Foshan Advanced Manufacturing Financial Hub Launches in Sanlongwan
Foshan China 2023-07-03 17:24

On June 28, the launching ceremony of the Foshan Advanced Manufacturing Financial Hub and the New Fortune Investment Bank Capital Forum, as well as the 16th New Fortune Best Investment Bank Award Ceremony, were held in the core area of Sanlongwan, Foshan. At the event, the construction of the Foshan Advanced Manufacturing Financial Hub was officially launched. Based in Foshan and radiating to the Guangdong-Hong Hong-Macao Greater Bay Area (GBA), the financial hub will become a powerful engine to agglomerate high energy level financial factors, empowering the manufacturing industry.

As the only comprehensive reform pilot city for the transformation and upgrading of manufacturing industry in China, Foshan is promoting the manufacturing industry with high quality, calling for a more efficient, open and dynamic financial system to provide financial support for technological innovation, industrial chain upgrading, industrial structure adjustment and the optimization of manufacturing industry.

Covering a total area of 3.98 square kilometers, the core area of Foshan Advanced Manufacturing Financial Hub locates in Foshan New City, one of the most advanced regions in the GBA. As a transportation hub of the GBA, Foshan New City, with top-notch urban facilities worth hundreds of billions, has already made itself a modern city, attracting leading financial enterprises such as Ping An Bank Foshan Branch, China Construction Bank Foshan Branch, and Foresea Life Insurance Foshan Branch to settle. Furthermore, the Hub also plans to cultivate and introduce a group of high-quality financial institutions, design and innovate a series of financial products, develop and enrich different financial formats, and form a modern financial service system that is physically concentrated, functionally complete, policy-supported, and overall coordinated.

At the ceremony, the "Foshan Advanced Manufacturing Financial Hub Work Plan" was released, where five key missions were defined, including improving the concentration level of financial resources, building a commodity trading market integrating with futures and spot markets, promoting the high-quality development of financial service and manufacturing industry, building a manufacturing industry based on capital market highlands, and actively carrying out international financial cooperation.

Meanwhile, work objectives of the Hub in the next five years were also put forward. Firstly, the Hub aims to introduce more than 100 financial institutions and service institutions. Secondly, the balance of manufacturing loans in the whole region, domestic and foreign currency deposits of financial institutions and loans aim to exceed 150 billion yuan, 1200 billion yuan, and 800 billion yuan respectively. And the number of listed companies is expected to exceed 75.

Ni Quanhong, Deputy Director of Guangdong Provincial Local Financial Supervision and Administration Bureau, said that since Foshan has been an important manufacturing base in China and even the world with Shunde as a renowned manufacturing stronghold. It is an important opportunity as well as a key issue for Foshan to activate the new vitality of advanced manufacturing industry with financial innovation and create a new model for the integrated development of modern finance and advanced manufacturing industry.

Zhou Zixiao, vice mayor of Foshan, also pointed out that, in the future, Foshan will make every effort to build an advanced manufacturing financial hub, and support deeper integration of finance and advanced manufacturing by implementing the right measures including giving full play to the advantages of "large market, excellent location and friendliest cooperation", taking the needs of enterprises as the guide and collecting the best resources.

To build a high-quality financial hub for advanced manufacturing in Foshan, the city will not only consolidate its existing advantages but also continuously shape new driving forces and strengths. The five key development paths for the Hub have been identified as follows: to become a new engine for the aggregation of high-level financial factors, the cradle of "Foshan prices" through the linkage of futures and spot markets, a pioneer for Foshan's financial and manufacturing industry, an incubator for the "Foshan forces" in the capital market, and a major platform for international financial service cooperation.

In the future, Foshan's Advanced Manufacturing Financial Hub will introduce more financial institutions, services and resources, providing comprehensive support for the development of the city's manufacturing industry. In addition, the Hub, as a metropolitan center with strong comprehensive strength, vitality, and driving force, will continue radiating to key urban areas in Guangzhou and Foshan and aims to explore new paths, accumulate experiences, and provide demonstrations for deep integration between the financial industry and advanced manufacturing not only within the city but also across the entire province.

Reporter | Christy

Revisor | Eleanor, Eddie

Photo | Foshan News and Media Center