Guangzhou promotes in New York plan to build financial center

NEW YORK - China's Guangzhou city on Friday presented at New York's Nasdaq Stock Market its incentive policies for building a global financial center.

A visiting delegation of government officials, bankers and scholars presented the city's financial policies at the 2018 Guangzhou financial roadshow to the Global Bay Areas in New York, which is organized by the Bureau of Financial Affairs of Guangzhou Municipality.

The bureau's deputy director Chen Ping said, "New York is the world's top financial center. Under the background of rapid development in Guangdong, strengthening exchanges and cooperation between New York and Guangzhou can provide a useful reference for the construction of a Guangzhou financial center."

Measures to attract overseas financial institutions to the capital of South China's Guangdong province include an award of up to 3.9 million US dollars. Guangzhou has also similar incentive policies for overseas talents specialized in such areas as financial technologies, investment and risk management.

After setting up a financial arbitration court and six financial transaction platforms, Guangzhou has planned to build an international finance zone to build her financial headquarters.

Chen noted that the China-proposed Belt and Road Initiative and the development of the Guangdong-Hong Kong-Macao Greater Bay Area are creating more opportunities for US businesses in Guangzhou.

Last year, the tripartite zone's gross domestic product (GDP) surpassed that of San Francisco and is approaching New York's.

Guangzhou is now the location of 126 financial institutions from countries and regions worldwide. The added value of its financial industry has increased by 106 percent in the past five years, clocking the fastest growth pace among the major cities in China. The financial sector now accounts for 9.3 percent of its GDP.