Lin-gang drafts financial sector, overseas trade guidelines
The Lin-gang Special Area – located in East China's Shanghai city - on June 8 announced new five-year plans for the development of its financial sector and guidelines to attract new international trade and commerce.
Yuan Guohua, deputy-secretary of the Party working committee of the Lin-gang Special Area, introduces the two new five-year plans on June 8. [Photo/WeChat account: shlgguanweihui]
Under the blueprint, during the 14th Five-Year Plan period (2021-25) the annual growth target for the added value of the finance industry in the area is over 25 percent. In addition, the added value of the finance sector is projected to account for 10 percent of regional GDP by 2025, reaching the average level of major financial centers in China.
The target is that by 2025, 300 financial institutions and various types of investment enterprises will have settled in Lin-gang, with the management scale of private equity funds reaching 300 billion yuan ($46.98 billion).
In terms of credit lines, the scale of funding support of the area will reach 160 billion yuan by 2025, while the direct financing scale will reach 50 billion yuan accumulatively. The number of newly listed companies will reach 30.
In terms of cross-border functions, during the 14th Five-Year Plan period, 60 new cross-border capital pools will be added in Lin-gang.
The average annual growth rate of cross-border financing is projected to be 30 percent, with the cross-border settlement volumes reaching 400 billion yuan in 2025.
According to the new international trade plan, by 2025 total imports and exports of goods in the area will reach 200 billion yuan and total imports and exports of services will reach 65 billion yuan.
The cross-border digital trade volume will achieve an annual growth rate of 5 percent, while the offshore trade volume will achieve an annual growth rate of 30 percent.
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