In 2015, the added value of the finance industry of Guangzhou was more than RMB160 billion, accounting for 9% of local GDP, with an increase.

 

● Build modern financial service system and accelerate the progress to build Guangzhou into a regional financial center

 

In the just past year, the finance industry of Guangzhou showed a great number of highlights. For example, the industry ranked top among all the industries in terms of growth, and the number of newly established financial institutions set a new high over the years…

 

In 2016, the added value of the finance industry of Guangzhou is expected to reach nearly RMB200 billion, accounting for 10% of local GDP.

 

Highlight: Finance industry ranked top among all the industries in terms of growth, with added value accounting for 9% of local GDP.

 

Qiu Yitong, director of the Guangzhou Bureau of Financial Work, said, “In 2015, the added value of the finance industry of Guangzhou was RMB162.9 billion, with an increase of 14.2%, ranking top among all the industries in terms of growth. The added value of the industry accounted for 9% of local GDP, driving a 1.1-percentage-point increase of local GDP. This made the finance industry the second pillar industry among all the service industries of Guangzhou, only second to the wholesale and retail industry.”

 

For Guangzhou, which is a national central city, the finance industry is an indispensable part of its strategic positioning. Last year, Guangzhou released the Plan of Guangzhou for Key Financial Innovation and Development Projects in 2015, announcing that Guangzhou will take the chances of the national comprehensive deepening of financial reform, the construction of the 21^st-Century Maritime Silk Road and the construction of the (China) Guangdong Pilot Free Trade Zone to develop the finance industry into a new driving force and a new growth point for the economic development of Guangzhou under the New Normal economic state and will improve the modern financial service system to provide strong financial support for the construction of international shipping center, logistics center and trading center of Guangzhou.

 

Since last year, 20 new licensed financial institutions have been established in Guangzhou, amounting the total number to 259; more than 500 quasi-financial institutions have been established, amounting the total number to more than 1,000, with an increase of more than 100%. The tax revenue of Guangzhou from the finance and insurance industries reached RMB34.7 billion, up 12.5% year-on-year.

 

Source: Translated from Invest Guangzhou, February 4, 2016