Yantai bolsters integration of finance, industries

A conference focusing on the integrated development of finance and industries was held in Yantai, a coastal city in East China's Shandong province, on April 27.

Headers from policy banks, State-owned commercial banks, joint-stock banks, provincial banks, commercial banks, legal service institutions, accounting firms, and credit rating agencies, as well as government officials, attended the conference.

The Yantai government promoted 252 key projects with total finance demands exceeding 300 billion yuan ($46.25 billion). The projects involve equipment manufacturing, healthcare, modern logistics, the modern marine industry, cultural tourism, the high-end chemical industry, electronic information, and infrastructure construction.

Seventy projects being carried out by high-end technological enterprises have 34.1 billion yuan in financing demands for advanced manufacturing, new materials, new energy, and new medicine.

The local government signed cooperation agreements with 39 key finance institutions at the conference, including the Shandong branch of China Development Bank, the Shandong branch of Export-Import Bank of China, and the Shandong branch of Agricultural Development Bank of China.

The China Development Bank has maintained a close cooperative relationship with Yantai. During the 13th Five-Year Plan period (2016-20), the bank provided 35 billion yuan in loans to Yantai to support the construction of the city’s key projects.

The head office of the Bank of China has designated the Yantai branch as one of 56 key city branches in China. It will strengthen the allocation of credit resources to promote the city’s shift from old to new growth drivers. Yantai has developed close cooperation with key financial institutions in China. Currently, the total number of financial institutions in the city is 183, 35 more than in 2015.

The local government will increase policy support to promote the development of financial institutions and create a strong business environment for financial development.