Nansha's preferential policies attract financial institutions

A policy briefing on the preferential policies for the financial cluster in the Pearl Bay carries out on Aug 13. [Photo/gznsnews.com.cn]

A policy briefing on preferential policies for the financial cluster in the Pearl Bay was held by Guangzhou Nansha Economic and Technological Development Zone's bureau of financial affairs on Aug 13. 

Nansha's financial industry, which started almost from scratch, has seen its financial added value grow by nearly 300 percent annually on average during the 13th Five-Year Plan period (2016-2020). The ratio of Nansha's financial output value of regional GDP increased from 0.01 percent in 2016 to 8.43 percent in 2020. 

At present, Nansha has welcomed a total of 6,587 financial institutions to settle down in the area, covering 23 subdivided financial sectors such as banks, securities, insurance, lease financing and private equity funding. The district now has 13 corporate financial institutions, accounting for 20 percent of Guangzhou's total. 

The tax revenue from major financial companies in Nansha has expanded to over 6 billion yuan ($925.93 million) this year from 547 million yuan in 2017. 

Currently, the financial industry has developed into one of the five major industries in Nansha, making great contributions to the prosperity of the district. 

The financial cluster in the Pearl Bay is the first physical carrier in the area for the agglomeration development of the financial industry. 

The cluster will provide complete and convenient supporting facilities along with six major services such as overall operation, talent accommodation, policy consultation and high-end financial communication.

Businesses settling down in the area will be able to enjoy various kinds of preferential policies, for example, they can get an office area of 20 square meters per person for free for up to three years.