The balance of RMB and foreign currency deposits at financial institutions in Shenzhen for the first time broke the 10 trillion yuan mark (US$1.54 trillion) to reach 10.19 trillion yuan by the end of December 2020, the Shenzhen Municipal Local Financial Regulatory Bureau said Wednesday.
Shenzhen has become the third city in the country to have over 10 trillion yuan of RMB and foreign currencies in deposits, after Beijing and Shanghai.
The achievement was associated with a fast development of the city’s financial industry last year, according to staff with the bureau.
In recent years, Shenzhen has committed to advancing supply-side structural reform in the financial industry and took a batch of measures to promote a high-quality development of the industry.
“The balance reflects the city’s capability to attract capital, which is not only a core indicator of the development of the financial industry but also an important factor to review the city’s comprehensive strength and its development potential,” said a staffer with the bureau.
In terms of financial reform, ChiNext successfully piloted a registration-based IPO system, helping the first batch of 18 companies go public. A trial of digital currency was also successfully launched in Shenzhen.
Concerning financial services for the real economy, Shenzhen has introduced financial resources of various kinds to companies, especially to small and medium-sized enterprises.
The number of listed companies in Shenzhen reached 333, the third-largest number in the country after Beijing and Shanghai.
During the pandemic, Shenzhen became the first city to initiate a financial program to support companies to weather the crisis.
A total of 133 small-loan companies in the city delayed repayment of loans worth over 1 billion yuan.
The city is now on its way to create four centers, specifically: global financial innovation center, global innovation capital formation center, global financial technology (FinTech) center and global sustainable finance center.