The finance sector will contribute 5 percent of Guangdong's annual GDP by 2010, such target was released by Governor Huang Huahua on a meeting on June 5 in Guangzhou.

On the meeting, Huang said, Guangdong will strengthen its finance service sector, by seeking sound and rapid development, bettering crisis management and prevention and support the growth of finance institutes in local market.

Huang set a target for the sector's development:

By 2010, the finance sector's output will account for 5 percent of the province's GDP and 11 percent of the output of Guangdong' tertiary industry respectively. The finance institutes will yield 100 million RMB and the listed companies will have a gross market value of 2 trillion RMB;

By 2015, the finance sector's output will account for 8 percent of the province's GDP and 15 percent of the output of Guangdong' tertiary industry. The yielding of finance institutes and listed companies' market value will double the correspondent figures of 2010.

By 2020, the province will have a sound finance market with Guangzhou and Shenzhen as its dual cores, which work closely with the counterparts in Hong Kong.

Huang identified 6 top tasks in the campaign to expand its finance sector:

1. support the reform of state-owned finance institutes' branches in Guangdong
2. support the development of local finance institutes, support the expansion of finance sectors of Guangzhou and Shenzhen
3. better the finance service in rural area
4. develop local finance market
5. Strengthen the international finance cooperation and better the related crisis management and prevention.
6. Bettering the overall finance services

Vice Governor Song Hai said in the meeting that the province is going to set up a "Finance-related Hi-tech Service Zone" and will carry out new policies to encourage the local finance institutes' development.

Editor: Yan