On January 25, 2024, Faculty of Finance at City University of Macau hosted the financial seminar series [14] at the Ho Yin Convention Center on Taipa Campus. Ms. Michelle Chan, Secretary-General of Financial Industry Association, Guangdong-Macao In-Depth Cooperation Zone In Hengqin (HQFA) was invited as guest speaker, who shared valuable insights on the topic "Looking at Hengqin: Financial Policy & Cross Border Cooperation Path." Guests attending this seminar include Dean Adrian Cheung and Associate Dean Eva Khong of the Faculty of Finance, City University of Macau.
Ms. Michelle Chan is currently Secretary-General of Financial Industry Association, Guangdong-Macao In-Depth Cooperation Zone In Hengqin. She has also been appointed by the Faculty of Professional Finance & Accountancy, Shanghai Business School as visiting professor. Ms. Michelle Chan has over 30 years of working experience in the financial industry. She has held various management roles during her tenure at ICBC, SCB and Hengqin Financial Investment Group.
Financial Industry Association, Guangdong-Macao In-Depth Cooperation Zone In Hengqin (herein after named “HQFA”) was established on January 28, 2016, to cater for growing needs of modern financial industry development in Henqqin Cooperation Zone, which was jointly originated by 10 core financial institutions and registered as a non-profit 5A social entity organization.
During the seminar, Ms. Michelle Chan provided an introduction on four aspects: the basic situation of the Hengqin Cooperation Zone, the development of the financial industry, financial policies, and relevant laws. Regarding the basic situation of the cooperation zone, Ms. Michelle Chan first reviewed the development history of Hengqin and introduced the organizational structure and strategic positioning of the Hengqin Cooperation Zone. As a new platform for promoting Macao’s adequate economic diversification, the cooperation zone provides new living and employment space for Macau residents, enriches the practice of "One Country, Two Systems," and promotes the construction of the Guangdong-Hong Kong-Macao Greater Bay Area.
Regarding the development of the financial industry in the cooperation zone, as of the end of November 2023, there were 661 financial enterprises established in the cooperation zone, covering various types of financial institutions, including banks, securities, insurance, public and private funds, financial leasing, and commercial factoring. In 2023, the modern financial industry in the cooperation zone demonstrated a steady and positive development trend. In the first three quarters, the added value of the financial industry in the cooperation zone reached 13.6 billion yuan, accounting for nearly 40% of the cooperation zone's GDP, with a year-on-year growth of 0.3%. Ms. Michelle Chan then listed pioneering and exemplary cases of financial innovation in the cooperation zone, presenting the measures and achievements in promoting cross-border financial innovation.
In relation to the financial policies and legal systems in the cooperation zone, Ms. Michelle Chan referred to various key documents, which include the Master Plan of the Development of the Guangdong-Macao In-depth Cooperation Zone in Hengqin, the Opinions on Financial Support for the Development of the Guangdong-Macao Intensive Cooperation Zone in Hengqin, and the Overall Development Plan for the Guangdong-Macao Zone in Hengqin. She also mentioned various policies that support the financial industry in Hengqin, including measures to promote its development, support for enterprise listing, financing development for small and medium-sized enterprises, issuing corporate bonds in Macau, foreign investment in equity investment enterprises, and pilot work on qualified domestic limited partner overseas investment in Guangdong Province.
Finally, Ms. Michelle Chan put forward some ideas on enhancing cross-border financial cooperation between Hengqin and Macau, including strengthening cooperation in the financial field, promoting the facilitation of financial services, as well as cross-border trade and investment.
This seminar deepened the understanding of the financial development of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin among the students and the faculty members. It provided important insights and guidance. Following Ms. Michelle Chan's presentation, students actively participated in discussions and posed thoughtful questions regarding the prospects of the financial industry in the cooperation zone. The students expressed great benefit from the seminar and looked forward to the next finance seminar. The Faculty of Finance at City University of Macau expressed sincere gratitude towards Ms. Michelle Chan for her insightful speech. The faculty will continue to organize similar activities to promote exchanges and cooperation between academia and industry, making positive contributions to the moderate and diversified development of Macau's economy, as well as the cross-border financial development between Hengqin and Macao.