Guangzhou International Financial City under construction
Farmers share the joy of harvest with the bank's microfinance loan officers.
Guangzhou Financial Risk Monitoring and Prevention Center
Carbon controllers transcribe data inside the plant.
Modern finance
Financial activity, economic activity; financial stability, economic stability. According to the data, the added value of Guangzhou's financial industry reached 223.4 billion yuan in 2020, accounting for 8.9% of the regional GDP, an increase of 0.5 percentage points over 2017, and has become the fourth pillar industry in Guangzhou since 2019. Focusing on important tasks such as serving the real economy, deepening financial reform, and preventing and controlling financial risks, Guangzhou's financial industry has solidly promoted the joint construction of an international financial hub in the Guangdong-Hong Kong-Macao Greater Bay Area, escorting Guangzhou's economy to ride the wind and waves, and move steadily and far.
The tide of the millennium has not yet set, and the wind has raised the sails again. Standing at a new starting point, Guangzhou is drawing a new blueprint for development, and the "14th Five-Year Plan" for the financial development of Guangzhou proposes that by 2025, Guangzhou's comprehensive financial strength will be significantly improved, the economic capacity of financial services will continue to increase, the added value of Guangzhou's financial industry will account for 9.5% of GDP, and the total assets of the financial industry will exceed 11 trillion yuan.
Text/Guangzhou Daily all-media reporter Wang Chuhan
Photo/ Guangzhou Daily all-media reporters Wang Chuhan, Mo Weinong, Su Yunhua
In 2020, the added value of Guangzhou's financial industry reached 223.4 billion yuan, accounting for 8.9% of the regional GDP, an increase of 0.5 percentage points over 2017, and has become the fourth pillar industry in Guangzhou since 2019.
In 2020, the tax revenue of Guangzhou's financial industry was 48.93 billion yuan, an increase of 23.1% over 2017, accounting for 11% of the city's tax revenue, and the key tax industry ranked third.
As of the end of September this year, the balance of deposits and loans in local and foreign currencies in Guangzhou was 7.3 trillion yuan and 6.0 trillion yuan respectively, an increase of 41.8% and 76.1% respectively over 2017.
As of the end of September this year, the cumulative number of domestic and foreign listed companies in Guangzhou reached 214, an increase of 41.7% over 2017, with a total market value of about 3.3 trillion yuan and a cumulative fundraising of more than 540 billion yuan.
As of the end of September this year, the balance of green loans of banking institutions in Guangzhou was about 500 billion yuan, and the city's cumulative issuance of various types of green bonds exceeded 80 billion yuan, ranking first among the pilot zones.
As of the end of September this year, the cumulative transaction volume of carbon quota spot trading volume of Guangzhou Carbon Emission Trading Center exceeded 197 million tons, ranking first in the country.
Green "fruitful"
The beautiful countryside "picture scroll" slowly unfolds
Deeply practicing the concept of "green water and green mountains are golden mountains and silver mountains", green finance "living water" is also continuously injected into the construction of beautiful villages. In the early spring of Zengcheng, the mountains and rivers are contrasted, the grass and trees are abundant, and in this rich land, the villagers mostly live by fruit cultivation and fish pond farming. "Spring is the best time for fry stocking, but it is difficult for my own funds to make up for the gap between input and output, I am a small-scale farmer, lack of effective collateral, credit history is relatively blank, it is difficult to obtain bank loan support." Mr. Yao, a villager in a village in Zengcheng District, Guangzhou City, has been engaged in fish farming for 6 years, but he is overwhelmed by insufficient funds.
The sliced fish pond touches the hearts of farmers and also attracts the attention of financial institutions in Guangzhou. In order to solve the difficult points of agricultural and rural financing, Guangzhou financial institutions went deep into the fields to carry out credit investigations, taking the credit granting of the whole village, the grass-roots credit agreement, and the income from crop planting as the basis for credit, and also launched a number of special credit products with pure credit and low interest rates, such as "beautiful rural style loan", "village residence loan" and "Lixiang style loan" according to local conditions. "I never thought I could get a loan from a bank before, and not only did I have a favorable interest rate but I didn't need any collateral. The whole village credit has solved the financial problem for farmers like me! Mr. Yao, who received the first loan, sighed.
Through a series of "hard-core" measures, Guangzhou's financial forces have opened up a new home for new financial actions in the vast countryside, cultivated the experimental field of rural revitalization, and promoted the realization of ecological livability and industrial revitalization in the countryside.
Guangzhou's financial industry innovation has already set sail, as one of the first batch of pilot cities in the country's green financial reform and innovation pilot zone, but also the only green financial reform and innovation pilot zone in the country's first-tier cities, Guangzhou Green Finance Reform and Innovation Pilot Zone ranked among the best in the evaluation of the effectiveness of the construction of the national green financial reform and innovation pilot zone. As of the end of September this year, the balance of green loans of banking institutions in Guangzhou was about 500 billion yuan, and Guangzhou had issued more than 80 billion yuan of various green bonds, ranking first among the pilot zones.
