Jinan opens arms to more financial companies

An investment promotional event featuring the top 10 emerging industries is held in Jinan, East China's Shandong province. [Photo/iqilu.com]

Jinan, capital city of Shandong province, pledged to further open its financial markets and improve its business environment to welcome more financial projects at an investment promotion event held in the city on Jan 15.

A total of 30 projects with a combined value amounting to 9.99 billion yuan ($1.48 billion) were signed at the conference covering the intelligent manufacturing, automobile, new energy and service industries to help promote Shandong's economic development.

Li Zijun, the deputy mayor of Jinan city also released a string of new policies to attract investment, highlighting Jinan's desire to do business with companies from around the world.

It offers great privileges for financial companies. Subsidies for financial companies to be launched will top 120 million yuan and these companies also can enjoy subsidies for increasing capital, talents and office buildings allowances.

To provide better services for investors, Jinan has planned to build Hanyu Gold Valley, a central business area at Jinan's Lixia district.

Some renowned financial companies have signed agreements to launch such as Qilu Securities, Postal Savings Bank of China, and Shandong Ocean Investment Co.

In addition, the transport network established by Jinan in recent years is creating a favorable environment for investors.

As a provincial capital city, Jinan has great advantages in its goal to develop into a regional financial center. Jinan is home to 34 listed companies. Shandong Gold Group Co and Qilu Transportation Development Group were listed at the Stock Exchange of Hong Kong (SEHK) in 2018.

"The rise of the number of listed companies is reliable evidence of the city's development," said Li. To date, the city is home to 655 financial agencies, an increase of 85 in one year. 

Thanks to the open and inclusive environment in the city, it has become common sense for financial entrepreneurs to start businesses in Jinan, according to Li.

The financial industry has developed into one of the 100 billion industries in Jinan. In 2018, the added value of the city's financial industry reached 83 billion yuan and tax revenue for the financial sector reached 14.3 billion yuan.