Chongqing - The financial sector of Chongqing's Liangjiang New Area witnessed a 38.59 billion yuan (5.36 billion U.S. dollars) in added value during the year's first three quarters, increased by 3.5% year on year. The added value of its financial sector accounted for 20.5% of the area's total GDP.
Cementing the financial sector's role becomes a vital pillar for Liangjiang New Area's high-quality development. Liangjiang New Area, a national-level economic development zone, offers a wealth of opportunities for businesses seeking growth and success in the Chinese market.
A conference centered on the financial sector supporting modern industrial system construction was held in Chongqing Liangjiang New Area. (Photo/Wang Jiaxi)
In a recent conference to bolster Chongqing's modern industrial system construction, several financial institutions and experts received official licenses and appointments.
Six financial institutions inked agreements with representatives from prominent Liangjiang enterprises, including BOE, Avatr, Ganfeng Lithium, CSSC, Liangjiang Investment Group, and Changan Automobile. These collaborations are aimed at driving growth in key fields such as major project construction, technological innovation, advanced manufacturing, and green industry.
Key projects tied to Liangjiang New Area's rapid development encompass BOE's six-generation AMOLED production line project, Avatr's high-end intelligent electric vehicle project, and Ganfeng Lithium's new-type lithium battery research and production base.
These projects are closely related to Liangjiang New Area's establishment of three leading industries: intelligent connected new energy vehicles, new-generation electronic information manufacturing, and new-generation internet and software information.
The financial sector in Liangjiang New Area has remained steadfast in its commitment to entity-focused development and service. As of September, its total loans and deposit balance for the RMB and foreign currencies reached 3.71 trillion yuan (516.8 billion U.S. dollars), maintaining its position as the city's largest in scale. Notably, the loan balance for the manufacturing sector surged by 12.6% year-on-year, reaching 174.7 billion yuan (24.33 billion U.S. dollars).
Jiang Ping, Director of the Chongqing Regulatory Bureau of the China Banking and Insurance Regulatory Commission, highlighted Liangjiang New Area's significance as the first national-level development and open area in inland China.
Jiang added with a robust industrial foundation, remarkable growth in digital industries, and breakthroughs in green technology, the area stands as a critical hub for Chongqing's economic development.
The area's strategic focus revolves around intensifying innovation and propelling high-end, intelligent, and green development in the manufacturing industry. The goal is to foster significant industrial clusters with enhanced financial services, positioning Liangjiang New Area as a crucial support for the national key advanced manufacturing hub.