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1.5 Financial Innovation Practices

The Fourth Industrial Revolution is setting off a new round of scientific and technological revolution and industrial transformation on a global scale,which stimulates the reconstruction of the global innovation layout,and then triggers the adjustment of the global economic structure,which will bring a far-reaching impact on the global economic and social development.With faster globalization and scientific and technological development,countries worldwide hope to shift their economic growth model to the frontiers of science &technology production across industries,so as to secure an advantageous position marked by higher technology content and value in the global value chain.High-quality development and the new"dual circulation"development pattern means that China should still adhere to a high level of openness and global resource allocation in the next step of industrial structure adjustment and upgrading.The fundamental bases for the formation of a traditional pattern for international industrial division of labor include globalization,WTO rules and the international monetary system dominated by the US dollar.However,these factors have undergone profound changes in recent years,coupled with new factors such as digital economy,and environment and climate change,which will have a far-reaching impact on Chinese enterprises to get further involved in the global division of labor and promote the upgrading of industrial structure.As a powerful driving force for promoting the industrial revolution and sci-tech innovation,the financial industry serves development and innovation,and can play an important role in realizing high-quality development and foster the new"dual circulation"development pattern in China,so as to better support high-level opening up,reform of international investment and trade rules,diversification of international monetary system,and green and digital transformation of economy and society.

The Chinese government has always valued the important support of finance for industrial development.The key problem in the coming decades is how the financial system of China can better support innovative investment to promote industrial transformation and upgrading.In this process,Hengqin New Area of Zhuhai made bold moves in reform and innovation,not only made efforts for infrastructure construction,but also strove to create favorable business environment and facilitate the combination of industry and finance as a platform,so that market players will give full play to their subjective initiative,thus providing better guarantee,support and services for supply chain adjustment,industrial structure upgrading and value chain transition.In this regard,we cooperated with the Management Committee of Hengqin New Area and successfully created the brand of Shizimen Finance Week,which has become a major platform for exchange in the financial industry,and advanced the innovative development of finance and the combination of industry and finance in Hengqin and Macao.

In 2020,the unexpected outbreak of COVID-19 pandemic intensified the evolution of the world economic and political situation.The global economy is under increasing pressure,with international trade and investment plummeting,international logistics,capital flows,services and personnel exchanges limited,the circulation of global industrial and supply chains blocked,cross-border investment and international trade obviously slowing down,and the sources of fluctuations and risk points in international financial markets surging.Therefore,the launch of the 3 rd Shizimen Finance Week at such a critical moment holds significant importance.Under the leadership of the CPC Zhuhai Municipal Committee and Zhuhai Municipal People's Government,the 3 rd Shizimen Finance Week themed with"In-depth Cooperation Empowered by Diversification—Dialogue Between Financiers and Entrepreneurs in Hengqin and Macao"was held in linkage with relevant competent authorities and industry associations.The conference gathered representatives of enterprises and financial institutions,and experts and scholars in related fields.Based on Hengqin's development orientation,and focusing on the needs of Macao for moderately diversified economy and the overall development planning of Guangdong-Hong Kong-Macao Greater Bay Area,the participants placed emphasis on the current situation of the financial industry in Hengqin,and mainly discussed about such key topics as Hengqin-Macao financial cooperation,the development of financial industry with Chinese characteristics in Hengqin,empowering financial development in Hengqin with emerging science and technology,facilitating high-quality economic development with green finance,deepening the structural reform of the financial supply side,and opening-up of the financial industry.It aims to pool brains and ideas to build Hengqin into a new space for the moderately diversified economic development of Macao,a demonstration area for enriching the practice of"One Country,Two Systems",an important growth pole for promoting the high-quality development of Guangdong-Hong Kong-Macao Greater Bay Area,and a pilot area for deepening reform and opening-up.

