A new report on standards for development of the financial industry in the Guangdong-Hong Kong-Macao Greater Bay Area states that there are broad prospects for the Zhuhai insurance sector and other growth in the sector.

The report, known as a white book, places Zhuhai just behind Guangzhou, Shenzhen, Dongguan, and Foshan in financial development. The book was recently released by the Financial Innovation Development Center of the Zhuhai Fudan Innovation Institute.

According to the publication -- Financial Industry Development in the GBA -- renminbi (RMB) and foreign currency deposits at Zhuhai financial institutions amount to more than 800 billion yuan ($114 billion) -- far above those of Greater Bay cities such as Huizhou, for example.

Cover of white book [Photo courtesy WeChat account: gh_a2e24ecb4482] 

Moreover, the financial industry of Hengqin has leapfrogged in development since its establishment as a China New Area in 2009. Hengqin is now home to more than 7,000 financial enterprises of various categories and distinctive characteristics.

The white book proposes that Zhuhai and Macao work out details for cross-border financial cooperation based on their respective advantages. For example, they can expand avenues for legal digital currency and boost internationalization of the RMB using Guangdong-Macao cross-border payment mechanisms.

New financial industry development trends in the Greater Bay are also addressed. The book explores the powerful contributions of science and technology, green finance, deepening supply-side structural reform, and progress in opening up to foreign nations.