Hong Kong will regain its vitality in the new development stage of China and Asia, and it is vital to China’s new development pattern of dual circulation and can play an important role in developing the Greater Bay Area, said Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission.

“Hong Kong connects China’s domestic and international circulations. The Special Administrative Region plays a prominent role in China’s two-way flow of trade, investment, finance, and legal, tourism and cultural activities. So, it is necessary for Hong Kong to further strengthen the cooperation and collaboration with the mainland,” Guo said in a keynote speech during the Asian Financial Forum on Monday.

As the world’s largest renminbi offshore market, Hong Kong can engage in more renminbi business at a larger scale. It can also attract more global clients, pool a larger volume of renminbi funds, better participate in China’s opening-up and steadily promote renminbi internationalization, he said.

Hong Kong can contribute to developing global innovation centers in science and technology. The 14th Five-Year Plan (2021-25) proposes to support the Greater Bay Area, along with Beijing and Shanghai, to build national science centers and regional innovation hubs. Hong Kong and Shenzhen in South China’s Guangdong province, can support and benefit each other in such areas as digital economy, biomedicines and artificial intelligence, he said.

While emphasizing that innovation should become the key driver of modernization, Guo also reiterated that China stands firmly against monopolies and unfair competition.

“We insist that financial innovation be placed under prudential regulation. And we will endeavor to prevent and mitigate various risks,” he said.

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