On the afternoon of November 15 th ,2020,the Hengqin-Macao High-level Seminar under the 3 rd Shizimen Finance Week was held in Hengqin,Zhuhai.The meeting was presided over by Baige ZHAO,Vice Chair of the 12 th NPC Foreign Affairs Committee,Chair of Advisory Committee of BRI International Think Tank of CASS and Chair of Advisory Committee of RDI.Guests attending the seminar include Qifan HUANG,former Mayor of Chongqing and Co-Chair of Advisory Committee of RDI;Liqun JIN,President of the Asian Infrastructure Investment Bank;Gang XIAO,former Chairman of China Securities Regulatory Commission;Xin LU,former Vice Minister of Education;Mingwei ZHOU,former Director General of China Foreign Languages Publishing Administration;Ruilin SONG,Executive Chairman of China Pharmaceutical Innovation and Research Development Association;Jiaming ZHU,Head of Digital Assets Research Center;Xintian HU,Vice Mayor of Zhuhai;Wai-nong LEI,Secretary for Economy and Finance of Macao SAR;Benjamin Chan Sau San,Chairman of the Board of Directors of the Monetary Authority of Macao(AMCM);Ip Sio Kai,President of The Macau Association of Banks;Jing NIU,Secretary of the CPC Hengqin New Area Committee;Chuan YANG,Deputy Secretary of the CPC Hengqin New Area Committee and Director of the Management Committee of Hengqin New Area;Tenghui CHI,Director of the Bureau of Financial Services at Hengqin New Area,etc.The participating experts held in-depth discussions about the policy orientations and Hengqin-Macao cooperation,and focused on the financial and industrial cooperation between Hengqin and Macao.They explored new measures to promote easy flow of economic factors among Guangdong,Hong Kong and Macao,and ways to construct a financial market that is relatively isolated from the domestic onshore market and highly integrated with Macao while strengthening the linkage with the offshore financial markets of Macao and Hong Kong.They made joint efforts to explore new breakthroughs and new paths to empower enterprises with"finance+",so as to directly address the actual pain points such as insufficient clusterization of the financial industry in Hengqin,inadequate industrial service and supporting facilities,imperfect supportive policy system for the emerging financial industry,cross-border financial policy barriers,and operational difficulties of entity enterprises.We should give full play to the role of the government in coordinating and supporting financial institutions and enterprises,so that it provides various services to strengthen communication between financial institutions and enterprises,and strives to build a long-term and stable"cooperation"relationship.We should give full play to the importance of enterprises as the main body of financial innovation,so as to further promote the full integration and innovation of financial industry,high-end manufacturing industry,high-tech industry,high-end service industry and other industries,form a unique financial industry characteristic of Hengqin,realize the overall coordination and efficient linkage of"government+financial institutions+enterprises",and provide new impetus for financial innovation in Hengqin to serve the real economy and creating a first-class business environment for financial institutions.

Members of Advisory Committee of RDI Attend the Seminar and Give Keynote Speeches

We always focus on providing intellectual support for the development of Hengqin New Area,as it is an important platform for developing cooperation in Guangdong-Hong Kong-Macao Greater Bay Area since it is the only free trade zone in Chinese mainland connecting with roads and bridges of both Hong Kong and Macao.Facing the current development situation at home and abroad,Hengqin should base itself on its industrial development orientation and historical mission,maintain high-standard opening-up,and make efforts to build a new mechanism for foreign cooperation.It should fully gather the capital and financial innovation elements from Guangdong,Hong Kong and Macao,expand the opening-up of the free trade zone and the financial market,develop emerging finance,build a modern financial system,create a multi-level financial ecosystem,empower Hengqin-Macao in-depth cooperation in a diversified manner by"finance+",further expand the new space for Hengqin-Macao cooperation,and cultivate growth pole for the new economy.In addition,Macao should give full play to its advantages of freedom and opening-up and its role of"one center(a world center of tourism and leisure),one platform(a service platform for business cooperation between China and Portuguese-speaking countries)and one base(a base for exchange and cooperation with Chinese culture as the mainstream and multicultural coexistence)",take the lead in making new breakthroughs in important areas and key links,strengthen the coordination of development plans of the two cities,and build a new open economic system at a higher level and standard in Macao and Hengqin.Under the new"dual circulation"development pattern,Hengqin and Macao should seize new opportunities for future development and plan actively,coordinate accurately,and weed through the old to create the new,so as to foster high-quality economic and social development of Guangdong,Hong Kong and Macao.

We actively cooperate with financial institutions to jointly support local governments to establish an efficient modern financial service support system,provide strong financial support for local enterprises,connect financing channels for outstanding enterprises that are"discovered,nurtured and presented",and serve as a sponsor for listing of RDI platform enterprises with certain scale and qualification,thus contributing to the healthy development and strategic layout of enterprises.

In the future,we will make full use of the advantageous resources of the platform,help local governments include financial services into the strong support for development and growth of strategic emerging industries and high-tech,continuously explore various financial service models,and learn from the experience and practices in financial support system construction of developed science and technology parks abroad.In addition,we will connect more high-quality resources to outstanding enterprises that have been"discovered,nurtured and presented",and promote the sustainable development of high-tech industries and outstanding enterprises with financial services. Pq3uKWcveVGLzU6cvwTxMNGDLpBI+0QGdrS8+82Fv0XM8YgM4wigvrJZKvt13ziC

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