Financial firms in FTZ generate value
Print Edition
THE financial industry in Shanghai’s pilot free trade zone achieved an added value of 146.1 billion yuan (US$23 billion) in the first three quarters of this year, data from the zone’s administration revealed yesterday.
The added value jumped 27.2 percent year on year, compared with the increase of 18.8 percent for the whole of 2014, according to data released by the financial bureau of China (Shanghai) Pilot Free Trade Zone.
The number of the FTZ-based traditional financial institutions rose by 39 to 883 at the end of September, made up of 257 banks, 376 securities companies and 250 insurers, data showed.
The FTZ witnessed a 64 percent year-on-year surge in private equity investment and management firms to 3,954 during the period.
Meanwhile, the number of financial service companies surged by 71 percent to 1,808 in the first nine months of this year, data showed.
The zone’s regulator pledged to further open the cross-border use of the yuan and deregulate capital account.
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