Finance is not only the blood of national economy, but also the barometer and regulator of economic operation. It was reported from Yichang Municipal Government Financial Services Office on August 4th that the government had introduced Municipal People’s Government on Supporting Innovative Development of Financial Reform to further support financial reform and innovation, which will provide services for Yichang to build up the Three Gorges Urban Agglomeration and regional financial center at upper and middle Yangtze River. According to “Ten Financial Regulations” (the full title of the document is The State Council General Office on the Financial Support Economic Restructuring and Transformation and Upgrading of Guidance), by 2020, more than 2 foreign capital banking financial institutions and over 20 financial institutions in national bank insurance industry will be introduced, and a batch of organizations will also be founded, including security, futures, entrust, funds, property management, financial leasing and so on, so the added value of financial industry is expected to reach 6% of GDP. Meanwhile, various banking financial institutions will be encouraged and supported to establish credit organizations for small and micro businesses to ensure that the releasing of policy-type credit capital will grow year by year and be over 20 billion RMB by the period of “the 13th Five-Year Plan”. The remaining balance of municipal loans and deposits is expected to speed up as 15% year by year with over 600 billion RMB of deposits balance and over 450 billion RMB of loans balance in 2020. By perfecting the guarantee system, the government will expand the scale of emergency working fund for middle and small-sized enterprises, and the scale of municipal emergency financial working fund is expected to reach 0.3 billion RMB within 2015.The government encourages an innovative financial mode and supports banks to cooperate trans-regionally. It backs up four major state-owned investment holding groups and social capital to sponsor or to join in VC (venture capital fund), industrial capital fund, PE (private equity) and city capital fund in Yichang. It encourages social capital to participate the reforms of financial institutions, striving to make the total scale of municipal social financing over 140 billion RMB in 2020.By striving to develop direct financing, there will be over 20 marketing enterprises and 100 “new three-board market” and “four-board market” listed enterprises in the whole city in 2020. Moreover, it also explores to establish VC fund in high-tech zone of Yichang to promote angel investors and famous venture capital institutions at home and abroad to develop in Yichang. (Reporter Xiangchen)

Background Linking

Ten Financial Regulations

1 To cultivate financial participants; 2 To set up counterparts’ cooperation platform; 3 To perfect the guarantee-assisting system; 4 To encourage innovative financial modes; 5 To guide the input of social capital; 6 To strive to develop direct financing; 7 To support and develop scientific finance; 8 To accelerate the advancement of modern insurance industry; 9 To boost an open innovation of finance; 10 To optimize financial ecological environment.