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PSBC released action plan to support the development of Guangdong-Hong Kong-Macao Greater Bay Area
PSBC released action plan to support the development of Guangdong-Hong Kong-Macao Greater Bay Area
| China Post |2019-08-14

Recently, the Postal Savings Bank of China (PSBC) worked out the Action Plan for Supporting the Development of Guangdong-Hong Kong-Macao Greater Bay Area (hereinafter referred to as the Action Plan) in order to thoroughly implement the major policies and plans made by the Party Central Committee and the State Council for the development of Guangdong-Hong Kong-Macao Greater Bay Area, and facilitate the Greater Bay Area to deepen reform and expand opening-up.

The Action Plan defines the guiding ideology, basic principles and development goals of PSBC in supporting the development of Guangdong-Hong Kong-Macao Greater Bay Area, and lays out five key tasks to boost the development of modern economic system, the integrated development of urban and rural areas, livelihood-related finance, financial technology innovation as well as cross-border finance.

To boost the development of modern economic system through infrastructure inter-connectivity, PSBC will focus on key industries and make a list of key projects so as to strongly support infrastructure inter-connectivity. It will also support the development of industrial clusters and pillar industries, improve the batch and chain development capabilities in corporate banking services, and support the green and low carbon development model in the Greater Bay Area.

To promote the integrated development of urban and rural areas and foster a “two-wheel drive” pattern, PSBC will actively contribute to the urban development in the Greater Bay Area. It will apply various financial instruments to address the demands of such projects as new city expansion, redevelopment of villages in cities and urban renewal. It will also speed up developing intelligent financial products like modern government affairs finance, to better support the construction of smart cities. On the other hand, PSBC will facilitate the development of agriculture-related industries. It will manage to support the improvement of the living environment for rural residents and the upgrading of the agricultural by-product circulation system.

To focus on finance related to people's livelihoods and promote the development of high-quality living circle for living, working and travelling in the Greater Bay Area, PSBC will try to optimize the service capacity of the intelligent outlets in the area. To this end, it will strengthen the construction of service system for payment and business district, and upscale product innovation, in order to provide the customers in the Greater Bay Area with high-quality consumer financial services and prioritize the implementation of wealth management in this Area.

To accelerate financial technology innovation and promote regional innovative development and industrial upgrading, PSBC will contribute to the building of the international innovation and technology hub and the high-level science and technology innovation platform. Therefore, it will establish a PSBC innovation center for the Greater Bay Area to strengthen cooperation in innovation and technology. The bank will also explore to establish a white list of trusted small and micro enterprises in the field of science and technology innovation, and support their development with exclusive financial products such as science and technology credit loans, listing loans, etc.

To boost the development of cross-border finance and facilitate the investment and trade in the Greater Bay Area, PSBC will improve cross-border payment and settlement services, and enhance its support for cross-border financing services. PSBC will provide multi-functional investment and financing services, promote cross-border use of Renminbi (RMB), and explore cross-border RMB asset transfer business in the Greater Bay Area. It will also further increase its partners on the Blockchain Forfeiting Trading Platform and innovate business development in the Free Trade Zone so as to deepen its financial cooperation and interconnect comprehensively with the development of the international financial hub in the Greater Bay Area.

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