Shenzhen’s “15th Five-Year Plan” Outline: By 2030, the added value of the financial industry will exceed 700 billion yuan

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The publication of the “Outline of the 15th Five-Year Plan for the National Economic and Social Development of Shenzhen” has been released, which proposes to drive corporate-headquarters banks to increase their capital scale, continuously optimize corporate governance, and enhance their overall competitive advantages; and to support private banks in building pilot models of digital inclusive financial services. It also calls for securities, fund, and futures institutions to improve their innovation capabilities; to support leading securities firms in becoming comprehensive and full-service investment banks; to drive large state-owned securities companies to strengthen their capital strength; and to build first-class international investment banks and investment institutions. In addition, it calls for fund companies to get stronger and better, and to increase market share. It supports insurance corporate institutions in establishing specialized subsidiaries in areas such as asset management, industrial investment, medical care, health, and elderly care. It also supports the high-quality development of bank wealth management companies, financial companies, consumer finance companies, trust companies, and financial leasing companies. Eligible manufacturing enterprises are encouraged to set up financial leasing companies, and to build specialized financial leasing clusters focused on large equipment such as aircraft, ships, and offshore engineering machinery. By 2030, the added value of the financial services sector will exceed 700 billion yuan. (People’s Financial News)
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