Guangdong province, the industrial powerhouse in southern China, plans to deepen financial reforms and encourage more private capital into its institutions, Xinhua news agency reported Wednesday.
Social capital and provincial enterprises will be encouraged to participate in new funding activities in the province, and share expansion and restructuring of local financial institutions, the report said, citing a document issued by the provincial government.
Authorities plan to push forward integrated and innovative development of financing, science and technology and industries.
Financial services for small businesses will be improved and innovative online financing will be promoted, the report added.
By the end of 2013, the financial industry’s added value accounted for 6.1 percent of Guangdong’s gross domestic product, Liu Wentong, head of the financial work office of the Guangdong provincial government, was quoted as saying.
The figure is expected to reach 9 percent in 2020.
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