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Guangzhou Ranked Third in Terms of Gross Financial Indices
Guangzhou, China's southern main gate to the outside world, is placed just behind Beijing and Shanghai in the country in terms of gross financial indices.
While addressing a symposium on venture investment Friday held in Guangzhou, also capital of Guangdong Province, Gao Dianying, deputy head of the Development Planning Commission of Guangzhou, said that the per capita savings of residents in Guangzhou exceeds 30,000 yuan (about 3,615 US dollars).
By late September this year, the remaining sum of deposit savings in Chinese currency of financial institutions in Guangzhou is 541.4 billion yuan (about 65.23 billion US dollars), and the volume of unpaid loans in Chinese currency totals 369.8 billion yuan (about 44.55 billion US dollars), while deposits in hard currencies are equal to 7.33 billion US dollars and volume of unpaid loans in hard currencies are equivalent to 2.52 billion US dollars, according to Gao.
There are 2,800 financial organizations of different kinds in Guangzhou, and residents of the city have opened 1.75 million trading accounts at Shanghai and Shenzhen bourses.
The local governments at all levels, enterprises and scientific research organizations have made great efforts to divert large sum of idle capital into investment projects.
A great part of venture investment will come from idle capital which will also become a leading force in investing in the high-tech industry, explained Yang Yongbi, head of the Science and Technology Commission of Guangzhou.
Guangzhou will open its arms to welcome all investment organizations to expand their business in this southern Chinese city, said Yang.
The city government of Guangzhou has already raised 500 million yuan to launch a venture investment fund, said Yang, adding the city has been making preparations for setting a council for promotion of venture investment.
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