In addition, the cumulative transaction volume of carbon quota spot trading volume of Guangzhou Carbon Emission Trading Center exceeded 197 million tons, ranking first in the country. It landed the first green government special bond in the field of water resources in China, and issued the first batch of carbon neutral bonds in the guangdong-Hong Kong-Macao Greater Bay Area, and the first carbon neutral green asset-backed note in china.
During the "14th Five-Year Plan" period, when implementing the major decisions and deployments of "carbon peaking" and "carbon neutrality", Guangzhou will guide financial resources to support green development, and comprehensively promote the reform and innovation of green finance in Guangzhou. Among them, we will increase the innovation of green financial products, guide green credit, green bonds, green stock indexes and related products, green development funds, green insurance, carbon finance and other financial instruments to provide investment and financing, project operation, risk management and other services for projects in the fields of environmental protection, energy conservation, clean energy, green transportation, green buildings and other fields.
"Blood transfusion" of the real economy
The growth rate of local and foreign currency loan balance ranked first among the five major cities
"I didn't expect that the company could also borrow a credit loan of 500,000 yuan, and said that there was one, so grateful!" The plastic products enterprise operated by Ms. Luo has difficulties in capital turnover due to the reduction of order volume by one-third and the extension of the order collection period. When she was at a loss, Ms. Luo contacted a banking institution in Guangzhou with the mentality of trying it out, and did not expect to successfully apply for a cloud tax loan of 500,000 yuan through the bank's APP.
The injection of a sum of funds "living water" has provided a surging impetus for the development of enterprises and also made the economic development stronger. In recent years, Guangzhou's financial industry has closely followed the production and operation of enterprises, seized new trends and new opportunities in the market, and promoted financial services and the real economy to promote each other, develop healthily, and achieved fruitful results.
As of the end of September this year, the balance of deposits and loans in local and foreign currencies in Guangzhou was 7.3 trillion yuan and 6.0 trillion yuan respectively, an increase of 41.8% and 76.1% respectively over 2017, and the growth rate of local and foreign currency loan balances ranked first among the five major cities (Beijing, Shanghai, Guangzhou, Shenzhen and Tianjin).
In addition, premium income grew steadily. In 2020, Guangzhou's premium income was 149.56 billion yuan, an increase of 32.7% over 2017, accounting for 26.5% of Guangdong Province's premium income, ranking third in the country.
Small and medium-sized enterprises are an important part of social and economic development, and play an important supporting role in stabilizing growth, benefiting people's livelihood and stabilizing employment. In order to solve the financing problems of small and medium-sized enterprises, so that more funds flow to small and medium-sized enterprises, individual industrial and commercial households, new agriculture and other business entities, Guangzhou financial institutions to create an inclusive financial service system and ecology, the introduction of financial "living water" directly to the real economy of the field of the strange.
Among them, the risk compensation mechanism of inclusive loans in Guangzhou has been innovatively established, and as of now, the cumulative loans of cooperative institutions have exceeded 42.6 billion yuan, benefiting more than 64,000 small and micro enterprises and individual industrial and commercial households. Establish an emergency refinancing mechanism, guangzhou enterprise refinancing service center has provided more than 1.4 billion yuan of refinancing funds for small and medium-sized enterprises, reducing the cost of refinancing funds for enterprises by more than 85%.
The capital market is the "barometer" of economic development, and listed companies are the "ballast stone" of the economy. In this regard, Guangzhou's endowments and advantages have attracted much attention. As of the end of September this year, the cumulative number of domestic and foreign listed companies in Guangzhou reached 214, an increase of 41.7% over 2017, with a total market value of about 3.3 trillion yuan and a cumulative fundraising of more than 540 billion yuan.
On October 8, Guangzhou was approved by the China Securities Regulatory Commission to become a pilot city for financial technology innovation in the capital market, and the second batch of pilot cities in China after Beijing. In addition, Guangzhou has actively promoted the pilot work of national financial technology innovation supervision, and has landed two batches of 9 financial technology innovation projects.
The development and application of financial technology has inserted "technology wings" for inclusive finance, continuously expanding its service "radius", and allowing inclusive finance to "fly" to thousands of households and fields. It is worth noting that during the "14th Five-Year Plan" period, Guangzhou will strive for a digital yuan pilot, when its characteristics of "payment is settlement" and "zero rate" will also promote the development of inclusive finance.
Dare to drink "head soup"
Jointly build an international financial hub in the Guangdong-Hong Kong-Macao Greater Bay Area
"The variety of investment products in Hong Kong and Macao is very diverse, and they can be invested in major global financial markets such as Europe and the Asia-Pacific region." The launch of cross-border wealth management provides us with a new channel for us to invest in the global capital market. After learning that the "cross-border wealth management" business was officially launched, Ms. Liu of Guangzhou went to the bank for the first time and successfully signed the "Southbound Pass" business, becoming the first batch of "early adopters".
