Research Of Financial Cooperation Between Shenzhen And Hong Kong,

After Hong Kong returned to the motherland in 1997, it has became an indivisible part of the motherland. With the development of economy and society between Shenzhen and Hong Kong, their contact has became more and more closer, and the trend of integration between the two cities is more and more obvious. How do the two cities learn from each others' strong points and close the gap and exert their own advantages in deepening financial cooperation and promote deep harbor port and metropolis circle to form ,which has became an important realistic problems.Along with the development of area economy, cooperation of regional financial is underway including in deep port .Hong Kong and mainland China signed the arrangement about found up closer economic partnership in 2003. In 2008, the plan outline of the pearl-river delta region reform development was born. Hong Kong and Guangdong province signed the agreement frame of Guangdong and Hong Kong cooperation by 2010 again. In the financial cooperation of pearl-river delta, Shenzhen is the financial capital in southern China, which is also at the forefront of China's reform and opening up, it shoulders the historical mission that be the first one to try to advance, While Hong Kong is the Asia-pacific region and the international financial centre. Therefore, the key to the pan-pearl river delta financial cooperation is Shenzhen and Hong Kong's financial cooperation.Around the deep port financial cooperation, various fields in the society have made a large number of searches and formed a lot of valuable ideas, which promote the cooperation of deep port financial deepens. However, about how to achieve the goal that deepen the deep port financial cooperation in the best choice, what on earth kind of road will deep port financial cooperation go, how to deal with the political relations in deep port financial cooperation, and the supervision and security problems in the co-operation, these problems all still do not have clear answers, while different scholars have different opinions. Therefore, this paper take deep port financial cooperation present development situation, the operation characteristics ,the existing problems and future development direction and so on. Thus to provide examples for other regional financial co-operations and financial co-operations between Fujian and Taiwan.In order to research Hong Kong and Shenzhen's financial cooperation further, this paper firstly defines several basic concepts such as regional economy, regional finance, financial cooperation and cooperative finance etc. Then puts forward logically deep port is the core concept of financial cooperation in the academic field, then to arrange the domestic and international academics literature about regional finance, financial cooperation and deep port financial cooperation, and puts forward the values and shortcomings, then the significance of this research based on the previous research.Then, the paper introduces Hong Kong and Shenzhen financial each other's development situation, development process, and basic characteristics, put out that Hong Kong financial's development, especially in modern 1997 after reunification, adhere to the internationalization strategy to strengthen the international financial market and the contact and cooperation, this is an important aspect for Hong Kong's financial can be at the top in the global. After the reform and open policy, Shenzhen's financial became the finance from scratch, from weak to strong, developed. Both original preliminarily established, or financial system preliminary improved, and financial developed vigorously and the financial's transition and change all embody the picture of firmly development and development prospect. This is the value and ideological basis of deep port financial cooperation.Then, the text focuses on the financial cooperation between Shenzhen and Hong Kong, the summary about the financial cooperation scale and the state of cooperation between Shenzhen and Hong Kong after 1997 mainly include multi-dimensional perspective such as the financial exchanges institutionalization and diversification and the growing range of financial services expansion. It points out that the financial cooperation between Shenzhen and Hong Kong is developing, special, Complementary and as one. These features make the Shenzhen-Hong Kong financial cooperation from the "one-way open" to "exchange and cooperation," so the Shenzhen-Hong Kong financial cooperation is widened in areas. However, the cooperation is different from that kind of financial cooperation between countries or general financial cooperation between two cities within a country, and also from the financial cooperation between Fujian and Taiwan. Thus, his kind of financial cooperation has its own special characteristics. This special characteristic shows their complementation of the cost of human capital expenditures, financial institution supported system and the share of financial pressure between Shenzhen and Hong Kong, which makes the cooperation joining as a whole and inseparable.Based on this, the thesis mainly analyzes myriad problems existing in the Shenzhen-Hong Kong financial cooperation. It points out that the communication and collaboration between these two governments is still inadequate, while the scope and depth of the financial cooperation depends largely on the effort of two governments' exchanges. Nowhere the scale of the two area's headquarters economy is not so balance. The volume of cooperation of the financial institutions is not big enough. Hong Kong has 200 commercial banks, of which only 20 have subsidiary banks in Shenzhen, which