Financial institutions based in Shenzhen have just seen their deposit levels rise to record-breaking levels.
Figures from Shenzhen’s municipal financial regulator indicate that as of the end of December 2020 the domestic and foreign currency deposit balance of the city’s financial institutions stood at 10.19 trillion yuan (approx. USD$1.55 trillion), breaching the 10 trillion yuan threshold for the first time in history.
Shenzhen officials said the rise in deposits follows “vigorous supply-side structural reforms, and in particular the adoption of a series of measures since 2019 to drive high-quality development of the financial sector.”
Shenzhen is also host to a total of 333 listed companies, putting it just behind Beijing and Shanghai.