英国保诚集团：金融支持粤港澳大湾区高质量发展

1DevelopmentForumEngagementInitiativeancialSectorsRoleinSupportingthequalityDevelopmentofthengdongHongKongMacaoGreaterBayeaPrudentialplcHigh-qualityeconomicdevelopmentisinseparablefromthevaluediscovery,resourceallocationandriskmanagementfunctionsofthefinancialsystem.AsanadvantageousindustryintheGuangdong-HongKong-MacaoGreaterBayArea(hereinafterreferredtoastheGreaterBayArea),thefinancialindustryshouldplayandiscapableofplayingansignificantroleinsupportingitshigh-qualitydevelopment.Thekeytofinancialsupportforthehigh-qualitydevelopmentoftheGreaterBayAreaistoseizeitsspecificcharacteristicsandthedemandforfinancialservicesinthedevelopmentprocess,andfocusonimprovingtheadaptability,internationalizationandinclusivenessofthefinancialsystemtopromoteinnovation-driven,greenandlow-carbon,openandintegrateddevelopmentandcommonprosperityintheGreaterBayArea.irementsofthehighqualitydevelopmentoftheGreaterBayAreaforthefinancialindustryAnewroundofsci-techrevolutionandindustrialtransformationisboomingaroundtheworld.Greeneconomyanddigitaltransformationhaveacceleratedsignificantly.China'seconomyisatacriticalstageofleapfroggingfromthefactorinput-drivengrowthtoatechnologicalinnovation-drivenone.Theformationofa“dualcirculation”economicpatternisaccelerating.Inthiscontext,asoneofthemosteconomicallydevelopedregionswiththefastesttransformationprogressandthehighestdegreeofopennessinChina,thehigh-qualitydevelopmentoftheGreaterBayAreameansthatitneedstostronglypromoteinnovation-drivendevelopment,greenandlow-carbondevelopment,andopenandintegrateddevelopmentforcommonprosperitythroughconcretemeasures.Financialneedsofinnovation-drivendevelopmentintheGreaterBayArea.Emergingindustries,innovativeenterprisesandtechnologicalinnovationactivitiesaretypicallycharacterizedbyhighreturnsandhighrisks,withlargepotentialreturnsbut2DevelopmentForumEngagementInitiativehighuncertainty.Financialsupportfortheinnovation-drivendevelopmentoftheGreaterBayArearequiresafinancialsupplystructurethatiscompatiblewithinnovationentitiesandactivities,withahugedemandforequityfinancing(e.g.angelinvestment,venturecapital(VC),andthestockmarket)andlong-termorientedpatientcapitalwithstrongrisktolerance.Atthesametime,thecharacteristicsofclusterinnovation,internationalinnovationand“supplychainsupplementing”innovationintheGreaterBayAreaalsoputforwardspecificrequirementsforfinance.Firstly,debtfinancingsupportwithhighstabilityisneeded.TheGreaterBayAreaboastsofbenefitsofindustrialclusteringcharacterizedbywhole-chainandclusterinnovationinwhichnodeenterprisesandalargenumberofsupportingenterprisesalongtheindustrialchaindevelopcollaboratively.Therearemulti-facetedsupportingenterpriseswithextensivepresenceintrillion-leveladvancedmanufacturingclusters,includingnew-generationinformationandcommunicationtechnologyclusters,intelligentmobileterminalclusters,intelligentequipmentindustrialclusters,andultra-high-definitionvideoandsmarthomeapplianceclustersetc.Thesesupportingenterprisesarenotnecessarilyhigh-growthandinnovative,butconstituteanimportantcornerstoneofinnovationasawholeintheGreaterBayArea.Theirstableoperationneedstobesupportedbystabledebtfinancing.Secondly,thereisaneedformoreconvenientcross-borderfinancialsupport.TheGreaterBayAreaishighlyinternationalized,andthereareagroupofinnovativecompanieswithglobalinfluenceandcapabilitiesofresourceallocationonaglobalscale.Ithasinitiallyformedaglobalstrategiclayoutof“globalR&D+globalapplication+globalservice”,andtheflowofinnovationelementsandcooperativeinnovationbetweenHongKong,MacauandthemainlandintheGreaterBayAreahavealsobecomemorefrequent.ThisrequiresfinancialsupportforinnovativeentitiesintheGreaterBayAreaintermsofinvestmentandfinancing,incentivemechanism,andriskmanagementfortheglobalallocationofresources.Thirdly,technologyinsuranceisneededtoprovidesupportfortheapplicationofnewproducts.Forthe“supplychainsupplementing”innovation,thedifficultyliesintheformationofaniterationcycleoftechnologicalinnovationandproductapplication,whichrequirestheadoptionoftechnologyinsuranceinstruments(e.g.theinsuranceforthe“firstsetofmajortechnicalequipment”,theinsuranceforthefirstapplicationofnewmaterialsetc.)toeffectivelyreducetherisksofproductapplicationparties.Financialneedsofgreenandlow-carbondevelopmentintheGreaterBayArea.Thecomprehensivegreenandlow-carbontransformationofproductionmodeandlifestyleisanextensiveandprofoundeconomicandsocialsystematicchange.Tofinanciallysupportthegreenandlow-carbondevelopmentoftheGreaterBayArea,itisnecessarytooptimizetheallocationstructureoffinancialresources,makeuseofavarietyoffinancialinstrumentstoguidemorefundstobeinvestedingreenindustriesandgreeneconomicactivities,andprovidefinancingsupportformassivegreeninvestments;institutionalinnovations,suchasthecarbonmarket,greenandresponsibleinvestmentetc.,arealsoneededtorationalizethecost-benefitstructureofgreeninvestment,andprovideincentivesandinstitutionalguaranteesforgreentransformation.Atthesametime,somecharacteristicsofthegreenandlow-carbon3DevelopmentForumEngagementInitiativedevelopmentoftheGreaterBayAreahavealsoputforwardspecificrequirementsforfinance.Firstly,theproportionofmanufacturingoutputsinGDPishighintheGreaterBayArea,whichmakesitnecessarytoenhancethecompetitivenessofthemanufacturingsectorandkeepitsproportioninGDPstableinthegreenandlow-carbondevelopment.In2021,theproportionofindustrialoutputs(mainlymanufacturingoutputs)inGDPwashighforthemainlandcitiesoftheGreaterBayArea,approachingorexceeding40%.KeepingtheproportionofthemanufacturingsectorinGDPstablerequiresbettersynergybetweengreenfinanceandmanufacturingfinance,maintainingthebasicstabilityofthescaleofmanufacturingfinanceandpromotinglong-termfinancing.Secondly,theGreaterBayAreahasabundantinnovationresourceswithextensiveusecasesofgreentechnologyinnovationsandproducts,andithasthefoundationandadvantagestoachievegreendevelopmentbyrelyingontechnologicalinnovationandindustrialupgrading.ThismeansthatprovidingfinancingsupportforgreentechnologyinnovationisanimportantfocusoffinancialsupportforthegreendevelopmentoftheGreaterBayArea.Finally,theGreaterBayAreaislocatedinalow-latitudeclimatezonethatisvulnerabletoclimatechanges,wheretyphoonsandotherdisastersoccurfrequently,generatingahugedemandforcatastropheinsurance.FinancialneedsoftheopenandintegrateddevelopmentintheGreaterBayArea.Financialopening-upisanimportantcomponentofestablishinganewsystemforhigher-levelopeneconomy.TheopenandintegrateddevelopmentoftheGreaterBayAreaisbasedontheBayAreaandopentotheworld,requiringahigherlevelandmoresecurefinancialopening-upandcooperation.Firstly,theopenandintegrateddevelopmentoftheGreaterBayAreaisthedeepintegrationofGuangdong,HongKongandMacau,aimingtopromotetheeconomicintegrationoftheGreaterBayAreaandprovidegreaterdevelopmentspaceforHongKongandMacau.Thisrequiresimprovingthelevelofurbanintegrationoffinancialservicesforpeople’slivelihood(e.g.offsiteaccountopening,payments,andloans)forresidentsinGuangdong,HongKongandMacau,andprovidingfinancialconvenienceforthesmoothmovementofpeopleintheGreaterBayArea,andmoreHongKongandMacaoresidentstostudy,findjobs,startbusinesses,andenjoyelderlycareinthemainland;financialmarketplayersincludingbanks,securitiesfirms,heGreaterBayAreaarerequiredtoenhancetheleveloftwo-wayopening-up,deepenthefinancialcooperationbetweentheMainlandandHongKongandMacao,improvetheefficiencyofcompetitionthroughopeningup,andprovidelessonsformutuallearningthroughcooperation;italsorequirespromotingthefacilitationofcross