accounts for 10% of the total number of the banks in Hong Kong. The capital markets in Shenzhen and Hong Kong have a concordance on the low side, and their eco–financial environment, which hasn't ranked the top 3 in the mainland yet, needs to be improved. Besides, the two districts lack both financial talents and free circulation of the experts, so that professional qualifications from each other can not be admitted, which really has brought barriers to the talents cooperation between the two districts.From the subjective point of view, it is mainly due to the lack of its own orientation and concept of Shenzhen. Shenzhen was once regarded as "innovative regional financial center", whose orientation inhibits the enthusiasm and initiative of the cooperation between Shenzhen and Hong Kong. On the other hand, it is due to their wrong ideas of financial institutions. Some people in circle even hold the opinion that carrying out financial cooperation with Hong Kong will be filled with a number of risks and uncertainties, and, what's more, the cooperation between Hong Kong and Shenzhen will lead to the erosion of Shenzhen's financial market, and carve up the financial market share in Shenzhen, which will finally result in a decline of Shenzhen's financial market share and profit. These misconceptions are hindering the Shenzhen-Hong Kong financial cooperation from developing in the field in depth. In terms of Hong Kong, there are also one-sided understandings of Shenzhen's financial industry that its financial development platform is too low, which makes the cooperation between the two places bring no benefits to Hong Kong.Observed from the objective cause, the financial cooperation between Shenzhen and Hong Kong is the one that promoted under two different kinds of economic society system. The different basic institution, the inconsistent jurisdiction, the different economic development and market level, and the uncoordinated financial mechanism between the two places do bring much difficulty to the corporation between Shenzhen and Hong Kong to a certain extent.Therefore, in this paper tries to provide some external experience for the financial cooperation between the two places through the analysis of the concrete way by which the financial cooperation between London and New York took place, and the lesson drawn from that. And then some proposals and advices which are supposed to promote the financial cooperation between Shenzhen and Hong Kong. Below are the concrete advices given in this paper:First, the consensus of the financial cooperation between the governments of Shenzhen and HK must be reached. The governments of the two must accord great importance to the financial cooperation, promote the widely communication between them and keep holding"The Shenzhen and Hong Kong Cooperation"and"The Shenzhen and Hong Kong Financial Cooperation Meeting". They should enrich the connation of the meetings, definitude the main content and tasks and expand the content of the meetings. They should also deepen the financial cooperation and enhance the cooperation in the area of financial supervision between the governments. Simultaneously, they should strive for the policy support from the central government and the higher autonomy.Secondly, the financial cooperation between the two places should be deepened, they should strengthen the construction of the cross-border financial infrastructure, especially the payment system, financial law, corporate governance, accounting standard, trust system, anti-money–laundering system and the financial security net which are consistent of prudent financial supervision, the central bank's function of lender of last resort and the institution of Investment Protection. The should also give impetus to the cooperation between the financial institutions of the two places, encourage the financial institutions of HK to set up corporative institutions and branches, attract them to establish operation centre, and in turn expand the scope of the financial transaction of HK. And also we should encourage the financial institutions of Shenzhen to set up branches in HK, and expand the operations outside; Enhance the cooperation in capital market between Shenzhen and HK, promote the cooperation in the ETF market, support the connection between the stock exchange corporations of the two places; Establish the off-shore operation centre of RMB, deepened the cross-border settlement business, push HKD off-shore business, release Negotiable Certificate of Deposit in HK, develop cooperation in payment system between Shenzhen and HK, popularize foreign exchange trust business; Develop the headquarters economics of Shenzhen and HK, take modern financial business as the key to headquarters economics, draw financial headquarters into the financial cycle of Shenzhen and HK which should be programmed unitarily and form a rundle development of financial headquarters economics.Third, we should enhance the construction of Financial Professionals team, take the financial professional exchange as a link to promote the construction of Financial Professionals team and take colleges and training institutions as the carrier to cultivate financial professionals, recruit talents all around the world and optimize the structure of the financial professionals team of the financial cycle of Shenzhen and HK; Enhance cooperation of the financial supervision between Shenzhen and HK, establish the mechanism of joint supervision and make sure the financial operational security in financial cycle of Shenzhen and HK; Enhance the intellectual property protection in the area of finance, give an impetus to the integrated and cited development of the finance in Shenzhen and HK.