Turning Yichang into a regional financial center is one of the major targets in the conversion of Yichang into a modern mega city. Huang Chuping, a Member of Provincial Standing Party Committee and Secretary of Yichang Municipal Party Committee, met with Ren Qingyao, the President of Wuhan Branch of China Guangfa Bank at Taohualing Hotel on Wednesday, they arrived at a consensus on the issue of establishing a Yichang Branch to co-build Yichang into a regional financial center. In addition, other government officials also attended the meeting.

As one of the earliest joint-equity commercial banks in China and a pilot of China’s financial system reform, China Guangfa Bank (CGB) opened for business in Zhujiang in September, 1988. And it ranked 123rd among the top 1000 big banks around the global in 2012 rated by a British magazine The Banker.

After expressing his ardent welcome to Ren’s visit to Yichang, Mr. Huang introduced to him the development of building Yichang into a modern mega city. He said Yichang’s present development provided unprecedented opportunities for entrepreneurs and bankers at home and abroad. He welcomed the decision by the board of CGB to operate in Yichang and hoped that the cooperation between Yichang Government and CGB would give a boost to turn Yichang into a regional financial center. Besides, he promised that Yichang Government would offer satisfying environment for the development of CGB.

Mr. Ren spoke highly of Yichang Government’s ambition to transform Yichang into a modern mega city, Yichang’s considerable potential for development and the proper environment for finance industry, and expressed that CGB would be in full support of the idea of turning Yichang into a regional financial center by means of setting up a branch in Yichang, which may help Yichang achieve the leap-forward development in economy and society. He added that except for Wuhan Branch of CGB, Yichang now is the second city that has a branch of CGB in Hubei Province.

It was informed from the Financial Office of Yichang Municipal Government that since 2013, the executives out of five big banks including China Everbright Bank, China Development Bank, Huaxia Bank, Wuhan Rural Commercial Bank and China Guangfa Bank have pledged to establish their branches in Yichang. Up to now, the preparatory work is in full swing and it is estimated that their branches in Yichang will open for business at the end of the year.

But why so many financial companies are eager to operate in Yichang? The reason, according to the Vice President of CDB-Capital He Jinlei attending the joint conference for executives of finance on May 16, is that “the prospect of Yichang emerging as a modern mega city is inviting; therefore no financial companies shall fail to take advantage of this opportunity to do business in Yichang.” Even earlier than that, blunt remarks made by Yin Xingshan, the President of Wuhan Branch of The People’s Bank of China at the “Cooperation Meeting of New District of Yichang and Wuhan” ---- To build New District of Yichang has become part of China Dream and officials from financial departments like him look forward to seeing a Yichang City with promising future.

Official statistics indicate that of 23 provincial banks, 16 of them have set up their own branches or agencies in Yichang while 20 provide service related to credit operation. It has been estimated that the line of credit extended by 16 provincial banks will increase by 347.7 billion RMB in the next five years. Up to the end of March, the balance of the credit in Yichang summed to over 200 billion RMB, which accounts for as much as 25% of that among prefecture-level cities in Hubei. “With the great support from numerous financial companies, we have enhanced our confidence and solution to turn Yichang into a regional financial center as well as a modern mega city,” Mr. Huang said so when meeting with guests. (Reporter Liu Zirong)