Review of Financial Cooperation between Guangdong, Hong Kong & Macau by China's Economy & Policy-Gateway15 Feb 2012 • by Natalie Aster
The economic cooperation between Guangdong Province and Hong Kong can be traced back to the 1980s, when Mainland China began to implement the reform and opening up policy. From the perspective of the Mainland, the principal driving force for the cooperation was rooted in the need to transfer an abundance of surplus labor and to solve the problem of the extreme shortage of savings and capital during the early stages of industrialization. From the Hong Kong side, the key reason for the cooperation was to make use of the surplus labor and cheap land resources from the Mainland to achieve strategic industrial transfers and upgrading. At present, as the Mainland is advancing with financial reform and internationalization, the financial integration and cooperation between Guangdong, Hong Kong and Macau will become a new focal point for cooperation between these three regions, and will also be the key to China’s financial development and opening up.
According to the report “Financial Cooperation between Guangdong, Hong Kong and Macau ” by China's Economy & Policy-Gateway International Group, the financial industry is the backbone of modern service industries. The industrial structures of Guangdong, Hong Kong and Macau have determined that cooperation in the financial industry will have significant prospects and that it aligns with the direction of Guangdong’s economic adjustment. First, cooperation in the financial industry will promote the rise of the innovative technology industry in Guangdong. Second, cooperation will help advance the transfer of low-end manufacturing and labor-intensive industries from Guangdong to the inland areas. Third, it will facilitate the export of capital from Guangdong and the inland areas and promote the rational allocation of this capital in financial markets around the world.
Financial Cooperation between Guangdong, Hong Kong and Macau
Published: January, 2012
Price: US$ 200,00
The central government of China signed the Closer Economic Partnership Arrangement (hereinafter referred to as CEPA) with the Hong Kong and Macau Special Administrative Regions on June 29, 2003 and October 17, 2003 respectively, and it came into effect on January 1, 2004. CEPA and its supplements stipulated that the Mainland should take the initiative in opening its financial markets to Hong Kong and Macau, and that cooperation between these three regions must be deepened.
More information can be found in the report “Financial Cooperation between Guangdong, Hong Kong and Macau” by China's Economy & Policy-Gateway International Group.
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