Area is implementing a series of strategic measures: Firstly, it is strengthening its role as a dual-circulation hub to reduce external dependencies. Secondly, it is boosting indigenous innovation capabilities to achieve breakthroughs in core technologies. Thirdly, the region is deepening institutional opening-up by piloting cross-border data flow mechanisms. Fourthly, efforts are being made to enhance industrial chain resilience and strengthen global competitiveness. Finally, the Greater Bay Area is capitalizing on the advantages available under the "One Country, Two Systems" principle to foster new forms of market cooperation.

Photo: ZHANG Wei moderating the forum

  During the moderated discussion, ZHANG Wei noted that the development of the Guangdong-Hong Kong-Macao Greater Bay Area is a national strategy planned, deployed, and promoted by General Secretary Xi Jinping himself. ZHANG Wei pointed out that the insightful perspectives shared by the distinguished guests during this thematic session provide valuable reference for advancing the Greater Bay Area's strategic positioning as "one core, two key areas."

Source: Tsinghua Financial Review Editorial Department & Forum Working  Group

Text by: Bai Haochen

Reviewed by: Qin Ting