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Jiaxing in East China's Zhejiang province was ranked eighth among emerging cities in China on a list of financial competitiveness, local media outlets reported on Dec 26.

The list was compiled by the Research Institute of Capital Market and New Fortune magazine, with the former defining emerging cities as the second and third-tier cities in China with strong industrial and financial strengths in regional economy.

The following achievements enabled Jiaxing to make it on the list.

The Jiaxing Small and Micro-sized Companies Credit Guarantee Fund received 100 million yuan ($15.49 million) of equity investment from the National Financing Guarantee Fund in 2020, which is expected to give another 1.5 billion yuan of guaranteed loans to local small and micro-sized companies.

To date, both the deposit and loan balances in the city have exceeded 1 trillion yuan, while the direct financing balance of non-financial businesses has totaled more than 270 billion yuan.

In 2020, a total of 10 companies in Jiaxing went public, while another two companies had passed the audit of the Issuance Appraisal Committee and are waiting to be listed. To date, the city is home to 65 listed companies, with a total market value of more than 500 billion yuan.

Jiaxing currently has 42 banking institutions, 60 insurance institution, 93 securities institutions, and 32 financing guarantee institutions. In the first three quarters of 2020, the added value of the financial industry in the city reached 29.91 billion yuan, a year-on-year increase of 13.1 percent, higher than the provincial average.