Central Bank Congressional Delegate Calls for Transformation of Greater Bay Area into International Financial Hub

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A delegate from the Chinese central bank to the 2021 Two Sessions congressional event has called for the acceleration of efforts to transform southern China’s Greater Bay Area into a global financial hub.

Bai Hexiang (白鹤祥), head of the Guangzhou branch of the People’s Bank of China (PBOC) and a delegate to the National People’s Congress (NPC), submitted a bill to the NPC calling for the transformation of the Greater Bay Area into a “globally influential international financial hub” on the foundations of Hong Kong’s role as an international financial centre.

Bai pointed in particular to the establishment of the Greater Bay Area as the site for “five major hubs” – a “fintech hub,” an “innovative capital hub,” a “green finance hub,” a “renminbi asset allocation hub” and a “financial systems innovation hub.”

Bai also proposed the establishment of the Greater Bay Area as home to a “complete capital market, carbon finance market and regional trading market,” under the precondition that China’s onshore financial market remains “unified and centred around Shanghai.”

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