Yunnan aims to be int’l hub for financial services

Editor：王世学   2020-09-20 09:48:27
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A press conference on accelerating the construction of modern industrial system in Yunnan was held in Kunming on September 8, stressing Yunnan’s promising role as an international hub for financial service.

By forming a wide-coverage system for credit services, Yunnan will foster a multi-level capital market, give full play to the role insurance companies, and promote financial innovation in the pilot free trade zones (FTZ),” said the recently-issued Decision on Accelerating the Construction of Modern Industrial System in Yunnan. 

In 2019, the added value of Yunnan's financial industry was 140.6 billion yuan (around 20.768 billion U.S. dollars), ranking as a 100-billion-dollar industry for three consecutive years.

According to the decision, the added value of the province's financial services will reach 200 billion yuan (around 29.54 billion US dollars) by 2025, and the amount will amount to 300 billion yuan (44.31 billion US dollars) by 2030. 

By 2035, Yunnan is expected to fulfill its role as an international hub for financial service center in southwest China, South Asia and Southeast Asia. 

Yunnan is improving its financial services, focusing on financial reform in the pilot border zones and free trade zones. In July 2020, the balance of RMB and foreign currency loans in the province added up to 3.39 trillion yuan (500.7 billion US dollars), a year-on-year increase of 11.53%. 

Next, Yunnan will enhance its ability to prevent financial risks, step up financial innovation, and optimize the business environment for financial institutions. Give full play to insurance firms in risk prevention, the province will encourage insurance services for health, old age, liability, guarantee, and catastrophes.

Conducting financial reform and innovation in the pilot FTZs, Yunnan will strengthen financial exchanges and cooperation with south and southeast Asian countries, in a bid to turn itself into a regional hub for financial services.

Reporting by Yang Yuyan; trans-editing by Wang Shixue