Guangzhou government will allocate 50 million yuan every year to support the finance industry, sources with a government financial meeting said yesterday (March 20).

The meeting announced a package of supportive measures for the finance industry, including setting up a leader team lead by the Guangzhou mayor and establishing a financial development foundation. The government is giving out up to 5 million yuan in prizes for companies that set up financial headquarters in Guangzhou's financial center Zhujiang New City, or Zhujiang Xincheng.

The government is working to build Guangzhou into a regional financial center for bank loans, RMB currency settlements, insurance, and property rights exchanges.

Editor: Yan