Finance industry strong engine for growth in Tianhe
Since 2017, the finance industry has become the leading industry in Tianhe district in Guangzhou, and the district's added value of the finance industry in 2020 was 107.73 billion yuan ($16.66 billion), accounting for over 20 percent of its GDP.
In the first two quarters of this year, the district's added value of the finance industry reached 59.41 billion yuan, with a year-on-year increase of 6.2 percent. It accounted for 20.7 percent of the district's GDP and 48.47 percent of the total added value of the finance industry in Guangzhou.
Nine licensed financial institutions have settled in Tianhe since this year, increasing the total number to 236, which makes up over 70 percent of the city's total. There are 23 legal person financial institutions in the district, 43 listed companies at home and abroad, 67 enterprises listed on China's national New Over the Counter (OTC) Market, and 2,400 listed enterprises on the Guangdong Equity Exchange.
Finance is a strong engine for growth in Tianhe district. [Photo/WeChat account: tianhefabu]
Tianhe has formed two financial clusters, namely the Tianhe central business district (CBD) and Guangzhou International City, focusing on the development of headquarters finance and technology finance.
The district has been integrating high-quality financial resources such as obtaining credit loans and business registration to provide diversified financial services for enterprises.
In November 2020, the district launched several measures to increase support for the finance industry. A maximum of 30 million yuan will be given to the newly settled legal person financial institutions, and a one-time reward of 1.2 million yuan for the regional headquarters. Meanwhile, preferential policies for office buildings, talents, housing, and children's schooling have also been put in place.