Added value of Shenzhen’s financial industry hits $47.5 b

The added value of Shenzhen's financial industry reached over 300 billion yuan ($ 47.5 billion) in 2017, accounting for 13.6 percent of the city's GDP, according to a report released on April 25 by the city's financial development services office. 

In 2017, the tax revenue (both national tax and local tax) levied from the city's financial sector totaled nearly 112 billion yuan, a year-on-year increase of 14.3 percent, making up 20.5 percent of the city's total tax revenue. 

The report also revealed that by the end of 2017, the city was home to a total of 439 licensed financial institutions, among which 188 were legal person institutions.

Shenzhen's banking industry has seen stable performance during the past year, with assets totaling 8.38 trillion yuan, up 6.85 year on year. By the end of December 2017, saving deposits of Renminbi and foreign currencies reached 6.97 trillion yuan, increasing 8.2 percent from the previous year.

The total assets of Shenzhen's securities companies totaled 1.36 trillion yuan in 2017, and the industry's total assets, net assets (387.2 billion yuan), net capital (313.2 billion yuan), annual revenue and net profit ranked just behind Shanghai among all Chinese cities. During the past year, 22 securities companies in Shenzhen achieved a total turnover of 69.7 billion yuan, with net profits reaching 25.9 billion yuan.

The insurance industry in Shenzhen saw its original premium income hitting 103 billion yuan, up 23.4 year on year, with income from property insurance and life insurance accounting for 27.4 percent and 72.6 percent of the total, respectively.

The report also mentioned that Shenzhen ranked 20th worldwide in the 22nd Global Financial Centers Index (GFCI) published by commercial think-tank Z/Yen Group, just behind Hong Kong, Shanghai and Beijing in China. Compiled and published twice a year, the GFCI is a widely quoted ranking of the competitiveness of financial centers all over the world. The index takes into account business environment, financial sector development, infrastructure, human capital, reputation and other factors. 

Shenzhen ranks 20th worldwide in the 22nd Global Financial Centers Index (GFCI) published by commercial think-tank Z/Yen Group. [Photo/sznews.com]