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Ningbo to Turn into Financial Center in South Yangtze River Delta

Wednesday, 22 February 2012 | 11:00
According to the twelfth five-year plan for the development of finance in Ningbo released on February 16th, the targeted goal is to build Ningbo into a financial center of south Yangtze river delta by creating financial services for marine economy, shipping logistics, private capital, small and medium-sized enterprises as well as innovative financial service for rural areas and back-up service for finance. Those efforts are to lay a solid foundation in building Ningbo into a city strong in finance.
Financial Ecology to Rank First in the Whole Country
During the 11th Five-Year Plan period, Ningbo has basically established a financial system with a rational structure, strong functioning and increasing competitiveness. As a result, Ningbo boasters a strong financial advantage with the rapid development of finance, which lays a solid foundation in making Ningbo a regional financial center.
In the 12th Five-Year Plan period, we should continue to improve the size and overall strength of finance, boost the development of service economy and the ability to support economic construction in Ningbo. By the end of the 12th Five-Year Plan period, the output of financial sector is estimated to reach 80 billion yuan, with an average annual growth of over 16%, accounting for over 8% in the city GDP and over 20% in the tertiary industry.
Meanwhile, we have continued to improve the financial ecological environment, financial supervision as well as financial stability. We will work hard to maintain AAA credit assets quality and the national highest rating in corporate integrity. We will also strive hard to rank first in national financial ecology. With these efforts, a relatively complete credit information system has been established, laying a fine credit foundation in building Ningbo into a regional financial center.
Develop green finance. Financial institutions should be encouraged to pay more attention to energy saving and emission reduction, to vigorously develop "green credit", "green securities" as well as "green insurance", and to support enterprises and projects. We should conform to the trading trend of international carbon-emission right. In response to the energy saving and emission reduction strategy and large carbon emission by Ningbo port industry, we should proactively seek the establishment of environment exchange or carbon exchange, where carbon transaction can be performed. This new form of finance will facilitate energy saving and emission reduction.
As for the spatial layout of industry, "one main center and three financial gathering areas" will be built. One main center refers to the financial service center in east Ningbo. Three financial gathering areas refer to gathering areas of financial back-up industries in Hangzhou Bay New Zone, gathering areas of investment plaza in hi-tech park, and gathering areas of financial intermediary agent in the business district of south Yinzhou. Such a layout makes it possible to gather industries with similar financial services and it also highlights Ningbo's uniqueness of promoting financial services in marine economy and shipping logistics while developing regional finance
Source: Ningbo Life
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