The Greater Bay Area Economy and Development Forum Held in Shenzhen to Discuss New Era, New Economy and New finance

With the planning outline of the Guangdong, Hong Kong and Macau Greater Bay Area emerging, the development of the Greater Bay Area is about to enter the fast lane. From May 19th to 20th, the Greater Bay Area Economy and Development Forum was held in Shenzhen. Under the theme of New Era, New Economy and New finance, the forum discussed topics such as innovation momentum in the development of the Greater Bay Area and China's economic innovation, financial innovation and financial technology, cross-border finance and regional cooperation.

Speech by Prof. Xu Yangsheng, President of The Chinese University of Hong Kong, Shenzhen 

Prof. Xu Yangsheng, Academician of the Chinese Academy of Engineering and President of the Chinese University of Hong Kong, Shenzhen, emphasized on the importance of talents in the development of the Greater Bay Area in his opening remarks. As can be seen from the other three Bay Areas in the world, the gathering of elite universities have provided the areas with talent and intellectual support. Therefore, universities are the soul of urban economic development and will also be the intellectual core of the development of the Greater Bay Area. He believes that the Greater Bay Area need to cultivate multidisciplinary talents with an international perspective, a combination of Chinese and Western cultures, and a focus on both humanistic and academic learning. Furthermore, they should understand the nation, the history, and the traditions of China. Xu Yangsheng said that a large number of scholars, economists, and scientists have established international innovation platforms in finance, logistics, artificial intelligence, robotics, big data, new energy, and other areas at CUHK-Shenzhen, including three institutes named after and led by Nobel Prize winners. These will secure the cultivation of international talents and economic development in the Greater Bay Area. He also stated that the Chinese University of Hong Kong has facilitated to establish the Chinese University of Hong Kong, Shenzhen and in early 2017, the Shenzhen Municipal Government commissioned CUHK-Shenzhen to establish the Shenzhen Finance Institute. The cooperation and dislocation development of Guangdong, Hong Kong, and Macao in education and scientific research are crucial to the development of the Greater Bay Area.

Speech by Mr. Gao Zimin, Deputy Mayor of Shenzhen

Shenzhen Deputy Mayor Gao Zimin believes that the development of Guangdong-Hong Kong-Macao Greater Bay Area cannot be separated from the overall planning of talents, technology, industry, and environment. At the same time, the political, business, and academic circles, as well as people from all walks of life, also need to make joint efforts to promote the development of the Greater Bay Area. Businesses and universities are critical. Without the impetus of enterprises, there will be no promotion of the subject of the market economy. Without first-rate research universities, it will not be able to achieve a great city and a great Bay Area. In 2017, Shenzhen’s total R&D investment exceeded 90 billion yuan, accounting for 4.13% of Shenzhen’s GDP, which is among the highest in developed innovative cities or innovative countries. As one of the core cities of the Greater Bay Area, Shenzhen will continue to play an important role in the further development of such urban agglomerations.

Speech by Prof. Xiong Wei, Dean of Shenzhen Finance Institute

Xiong Wei, Dean of the Shenzhen Finance Institute, said at the opening ceremony that China is in a new era of development. Similarly, the world is experiencing a new period of the fourth industrial revolution. The adjustment and changes in the global economic governance system require each country to develop a new economy with innovation as its core, as well as a new financial system that matches it. The development history of other bay areas shows that a bay area, as a leader in technological change, is the core competitiveness of a country. Therefore, in the context of the new era, it is of great significance to explore the development of the Greater Bay Area, especially the development of the new economy and new finance. It is hoped that the forum can explore effective models and approaches for China's economic innovation and development and momentum conversion, and then build high-end exchange platforms between China and the world, governments and enterprises, as well as academics and industries to trigger more thoughts and research.

Keynote Speech by Mr. Ba Shusong, Chief Economist of Hong Kong Stock Exchange

Speech by Professor Liu Zunyi, Former President of the Chinese University of Hong Kong

Speech by Professor Myron Scholes, Winner of the 1997 Nobel Prize in Economics

The two-day forum also showcases the achievements of China's economic development represented by the Greater Bay Area, and provides intelligence support for the Greater Bay Area to lead and promote the development of national economy, all-round opening up and economic innovation.