Shenzhen to be ideal for financial industry development: acting mayor

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Last updated at: (Beijing Time) Sunday, December 14, 2003

Shenzhen to be ideal for financial industry development: acting mayor

This booming city facing Hong Kong across a river in south China's Guangdong Province will strive hard to turn itself into the most ideal area for financial business development.

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This booming city facing Hong Kong across a river in south China's Guangdong Province will strive hard to turn itself into the most ideal area for financial business development.

The pledge was given by Li Hongzhong, acting mayor of Shenzhen,during a recent forum on mutual funds held in the city. Shenzhen is one of the only two places with stock exchanges in the country.The other one is Shanghai.

Shenzhen has always devoted itself to constructing a complete capital market setup, and has paid great attention to developing its financial sector. Mutual funds have become a striking characteristic of the city's financial business development, said the acting mayor.

Finance is one of the three major industries that have receivedconcentrated development in Shenzhen, contributing 11.4 percent tothe city's gross domestic product (GDP) last year.

According to Li, the city has worked out a range of preferential policies and detailed rules to boost the growth of the financial sector since the beginning of this year.

It has also simplified the procedures for facilitating the registration of financial organizations and the flow of personnel,in addition to the establishment of a special office for offering financial development services and a consultation committee for decision-making in financial development.

A special fund has also been set aside to promote the relocation of financial organization headquarters or regional headquarters to Shenzhen, also one of China's five special economic zones.

Shenzhen is now home to 14 mutual fund companies, which have a total of 82.6 billion yuan (one US dollar equals 8.3 Chinese Renminbi yuan) of fund assets. Since 1998, some 13.2 billion yuan has been paid as bonuses to close-end mutual fund investors, accounting for 54 percent of the total.

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