flow of key factors including capital, technology, talent and information, and constantly enhanced market integration. to implement the decisions and arrangements of the central government and to continuously ramp up financial support for the gba, the pbc worked with other financial regulators to jointly release the opinions on providing financial support for the development of guangdong - hong kong - macao greater bay area to advance financial connectivity in the area in an orderly manner. the cross - boundary wmc is another 1 / 2 bis - central bankers'speeches major measure to support the development of the area, enhance financial cooperation, and promote integration of social and economic development in the mainland, hong kong and macao. it reflects the confidence and determination of the central government in supporting the long - term prosperity, stability and development of hong kong and macao. as a new cross - boundary investment channel for individual investors in hong kong, macao and mainland cities in the gba, the cross - boundary wmc will provide gba residents with easier access to high - quality financial services and boost greater integration of their life. it will facilitate interconnectivity among financial markets of the mainland, hong kong and macao and promote the two - way opening - up of china's financial markets. moreover, it will inject new vitality into the development of the financial sector in hong kong and macao and drive the development of hong kong as an international financial center. we have attached great importance to investor experience and the protection of their rights and interests when drafting the implementation details. following its launch, financial regulators in the mainland, hong kong and macao will work closely in information sharing and investor protection and provide policy support to safeguard its stable operation. going forward, following the overall arrangements of the cpc central committee and the state council, we as financial regulators will continue to support the development of the gba, advance the innovation and opening - up of the financial market in key regions such as hengqin and qianhai and promote high - quality development there, and steadily enhance two - way opening - up of china's financial market. further, we will strengthen the cooperation between the mainland and hong kong and macao in a pragmatic manner, leverage the unique role of the gba to support and lead the economic development and opening - up of our nation, better integrate hong kong and macao into our overall national development, and steadfastly support the long - term prosperity, stability and development of hong kong and mac

of corporate debt, because market will exercise fairly strong constraint. supervisory workload will be lighter as well. when smes, innovative and start - up enterprises issue bond by a large scale, the supervisors will have to work harder because some of innovative smes go public after relying on bond financing in its early stage of development. often the process suffers from lack of transparency, no disclosure and cover - ups. the story of junk bond in the u. s. can provide some reference in this regard. iii. possible solutions a clear understanding of the problems helps us to find solutions. first of all, we must adopt a market - oriented way of thinking. if the past practice of allocation, administrative approval and intervention continues, the prospect of bond market will not look bright. at the same time, old - fashioned command economy mindset must be put aside when we analyze what went wrong. some cited non - fundamental, minor or even secondary problems as the root cause. therefore, it is helpful to thoroughly discuss and understand these questions in a meeting like today ’ s. second, we need to get the logic right when solving problems. the best starting - point is to have qibs and otcs, so that institutions with strong analytical and risk management capability can play a big role. this will simplify administrative approval and control because it relies on information disclosure and market restraint, rather than the judgment of approving authority. guarantee by commercial banks is not necessary either. even in the case of worsening performance or default of issuing company, institutional investors have the capacity to make a judgment and manage the risks in due time. the government does not need to worry too much about them. third, strengthening environmental and institutional setting and improving eco - environment. we have to do this job continuously. indeed, things have improved greatly, but we still need to work hard on it. in recent years, our accounting standards have been more and more consistent with international best practice ; requirements on disclosure and disclosure oversight have been enhanced ; the bankruptcy law is being amended and expected to better protect creditors ’ interests. in short, a key starting point is to develop qibs and otc as the best way to foster market development. in this regard, a related matter is smes financing. people have come to understand the importance of developing smes and paid a lot of attention to their financing difficulties. how to look at this issue? we should avoid simplifying it. usually there are two ways to develop bond market and provide