On October 19, the pilot project of "Cross-border Wealth Management Connect" in the Guangdong-Hong Kong-Macao Greater Bay Area, which has been brewing for more than a year, was officially launched, marking a further step in promoting the interconnection of financial markets in the Guangdong-Hong Kong-Macao Greater Bay Area. As one of the core engines of the regional development of the Guangdong-Hong Kong-Macao Greater Bay Area, Guangzhou has always maintained the reform vitality of daring to drink "head soup" and bravely blazing a new trail in promoting the construction of the Guangdong-Hong Kong-Macao Greater Bay Area.
In recent years, Guangzhou has formulated implementation opinions and a three-year action plan on promoting the joint construction of an international financial hub in the Guangdong-Hong Kong-Macao Greater Bay Area. Implement the Opinions of the People's Bank of China and other ministries and commissions on financial support for the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and the provincial implementation plan, formulate an action plan for Guangzhou to implement the opinions on financial support for the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, continue to promote a series of work such as the interconnection of financial rules, and make every effort to promote the establishment of major projects and platforms such as the Guangdong-Hong Kong-Macao Greater Bay Area International Commercial Bank and the Hong Kong and Macao Insurance After-sales Service Center.
Guangzhou launched a cross-border financial first-mover policy, data show that as of the end of September this year, the cumulative cross-border RMB settlement volume reached 465.1 billion yuan, FT (free trade) account accounting business in the Guangdong-Hong Kong-Macao Greater Bay Area took the lead in landing in Nansha, opened more than 4100 FT accounts, handled enterprise FT cross-border settlement under the more than 170 billion yuan.
Financial services for the people. Focusing on the concerns of the people's livelihood in Guangdong, Hong Kong and Macao, Guangzhou financial institutions provide high-quality people's livelihood financial services in the fields of mobile payment, financial management and public services, break through the obstruction of cross-border financial services, and create more convenient financial conditions for Hong Kong and Macao residents to live, study, work and start a business.
Nowadays, the context of Guangzhou's financial opening up is clearer. During the "14th Five-Year Plan" period, Guangzhou will work with neighboring cities to jointly build an international financial hub in the Guangdong-Hong Kong-Macao Greater Bay Area, enhance the ability to allocate financial resources, and build six major centers, including the Greater Bay Area Asset Management Center, the Greater Bay Area Green Finance Innovation Center, and the Greater Bay Area Digital Finance Science and Technology Innovation Center.
Established the Broad Period Institute
High standards to create a risk management center
Guangzhou Financial Risk Monitoring and Prevention Center monitored a total of 195,000 enterprises in Guangzhou, found 842 risk enterprises, provided a total of 795 risk clues, and 793 cumulative feedback from relevant units, the risk was effectively controlled, and the risk index continued to decline... A group of detailed data highlights Guangzhou's actual achievements in preventing and resolving major financial risks.
The modern financial system is based on the financial market, asset pricing and risk transfer are its basic characteristics, and futures hedging is one of the most effective means and tools for modern financial risk management. In April this year, the Guangzhou Futures Exchange, which has been striving for 14 years, was successfully approved for establishment, and the Guangdong-Hong Kong-Macao Greater Bay Area added a national-level financial infrastructure platform. The establishment of the Institute is an important measure to improve the multi-level capital market system and serve the Guangdong-Hong Kong-Macao Greater Bay Area and the national "Belt and Road" construction.
Today, the "14th Five-Year Plan" for the financial development of Guangzhou has given Guangshi a new mission: to build the Guangzhou Futures Exchange with high standards, develop a complete futures industry chain, attract global investors and various enterprises to participate widely, explore the formation of international standards, and build a risk management center.
Why is it important to have a high standard for a risk management center? "This is because maintaining financial security and maintaining the bottom line of not having systemic risks is an important part of the country's '14th Five-Year Plan' financial development." The modern financial system is based on financial markets, of which asset pricing and risk transfer are its basic characteristics. Futures hedging is the most effective means and tool for modern financial risk management. Ren Zhihong, director of the Hong Kong, Macao and Taiwan Research Center of the Guangdong Academy of Social Sciences, said that as one of the most important institutions and projects in Guangzhou's financial industry during the "14th Five-Year Plan" period, the Guangzhou Futures Exchange is very valuable and meaningful for creating the best financial ecological environment, creating a risk management center based in Guangzhou, radiating the Bay Area and facing the whole country, promoting the high-quality development of production, processing and trade of related spot industries, strengthening the function of pricing centers, promoting industrial transformation and upgrading, and delivering financial products and services to the world. Guangzhou Futures Exchange, the future can be "futures".