Hong Kong is a bustling global financial hub with its robust financial market and industry professionals. In recent years, the southern Chinese city of Guangzhou has taken several steps to strengthen its financial cooperation with its neighbor. [Special coverage]
In 2016, the financial sector accounted for nine percent of Guangzhou's GDP. Officials say they want that figure to increase to 12 percent over the next three years. Guangzhou has taken many measures to strengthen financial cooperation and attract talent from Hong Kong in hopes that their expertise, management and skills might help boost the growth of Guangzhou's financial sector.
The movement of professionals between the two Chinese cities is believed to be the core of cooperation in the financial sector – where banks, insurance firms, and capital markets operate. But experts say differences in social systems may make it challenging for workers from Hong Kong to take their talents to the mainland.
According to the annual government work report for 2017, China will draw up a plan for the development of a city cluster dubbed the Guangdong-Hong Kong-Macao Greater Bay Area. Guangzhou authorities say they will continue to improve the business environment and social services to attract talent from across the world. Cooperation in the financial sector will be key to the region's economic future.