City Financial Industry Growth Remains Stable for 2014

CIty Financial Industry Growth Remains Stable for 2014The city financial industry is expecting realize the added value that will bring the total to more than 200 billion yuan for 2013 which is an increase of 14 percent compared to 2012. The financial sector has generated around 74 billion yuan in tax revenues for 2013, 23 percent up compared in 2012 and accounts for nearly 19 percent of the total tax revenue in the city.

Still the city remains as one of the top three cities in China based on key financial indexes ranging from foreign currencies, loan balances on the yuan, savings deposits, insurance agencies total assets, total assets of stock exchanges and fund management companies.. the 183 listed enterprises in the city has raised more than 100 billion yuan in capital by year’s end which analyst say is a five fold increase compared to 2012. And loans from small and medium sized enterprises have a total of 700 billion yuan an increase of 18 percent compared to 2012.

This means that the city’s emerging strategic industries are receiving loans totaling more than 160 billion yuan and cross border yuan loan reserves has exceeded the 15 billion yuan mark.

Because of this, Shenzhen mayor Xu Qin praised the financial sectoe for having a stable growth despite the adverse economic situation that is happening around the world and he further said that the city will further implement a deeper reform and innovations which includes further development of the Qianhai area.

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