The financial authorities for the southern Chinese tech hub of Shenzhen have flagged the unveiling of further fintech support policies.
He Jie (何杰), head of Shenzhen’s local financial regulatory department, said that the municipal government is currently in the process of formulating new specialist fintech support policies.
The next step will be for Shenzhen to accelerate arrangements for the fintech third party services sector, and strive to transform into a “core engine for Great Bay Area fintech growth, a standardised demonstration base for fintech talent, and a leading region for sustainable fintech development.”
He Jie made the remarks at the China Wealth Management 50 Forum (中国财富管理50人论坛) on 27 July.
According to He in the first half of 2019 the added value of Shenzhen’s financial sector was 166.316 billion yuan for YoY growth of 7.0%, accounting for a 13.7% share of municipal GDP.
As of the end of June the net capital of Shenzhen’s securities sector was second in China, while the municipality ranked first in the country for operating revenues and net profits.