China issued a plan on 6 September for further developing the Shenzhen-Hong Kong cooperation zone. The expanded Qianhai economic zone could benefit Hong Kong’s financial sector, particularly as banks, asset managers and professional services firms look to tap rising incomes and expanded business opportunities in the Greater Bay Area. The expansion is part of a push to further integrate the Hong Kong and Macau economies in the bay area along with nine cities in Guangdong province.
Also in China, the central bank published the Financial Stability Report 2021 on 3 September, giving a comprehensive review of the soundness of China’s financial system since 2020. The report highlighted improvements to the regulations for the fintech sector as well as tightened regulations on big fintech companies.