Zheng Decheng, a delegate to the Guangzhou People's Political Consultative Conference submitted a proposal last year to speed up the development of Guangzhou as a regional financial center. The city's Finance Office recently responded to his proposal, saying that Guangzhou will introduce a differentiation strategy to build three state-controlled financial conglomerates. Moreover, the Civil Financial Street in Yuexiu District, the SME Financial Service Zone in Zengcheng City, and the CBD in Tianhe District will be listed as the first Internet financial industry bases.
In its reply, the Finance Office said that Guangzhou will adopt multiple measures to promote the growth of the city's state-owned financial businesses and introduce a differentiation strategy to build three state-controlled financial conglomerates.
Yuexiu Group will be built into a large-scale diversified conglomerate with a full spectrum of interests in the financial and industrial sectors and with extensive operations in both domestic and overseas markets.
Guangzhou Financial Holdings Group will be built into a modern financial conglomerate with a comprehensive range of interests in the financial sector, steadily increasing innovation capacity for financial products, and a high level of intensive financial asset operations.
Guangzhou Rural Commercial Bank will be built into a financial conglomerate with flexible mechanisms, proactive innovation and prominent features.
The three companies will eventually become the top three headquarter financial platforms for the city's state-owned financial businesses.