Guangzhou seeks new model

China Daily (Hong Kong) - - BUSINESS - By QIU QUANLIN in Guangzhou qi­uquan­lin@chi­nadaily.com.cn

The de­vel­op­ment of a re­gional fi­nance center will push up a new model for ur­ban­iza­tion and ac­cel­er­ate in­dus­trial up­grad­ing in Guangzhou, the cap­i­tal of Guang­dong prov­ince, an of­fi­cial said on Tues­day.

Zhou Jian­jun, di­rec­tor of the Guangzhou Fi­nan­cial Af­fairs Of­fice, said at a news con­fer­ence on Tues­day that the city gov­ern­ment had is­sued a bold over­all plan to de­velop a re­gional fi­nance center to of­fer fi­nan­cial sup­port for a new round of eco­nomic de­vel­op­ment.

“The plan will be of great sig­nif­i­cance to the trans­for­ma­tion of the city’s tra­di­tional in­dus­tries and will build a new model for ur­ban­iza­tion,” said Zhou.

Ac­cord­ing to the Plan­ning on Con­struct­ing a Re­gional Fi­nan­cial Center, which was ear­lier ap­proved by the Party com­mit­tee of Guangzhou and the city gov­ern­ment, the lo­cal au­thor­ity will give pri­or­ity to the de­vel­op­ment of an in­ter­na­tional fi­nanc­ing trade plat­form and a fi­nan­cial func­tional zone in the years ahead.

Ser­vices will cover in­ter­na­tional busi­ness, tra­di­tional in­dus­tries, sci­ence and tech­nol­ogy, ru­ral credit and pri­vate fi­nanc­ing, ac­cord­ing to Zhou.

Ac­cord­ing to the plan, the city will de­velop about 150 to 200 listed com­pa­nies by 2015.

Lo­cal au­thor­i­ties will in­tro­duce more in­ter­na­tional fi­nan­cial or­ga­ni­za­tions to the Guangzhou In­ter­na­tional Fi­nance Town, which is lo­cated in the boom­ing cen­tral busi­ness dis­trict of Zhu­jiang New Town, Zhou said.

Con­struc­tion of the fi­nance town, which cov­ers an area of 7.5 square kilo­me­ters, is ex­pected to be com­pleted by 2016, sources with the lo­cal

The plan will be of great sig­nif­i­cance to the trans­for­ma­tion of the city’s tra­di­tional in­dus­tries and will build a new model for ur­ban­iza­tion.” ZHOU JIAN­JUN DI­REC­TOR OF THE GUANGZHOU FI­NAN­CIAL AF­FAIRS OF­FICE

gov­ern­ment said.

If the over­all plan is brought on line on sched­ule, the added value of fi­nance of Guangzhou will ac­count for more than 8 per­cent of its gross do­mes­tic prod­uct by 2015 and 10 per­cent by 2020, said Zhou.

“The plan will lay a solid foun­da­tion for build­ing up Guangzhou as an in­ter­na­tional re­gional fi­nan­cial center, mak­ing the city play a sup­ple­men­tary role for Hong Kong in in­ter­na­tional fi­nan­cial co­op­er­a­tion,” Zhou said.

The pro­por­tion of the added­value of fi­nance in Guangzhou in­creased from 3.87 per­cent of its GDP in 2006 to 7.05 per­cent in 2012, ac­cord­ing to Zhou.

Liu Shaobo, di­rec­tor of the Fi­nance Re­search In­sti­tute of Ji­nan Univer­sity, said a fi­nanc­ing trade plat­form will play a key role for the lo­cal au­thor­ity to de­velop a re­gional fi­nance center.

“Con­struc­tion of the fi­nan­cial trade plat­form is of more im­por­tance than the ex­pan­sion of fi­nan­cial or­ga­ni­za­tions be­cause the plat­form will help gather more fi­nan­cial re­sources,” said Liu.

Liu said ef­fi­cient fi­nan­cial sup­port will fur­ther ac­cel­er­ate in­dus­trial de­vel­op­ment in the Pearl River Delta.

“Busi­nesses in the city have de­vel­oped a strong de­mand for fi­nan­cial ser­vices to help sus­tain busi­ness growth,” Liu said.

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