SFI Held The Greater Bay Area Economy and Development Forum and Released the Composite Index and FinTech Development Report

On June 16, SFI with authorized organizations released the composite index and report on technology and digital finance development of the Greater Bay Area at the forum, scientifically quantifying the synergetic development and presenting the FinTech industry and companies operation in an all-around way.

SFI Released the Composite Index and FinTech Development Report

The synergetic development of the Greater Bay Area is a vital strategy and historical mission for China. The design and development of a set of the composite index are one of the scientific and objective measurements for the coordinated development of the Greater Bay Area. The composite index is composed of 2 first-level indexes, 9 second-level indexes, and 60 third-level indexes. Every third-level index presents the social economy data of 11 cities at the Bay over a decade.
 
The Report on Technology and Digital Finance Development of The Greater Bay Area is a comprehensive review that gives an overall picture of the FinTech industry development and FinTech companies operation. Field research and questionnaires were used to collect the data of about one thousand FinTech companies in 11 cities. The basic data about the information of companies, business model, and FinTech ecosystem has 31 dimensions.

Regularly host the forum to boost the talent development of the Bay

The forum was co-organized by SFI, CUHK-Shenzhen, CUHK Business School and Redbud Innovation Institute.

Prof. Xiong Wei, academic director of SFI, said at the opening ceremony that the Bay had been a new driver for China to develop the economy and complete the task of  Belt and Road Initiative. It is a window for China’s opening-up to the world. How do we translate the blueprint into reality? It is the question that we need to discuss at the forum. With the theme of Innovation, Integration and High-quality Development, attendees lively discussed the topics of innovation and intellectual property protection, cross-national finance and regulation, and technology and finance. 

The Greater Bay Area Economy and Development Forum is one of a series forums held by SFI.  After the first forum was successfully concluded, SFI seized the opportunity to organize “The Greater Bay Area Economy and Development Forum 2019”, which is a platform to discuss the pain points of the Bay development multi-dimensionally and to explore the growth path for the high-quality development of the Bay. In the future, the forum will be held regularly to discuss the problems and opportunities the Bay may face at different stages. We hope it is beneficial for the Bay development. 

Prof. Xu Yangsheng, an academician of Chinese Academy of Engineering and the president of The Chinese University of Hong Kong, Shenzhen, said on the video that talents boost the world development. Their wisdom and efforts are not only the inner core for the Bay but the engine for the development of human society. Therefore, CUHK-Shenzhen is set to cultivate the top talents for the Bay in the next twenty years. President Xu introduced that the university has made progress. School of Life and Health Sciences was newly established this year, which is the fourth school with the education system from undergraduates to Ph.D. candidates. School of Medicine and School of Music are in preparation. We are committed to being one of the world-class research universities in the world. CUHK-Shenzhen SFI is also developing at a fast pace. CUHK-Shenzhen will provide internationally top-level talents for the Bay. 

Shenzhen-Hong Kong Cooperation is Critical for the Greater Bay Area

Wang Lixin, vice mayor of Shenzhen, said at the opening ceremony that with distinctive geographical advantages and radiating effects of Hong Kong and Macau, Shenzhen is developing rapidly since the past 40 years. We will make great efforts to promote the development of the Greater Bay Area, enhance the cooperation with Hong Kong in the fields of FinTech, intellectual property protection and innovative talents, and provide a good environment for innovation. We will speed up the establishment of a diversified, international and cross-national system for technology and innovation financing. The cooperation among universities will also be strengthened to facilitate an efficient flow of factors of labor, logistics, capital and information. The companies, talents, and residents settling in the Bay will enjoy resources of investment, innovation, and entrepreneurship, as well as job opportunities and living conditions. The Greater Bay Area, with vast potential in an economy increase, already possesses the fundamental conditions for developing into an international first-class bay area and a world-class city cluster. 

Two platforms in Shenzhen and Hong Kong, Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone and Shenzhen-Hong Kong Technology Innovation Cooperation Zone in preparation in Futian district, Shenzhen, play a vital role in the development of the Greater Bay Area. Many renowned scholars and experts from the fields of finance, technology and economy gathered together to discuss the development trend of innovation and integration of the Bay and give opinions on the aspects of finance opening, technology and innovation and intellectual property protection. Shenzhen, as a core engine, will leverage its leading role in innovation to provide strong support for the development of an international technology innovation center of the Bay.

Almost three hundred guests from government, finance institute and companies presented the forum. Official representatives are Liu Mingkang, former president of China Banking Regulatory Commission, Li Youwei, former member of the CPPCC National Committee, former party secretary of Shenzhen, Wang Lixin, vice mayor of Shenzhen, Zhang Yansheng, secretary-general of the Scholarship Committee of National Development and Reform Commission, Xu Youjun, former vice president of Shenzhen CPPCC and former director-general of Shenzhen Intellectual Property Office, Tang Jie, former vice mayor of Shenzhen, Eddie Yue, deputy chief executive of the Hong Kong Monetary Authority, Chen Feihong, deputy director of China Banking and Insurance Regulatory Commission, Shenzhen, and Yu Guogang, first vice general manager of Shenzhen Stock Exchange. Representatives of the business community are Xin Yi, a chief partner in FinTech and innovation of Ernst & Young Asia-Pacific region, Ding Anhua, chief economist of China Merchants Bank and Gao Fan, Chief Risk Officer of One Connect. Representatives of the academic field are Prof. Xiong Wei, co-editor of flagship journal of American Finance Association, academic director of SFI, and academic dean of CHUK-Shenzhen, SME and Chen Jiale, dean of CUHK, Business School.