The Chinese central bank has announced that new channels for facilitating investment in China’s financial markets by offshore investors via Hong Kong are on the verge of launch.
Pan Gongsheng (潘功胜), deputy governor of the People’s Bank of China (PBOC), said that “Cross-border Wealth Management Connect” and the south-bound leg of “Bond Connect” will “soon commence official operation,” at a press conference jointly held on 9 September with the Hong Kong Monetary Authority (HKMA).
“PBOC and HKMA place great importance on the development of the Guangdong, Hong Kong and Macau Greater Bay Area” said Pan.
“We will drive the financial opening and innovation of the Greater Bay Area in accordance with the ‘Greater Bay Area Development Plan Framework’ (粤港澳大湾区发展规划纲要).”
Pan also highlighted the key role of the island of Hengqin in Zhuhai in driving financial integration with Macau, and the role of Qianhai New District in Shenzhen in driving financial integration with Hong Kong.