Guangdong to deepen financial opening and innovation

Guangdong Governor Ma Xingrui says the province will continue to push reforms, especially in its financial system, and will continue to promote innovation as the economy’s structure is transformed. Educational institutions would be key for this, and investment would be allocated accordingly.

In financial reforms, specific attention will be paid to:

  • Changing the Shenzhen Stock Exchange’s GEM registration system;
  • Developing regional equity markets, increasing the proportion of direct financing;
  • Improving the provincial SME financing platform operation;
  • Promoting Hong Kong and Macau insurance service centers;
  • Constructing Guangdong as an International Trade Settlement Center;
  • Promoting free trading accounts;
  • Opening the Guangzhou Futures Exchange.

In innovation, Ma noted that the province’s number of effective invention patents and PCT international patent applications rank first in the country. Guangdong won 50 national science and technology awards and 9 Chinese patent gold awards; it also completed three batches of a total of 10 provincial laboratories, and was approved to build the country’s first national key laboratory of Chinese medicine. In 2020, specific attention will be paid to:

  • R&D expenditure of 280 billion yuan, 2.8% of GDP;
  • Promoting the cohesiveness and integration of the Greater Bay Area;
  • Boosting achievements in science and technology;
  • Building more youth innovation and entrepreneurship bases;
  • Supporting the construction of the Hong Kong Science and Technology campus in Nansha, which began in 2019.

In education, Ma said tertiary education would receive immediate and long-term support. Specifically: 

  • Preparation of the University of the Greater Bay Area;
  • Construction of high-level universities, high-level science and technology universities and key disciplines;
  • Promotion of the Shenzhen University of Science and Technology and Zhongshan University of Science and Technology;
  • Expansion and quality improvement of higher vocational education.

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