IN response to the requirement to “launch fintech pilot projects, and boost the development of fintech carriers” stated in the outline development plan for the Guangdong-Hong Kong-Macao Greater Bay Area, the first Greater Bay Area fintech space carrier was unveiled in Futian on March 23.

The event, organized by the Shenzhen Fintech Association and Huawei, was witnessed by more than 600 experts and representatives from the Hong Kong Monetary Authority, the Macao Monetary Authority, the Information Center of the China Securities Regulatory Commission, Ping An Group and GF Securities.

Two key projects, the “Shenzhen-Hong Kong-Macao fintech specialist program” and the “Greater Bay Area international fintech city,” were launched. The specialist program will be guided by the Hong Kong Monetary Authority and the Shenzhen branch of the People’s Bank of China. The first batch for the program will be co-initiated by 71 experts from 23 companies including Ping An Group and Huawei.

According to an officer of the Futian Financial Work Bureau, Futian will leverage its core financial advantages with the Shenzhen Stock Exchange as the leader and combine the spatial arrangement of the “Medium and Long-Term Development Planning of the Modern Industrial System of Futian District” plan to build the 30,000-square-meter Huachao Building into a Greater Bay Area international fintech city.

As the first fintech space carrier since the unveiling of the outline development plan of the Greater Bay Area, its concept of making a “fintech city” is aimed at facilitating the interconnection of the global fintech market. It will take account of the international industrial clusters of the same type, expedite the industrial upgrading of the city and highlight its advantages in high-end capital, talents and space.

According to He Jie, head of Shenzhen Municipal Financial Regulatory Bureau, Shenzhen is one of the three financial centers in China, with its economy in steady progress. Since the founding of the city, its GDP has experienced 22 percent growth. In 2018, the city’s GDP surpassed 2.4 trillion yuan (US$357 billion), ranking fifth among Asian cities.

In 2018, the output of the city’s finance industry exceeded 300 billion yuan, representing 12.7 percent of its GDP. The tax revenue from the finance industry, representing 22.4 percent of the total tax revenue of the city, has overtaken the manufacturing sector to become the biggest source of Shenzhen’s tax revenue.

He said that Shenzhen is a leader in fintech. It has compiled the Xiangmi Lake Fintech Index and introduced the fintech talent training plan. With a complete fintech ecosystem, Shenzhen is home to key financial institutes including Baihang Credit and Shenzhen Fintech Research Institute.

(Chen Xiaochun)