-bordertrade,investmentandfinancingintheGreaterBayArea,andimprovingtheconvenienceoflocalandforeigncurrencyexchangeandcross-bordercirculation.Secondly,theopenandintegrateddevelopmentoftheGreaterBayAreaisorientedtowardstheworld,aimingtoestablishthenewopeneconomicsystemandcontributetoanopenworldeconomy.ThisrequiresbuildinganinternationalfinancialhubintheGreaterBayArea,maintainingandenhancingHongKong'sstatusasaninternationalfinancialcenter,andenhancingthecapabilitiesofeconomicentitiesintheGreaterBayAreatoallocateglobalresources.Finally,the4DevelopmentForumEngagementInitiativeopenandintegrateddevelopmentoftheGreaterBayAreaisforsaferdevelopment,anditisnecessarytoeffectivelypreventandcontrolfinancialrisksintheprocessofopeningup.FinancialneedsoftheGreaterBayAreatowardscommonprosperity.ToprovidefinancialsupportfortheGreaterBayAreatowardscommonprosperity,it’snecessaryforthefinancialsectorbothtoeffectivelysupporttheeconomictransformationcenteredoninnovation-drivendevelopment,thusenhancingtheinnovationcapabilityandcompetitivenessoftheGreaterBayAreaandlayingasolidmaterialfoundationforcommonprosperity,andtoplayabetterroleinenhancingthebalance,coordinationandinclusivenessofdevelopment.Firstly,higherrequirementshavebeenplacedoninclusivefinance,especiallythefinancingofsmallandmicroenterprises.TherearenumeroussmallandmicroenterprisesintheGreaterBayArea,whichofferthelargestopportunitiesofemploymentandconcerntheincomeandlivelihoodofmostresidentsintheGreaterBayArea.Theyarefacingthechallengesofshrinkingdemandandsupplyshocks,sofinancialinstitutionsarerequiredtoprovidemoreaccessible,stableandaffordablefinancingsupport.Secondly,therearerequirementstobettermeettheinvestmentandfinancialmanagementneedsofresidents.ThepercapitaGDPofmainlandcitiesoftheGreaterBayAreahasexceeded15,000USdollars,andacertainamountofhouseholdwealthhasbeenaccumulated.Increasingthepropertyincomeofresidentsisanimportantwaytoexpandthemiddle-incomegroupintheGreaterBayArea,whichhasputforwardtherequirementsonthefinancialsectortoprovidediversifiedinvestmentchannelsforvaluepreservationandappreciation.Third,thereisanurgentneedforageingfinance.Theelderlypeoplearepronetobecomefinanciallyvulnerablegroups.TheGreaterBayAreaenjoysrelativelylowdegreeofpopulationageing,buthasalargenumberofelderlypeople.Residentshavegreaterdemandsforpensionfinancialproducts,suchascommercialpensioninsurance,pensionwealthmanagement,pensionsavings,andpensionfunds.Fourthly,sociallyresponsibleinvestment(SRI)isneeded.Aclusterofenterprisesthattakeintoaccountbothcommercialandsocialresponsibilitiesareanimportantmicro-foundationforpromotingcommonprosperity,whichputsforwardrequirementsforguidingenterprises,includingfinancialinstitutions,tobetterfulfilltheirsocialresponsibilitiesthroughfinancialmeanssuchassociallyresponsibleinvestment.Currentstatusoffinancialsupportforhigh-qualitydevelopmentGreaterBayAreaAsanadvantageousindustryintheGreaterBayArea,thefinancialindustryisalsoanimportantpartofitseconomiccompetitivenessandhasachievedpositiveresultsinpromotingitshigh-qualitydevelopment.Intermsofsupportinginnovation-drivendevelopment:firstly,acapitalmarket-ledfinancialsupportsystemforscienceandtechnologyinnovationhasbeenbasicallyestablished,andthematchingdegreebetweenfinancialstructureandtechnicallevel5DevelopmentForumEngagementInitiativehasbeensignificantlyimproved.Astheworld'stop-rankedstockmarkets,boththeHongKongStockExchangeandtheShenzhenStockExchangehavededicatedboardstoserveinnovativecompaniesandspecialsystemsforthesecompanies;atthesametime,companiesintheGreaterBayAreaalsohaveshowedhighpreferencetothecapitalmarket.Bytheendof2021,about1,000Guangdong-basedcompanieshavelistedontheShanghaiandShenzhenStockExchangesandtheHongKongStockExchange,thetotalmarketvalueoflistedcompanieshasexceeded26.5trillionyuan,andthesecuritizationratehasreached213.4%.Secondly,thefinancialelementsforscienceandtechnologyinnovationarecompleteandresourcesareabundant,andthecapitalmarket,VCfunds,banksandinsurersworktogethertosupportinnovationintheGreaterBayArea.IntermsofVC,theventurecapitalmarketinthemainlandcitiesoftheGreaterBayAreaisactive,withthenumberofinstitutions,assetundermanagementandinvestmentscalehavinglongbeenintheleadingpositionacrossChina.Theamountofventurecapitalinvestmentreached351.2billionyuanin2017.Althoughithasfallensincethen,itstillremainedabove100billionyuanin2021,accountingforabout15%ofChina’stotalVCinvestment.Inthebankingsector,theGreaterBayAreahasdevelopedspecializedinstitutionsfortechnologyfinance,carriedoutfinancialinnovationssuchasintellectualpropertypledgefinancing,andcontinuedtoincreasefinancingsupportforhigh-techenterprises.AttheendofSeptember2021,theloanbalanceofhigh-techenterprisesinGuangdongProvincereached1.38trillionyuan,anincreaseof19.6%fromthebeginningoftheyear,and8.4percentagepointshigherthanthegrowthrateofothertypesofloansoverthesameperiod;amongwhichloanstotechnology-basedSMEsreached170.9billionyuan,anincreaseof24.8%fromthebeginningoftheyear.Intheinsuranceindustry,thetypesofintellectualproperty-relatedinsuranceproductshavebeenenriched,andthecoverageofthefirstsetofmajortechnicalequipmentinsurance,theinsuranceforthefirstapplicationofnewmaterialsandpatentinfringementliabilityinsurancehasbeenexpanded.In2021,thenetamountatriskforcompaniesinGuangdongProvincecoveredbytechnologyinsurance,thefirstsetofmajortechnicalequipmentinsuranceandtheinsuranceforthefirstapplicationofnewmaterialsreached1.57trillionyuan;relyingonthefour-in-one“insurancefundsintoGuangdong”platformofgovernmentdepartments,regulatoryagencies,insurancecompanies,andfinancingentities,theGreaterBayAreahaspromotedthetargetedinvestmentofinsurancefundsintotheconstructionofmajorprojectssuchasHengqinScienceCity.Thirdly,thegovernmenthasplayedanimportantroleinsupportingtechnologicalinnovationinfinancialservices.Forexample,bytheendof2021,thenumberofgovernmentguidancefundsinGuangdongProvincehasreached162,withatotalscaleof362.5billionyuan,rankingfirstinChina.Intermsofsupportinggreenandlow-carbondevelopment:firstly,thesupportingsystemforgreenfinancehasbeenimprovedatafastpace.CitiesintheGreaterBayAreahaveincorporatedgreenfinanceintotheirdevelopmentplansandimprovedtheincentiveandrestraintmechanismforgreenfinance.Forexample,HongKong,GuangzhouandShenzhenhavestrengthenedtheassessmentandevaluationofgreenfinancebusiness,andguidedfinancialinstitutionstodevelopgreenfinancebusiness6DevelopmentForumEngagementInitiativethroughsubsidies,taxreliefandothermeans.Informationreportinganddisclosurehasbeenstrengthened.TheHongKongStockExchangeissuedanewversionoftheEnvironmental,SocialandGovernance(ESG)ReportingGuideinDecember2019,withmandatoryrequirementsforcompaniestodiscloseenvironment-relatedinformation.GuangzhouandShenzhenalsocarriedoutpilotactivitiesonenvironmentalinformationdisclosurebyfinancialinstitutions.Cooperationongreenfinancepolicieshasbeenenhanced.Guangzhou,Shenzhen,HongKongandMacaujointlyestablishedtheGreaterBayAreaGreenFinanceAlliancetopromotethecoordinateddevelopmentofgreenfinanceinthethreeregionsintheformofunincorporatedandnon-profitorganizations.Secondly,variousgreenfinanceelements,businessesormarketshavebeguntotakeshape.Intermsofgreenbonds,asoftheendof2020,thetotalissuanceofgreenbondsinHongKongwasabout38billionUSdollars;bytheendof2021,thecumulativeissuanceofgreenbondsinGuangzhouandShenzhenexceeded96billionyuanand28.1billionyuanrespectively.Intermsofgreenloans,thebalanceofgreenloansinthemainlandcitiesoftheGreaterBayAreawasabout1.1trillionyuan