Agenda

14:00-14:30    Registration

14:30-14:50    Opening Remarks

• Qiu Yitong, Head, Bureau of Financial Affairs of Guangzhou Municipality
• Wu Baojun, President, Urtrust Insurance Co., Ltd.

Moderator: Lily Lv, Host, Global Business, CCTV-NEWS

14:50-15:10    Global Financial Centres Index 24 Launch

• Michael Mainelli, Executive Chairman, Z/Yen Group

15:10-15:30    China Financial Centres Index 10 Launch

• Liu Guohong, Director, Department of Finance and Modern Industry, China Development Institute

15:30-15:45    Coffee Break

15:45-17:15    Panel Discussion: Guangzhou Building a Financial Centre

Guangzhou has set a goal of turning into a financial centre which is in line with the national financial reform and the China (Guangdong) Pilot Free Trade Zone. What can Guangzhou learn from other financial centres? How can the Guangzhou financial centre make the most of the Guangdong-Hong Kong-Macao Greater Bay Area and Belt and Road Initiative? How can Guangzhou financial centre enhance its competitiveness and achieve sustainable development?

Moderator: Lily Lv, Host, Global Business, CCTV-NEWS

Speakers:

• Jia Kang, President, China Academy of New Supply-side Economics
• Patrick Hess, Senior Market Infrastructure Expert, European Central Bank (ECB)
• Zhu Haibin, Chief China Economist, JPMorgan
• Michael Mainelli, Executive Chairman, Z/Yen Group
• Yi Xingjian, President, School of Fiance, Guangdong University of Foreign Studies
• Qu Haiwen, Vice President, Urtrust Insurance Co., Ltd.

（10 min/speaker, 30 min for discussion）

17:15-17:35    Q&A

17:35-17:40    Closing Remarks

Highlights

Development Model for Chinese Financial Centres

Based on the statistics about cross-border assets and liabilities from the Bank for International Settlement, there are three development models for financial centres in the world. The first one is the British model. Its portions of cross-border claims and liabilities are all higher than its GDP share, which means it mainly provides financial services for the global market. The second one is the Japanese model. Its cross-border claims are higher than its cross-border liabilities, which means it is a major source of foreign investment. The third one is the American model with domestic and overseas businesses equally active.

Perhaps the Japanese model is most suitable for the Chinese financial centres. To further develop into a global financial centre, the Chinese financial sector should support the real economy and enhance its competitiveness. The Chinese financial centres should expand financial products, deepen financial services and improve expertise of professionals.

Strengths and weaknesses of Guangzhou Financial Centre

The decisive success factors of financial centres include financial sector, business environment, vicinity to customers and policy-makers, human capital and attractiveness as place to work and live.

Based on the key ingredients of relative competitiveness, Guangzhou can build on the following strengths:

Situated at heart of a populous metropolitan area;

Playing a role of an important port and trading platform;

Positioning as a strategic hub on the Maritime Silk Road;

Being strong in regional economy with IT and car as pillar industry.

Guangzhou also needs to offset the following weaknesses:

Lack of financial markets and infrastructure;

Lack of large presence of international banks, insurers and asset management;

Lack of fiscal incentives.

Strategy for Guangzhou Financial Centre

Firstly, Guangzhou should team up with more advanced financial centres to gain their experience in financial products, market practices and regulations, not by replicating but by complementing their success with support industries like Fintech and insurance in which Guangzhou is strong.

Secondly, Guangzhou can further develop expertise in financing hedging and settling the Belt and Road projects as well as in green finance, small and micro-finance and venture capital.

Thirdly, Guangzhou can form Greater Bay Financial Area with Shenzhen and Hong Kong to specialize in what three centres are best at: Shenzhen to serve domestic clients and HK foreign customers, and Guangzhou to provide support or specialized services.

Fourth, Guangzhou should bolster financial support to trade foreign investment by promoting the renminbi settlement, the renminbi derivatives and the renminbi bonds to support internationalization of the Chinese currency.

Fifth, Guangzhou should also enhance its attractiveness for financial talents and improve its financial regulation to gain sustainable competiveness edge.

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