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Policy

China’s Guangzhou formulates policies to expand financial opening

June 21, 2018


Abstract : South China's Guangzhou has drafted ten policy measures to expand financial opening to the outside world and improve the financial internationalization, according to Qiu Yitong, director of Bureau of Financial Affairs of Guangzhou Municipality...

广州

BEIJING, June 21 (Xinhua) – South China's Guangzhou has drafted ten policy measures to expand financial opening to the outside world and improve the financial internationalization, according to Qiu Yitong, director of Bureau of Financial Affairs of Guangzhou Municipality, on Thursday.

These measures include relaxing restrictions on foreign investment access, lowering the access threshold for Hong Kong-funded and Macao-funded financial institutions, supporting foreign financial institutions to participate deeply in Guangzhou's economic and social development, and strengthening the service for the foreign financial institutions, etc.

While enhancing the financial risk prevention and control, Guangzhou has achieved good results in serving the real economy, reform and innovation, and constantly improving the modern financial service system.

Data shows that from January to May this year, the balance of deposits and loans in RMB and foreign currencies in Guangzhou was 8.78 trillion yuan, an increase of 10.9 percent year on year, ranking first among the domestic five largest cities including Beijing, Shanghai, Guangzhou, Shenzhen and Tianjin.

In terms of financial reforms and innovation, as of the end of April, there were 4,390 institutions in Guangzhou's Nansha Free Trade Zone, representing a net increase of 1,091 this year. (Edited by Hu Pingchao, hupingchao@xinhua.org)

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Keyword: Guangzhou China-financial-market

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