,including540billionyuanand370billionyuanforGuangzhouandShenzhenrespectively.Intermsofgreenfund,bytheendof2021,thesizeofESGfundsinHongKonghasexceed1trillionHKdollars(about128billionUSdollars).Intermsofgreeninsurance,environmentallyhigh-riskenterpriseshavebeenfullycoveredbycompulsoryenvironmentalpollutionliabilityinsuranceinShenzhen.Intermsofcarbonmarket,asofthefirsthalfof2021,thecumulativecarbonemissionquotatradingvolumeinGuangdongandShenzhencarbonmarketsreached168milliontonsand49milliontons,makingthemthefirstandthirdlargestlocalcarbonmarketsinChina;andGuangzhouFuturesExchangewasofficiallyestablishedinApril2021,proposingtolaunchproductssuchascarbonemissionsfutures.Intermsofsupportingopenandintegrateddevelopment:firstly,theCEPA-basedpolicyframeworkforfinancialopening-uphasbeencontinuouslyimproved.In2003,theMainlandofChinasignedtheCloserEconomicPartnershipArrangement(CEPA)withthegovernmentsofHongKongandMacauSpecialAdministrativeRegions.From2004to2019,10SupplementaryAgreements,theCEPAAgreementontheBasicRealizationofLiberalizationofTradeinServicesbetweenGuangdongProvinceandHongKongSAR,theCEPAAgreementonTradeinServices,theAgreementonEconomicandTechnicalCooperationbetweentheMainlandandHongKong,andtheCEPAAgreementonTradeinGoods,etc.weresignedinsuccession.TheaboveagreementshaveprovidedthemasterplanandarrangementsforfinancialcooperationbetweentheMainland,HongKongandMacau,becominganimportantpolicyframeworkforthefinancialopening-upandintegrateddevelopmentintheGreaterBayArea.Secondly,arelativelymaturepipelinestyleopening-upmodelhasbeenestablished.Pipelinestyleopening-upmodel,suchasShanghai-Shenzhen-HongKongStockConnect,BondConnect,WealthManagementConnectetc.,notonlyfacilitatesthedemandforcross-borderfinancialassettransactions,butalsoreducesthedisorderlydisturbanceofcross-bordercapitalflowscausedbyspeculativearbitragefundsandavoidsmajorfinancialrisks.Thirdly,thedegreeoftwo-wayopennessin7DevelopmentForumEngagementInitiativetheGreaterBayAreahasbeensignificantlyimproved.TheGreaterBayAreahasbecomeoneoftheregionswiththehighestdegreeoffinancialopennessinChina.Guangdongtakestheleadtoachievefullcoverageofprefecture-levelcitiesbyforeignbanks,withthenumberofbranchesofHongKongandMacaobanksrankingfirstinChina;asoftheendof2021,23securitiesandfundcompaniesinGuangdongweregrantedQDIIlicenses,withanapprovedQDIIquotaof37.07billionUSdollars,anincreaseof15%and61.4%respectivelycomparedwiththebeginningoftheyear;23fundsof9fundmanagementcompaniesinGuangdongundermutualrecognitionoffundsarrangementswereregisteredwiththeHongKongSecuritiesandFuturesCommission(SFC),withtheassetundermanagementexceeding110billionyuan.Intermsofsupportingandpromotingcommonprosperity:firstly,thefinancingscaleofsmallandmicroenterpriseshascontinuedtogrow.AttheendofSeptember2021,thebalanceofinclusiveloanstosmallandmicroenterprisesinGuangdongProvince(loanswithasingle-accountcreditof10millionyuanorless)was2.66trillionyuan,ayear-on-yearincreaseof33.9%;thenumberofloanaccountsreached2.44million,anincreaseof560,000overthesameperiodlastyear.Amongthem,thebalanceofoperatingloansforindividualindustrialandcommercialhouseholdswas478.1billionyuan,ayear-on-yearincreaseof24.2%,andthenumberofloanaccountswas960,000,anincreaseof340,000overthesameperiodofthepreviousyear.Secondly,thechannelsforresidents'investmentandwealthmanagementhavebeenbroadened.InOctober2021,theCross-boundaryWealthManagementConnectwasofficiallylaunchedintheGreaterBayArea,whichprovidedaconvenientchannelforresidents’cross-borderanddiversifiedinvestmentinthethreeregions.Inaddition,thecrackdownonillegalfund-raisingactivitieshasachievedremarkableresults,andthesafetyofresidents'propertyhasbeenmaintained.Thirdly,thepolicyenvironmentforthedevelopmentofageingfinancehasbeensignificantlyoptimized.Thepolicysupportforthethirdpillarpensionplanhasbeensignificantlystrengthened,andShenzhenhasbecomeoneofthepilotareasforpensionwealthmanagementservices.Deficienciesandobstaclesinfinancialsupportforhigh-qualitypmentoftheGreaterBayAreaComparedwiththerequirementsforhigh-qualitydevelopmentoftheGreaterBayArea,therearestillmanydeficienciesorobstaclesintoday’sfinancialsupport.Intermsofinnovation-drivendevelopment:firstly,patientcapitalorlong-termcapitalisstillinshortage.It’scommonthatventurecapitalfundstendtobeshort-term,andGBA’sattractivenesstointernationalventurecapitalisrelativelyinsufficient.AccordingtothedataofDealroom,aninternationalresearchinstitute,venturecapitalinvestmentsinChinaamountedtoabout62billionUSdollarsin2021,ofwhichBeijing(13.6billionUSdollars)andShanghai(13.4billionUSdollars)werethemostsought-aftercitiesforVCs,whilecitiesintheGreaterBayAreawererelativelylessattractive.Thelackofmediumandlong-termfundsinChina’sstockmarketstillrestrictstheefficiencyofthestockmarketinservinginnovationintheGreaterBay8DevelopmentForumEngagementInitiativeArea.Secondly,cross-borderfinancialsupportfortechnologicalinnovationstillfacescertainobstacles.Forexample,eligiblesmallandmedium-sizedhigh-techenterprisesintheGreaterBayAreacanindependentlyborrowforeigndebtswithinthelimitof5millionUSdollars,whichisstillinsufficientcomparedtotheneedsoftechnologycompaniesformultipleroundsoffinancing.Thirdly,thecoverageoftechnologyinsuranceisstillnotwideenough,andthesupportforthe“firstsetofmajortechnicalequipment”insuranceandtheinsuranceforthefirstapplicationofnewmaterialsstillneedstobefurtherimproved.Fourth,thefinancingdifficultiesoftechnology-basedSMEsstillexist.Intermsofgreenandlow-carbondevelopment:firstly,theresourcesofgreenfinancedonotmatchthepressureofgreenandlow-carbontransformation.TheresourcesofgreenfinanceintheGreaterBayAreaaremainlyconcentratedinHongKong,wherethepressureoftransformationisless.Incontrast,thepressureofgreenandlow-carbontransformationismoreconcentratedinthemainlandcitiesoftheGreaterBayArea.Amongthem,theproportionofhigh-endmanufacturingandserviceindustriesinGDPishighinGuangzhouandShenzhen,wherethepressureongreentransformationislow,andfinancialresourcesareconcentrated.However,othermainlandcitieshaveahighershareofenergy-intensiveindustriesandinsufficientfinancialresources.Secondly,thesynergyofgreenfinancepoliciesintheGreaterBayAreaneedstobeimproved,andagreenfinancesystemwithunifiedstandardshasnotyetbeenestablished.Thereareneitherunifiedstandardsfortheclassificationandstatisticsofgreenfinance,norconsistentcriteriaforinformationdisclosure.Forexample,HongKongcompelslistedcompaniestodiscloseenvironmentalinformationandgraduallystandardizesreportingstandards,whilethemainlandhasnotyetrequiredmandatoryinformationdisclosureoflistedcompanies.Thirdly,itisdifficultforlow-carbontransformationactivitiesintraditionalindustriestoobtainfinancialsupport.Currently,financialsupportinstrumentssuchasgreenloansandgreenbondsintheGreaterBayAreaaremainlytargetedatgreenindustries,includingcleanenergyandgreentransportation.Thetransformationactivitiesofhigh-carbonindustriessuchascement,steelandchemicalsdonotmeetthedefinitionofgreen,soitisdifficultforthemtoobtaingreenfinancialsupport.Fourthly,theconstructionoffinancialinfrastructureforcarbonmarketdevelopmentislaggingbehind,andthereisalackofacalculable,reportable,andverifiableenvironmentalbenefitassessmentsystem.Forexample,thecarbonaccountsystemhasnotyetbeenestablished,andthereisalackofunifiedstandardsforcarbonemissionreductionmeasurementandeffectivedatasupportforthecalculationofcarbonemissionreduction.Thethird-partycertificationmechanismisinsufficient,andthemutualrecognitionarrangementsforthecertificationres