The Research On The Participation Of Insurance Companies In The Establishment Of Guangdong,HongKong And Macau Greater Bay Area

Hong Kong,Macao and Guangdong are closely linked and have a long history of practical cooperation.In 2017,the party’s 19 th National Congress report proposed to build a large bay area including Guangdong,Hong Kong and Macao to promote beneficial cooperation among Hong Kong,Macao and the Mainland.On February 18,2019,the "Guangdong-Hong Kong-Macao Greater Bay Area Development Plan" was officially released.The establishment of the Greater Bay Area is not only conducive to the economic and social development of this area,but also has a profound,long-term and comprehensive impact on the economic society including the regional financial sector.The “Comprehensive Economic and Social Reform and Opening Up” is also advanced by this coordinated development of regional economy.In addition,such a coordinated development has steadily boosted the cause of "one country,two systems".Guangdong-Hong Kong-Macao Greater Bay Area has well-established economy and finance sector,a large population,and a high degree of marketization and rule of law.It has enormous opportunities to grow.As a market-based risk management tool,the insurance industry can play a key role in the establishment of the Greater Bay Area.Insurance companies’ participation in the establishment of the Greater Bay Area will safeguard the commercial activities and livelihood of this region,and contribute to companies’ own growth..With the help of regional economic theory,this paper absorbs domestic and foreign researches and analyses on how finance supports regional economic development and cross-border regional economic development,especially on how the integration of insurance industries under different institutional systems can flourish.This study takes insurance support as the entry point,combining specific case study to propose the path of insurance participation in cross-border regional economic development.This article aims at providing a new perspective on how financial sector can support regional economy.In addition,because the Guangdong-Hong Kong-Macau-Greater Bay Area has been formally announced as a national-level concept for a relatively short period of time,this study can be a reference for subsequent systematic research.Taking the T-insurance company headquartered in Hong Kong as an example,this paper combines the multi-year practical experience of managing cross-border operation with the current economic and financial development in the Greater Bay Area to analyze and study the mechanism on how insurance supports and participates in the GreaterBay Area.In addition,this article offers a new perspective on how financial sector can advance regional economy by proposing a practical path for insurance companies to participate in the commencement of the Greater Bay Area.Through summarizing recommendations from governments,regulators,industries,and enterprises,this paper provides reference on how insurance industry can seizes opportunities to grow,build an international financial center,facilitate capital flow,safeguard its clients,participate in the development of the Greater Bay Area,and discover a path for building a world-class city group.In the next step,further study is required to continue tracking the integration process of the insurance industry and actively participate in the research and design of the insurance supervision systems in Guangdong,Hong Kong and Macao.The subsequent work will thoroughly study the complex issues such as the catastrophe insurance system in order to provide high-quality research and recommendations for different regulatory rules to integrate in the future.