Fujian releases five-year plan to boost financial industry

The Fujian provincial government recently issued a special plan for the development of the province's financial industry during the 14th Five-Year Plan (2021-25) period.

In view of the key areas and shortcomings in the development of Fujian's financial industry, the plan included 10 special actions for direct financing, insurance development, marine finance, financial support for rural revitalization, inclusive finance, carbon finance, digital finance, Fujian-Taiwan financial cooperation, Maritime Silk Road finance, as well as financial risk prevention and control.

Following the plan, Fujian province will strive to achieve an added value of 500 billion ($77.60 billion) to 510 billion yuan in its financial industry in 2025, accounting for about 7.7 percent to 7.85 percent of its gross domestic product.

The province's domestic and foreign currency deposit balances are expected to reach 8.2 trillion yuan by the end of 2025.

The growth rate of loans in manufacturing and green credits during the 14th Five-Year Plan (2021-25) period is expected to be higher than that of the 13th Five-Year Plan (2016-20) period.

During the same period, the province also aims to achieve an average annual direct financing of more than 500 billion yuan by non-financial enterprises, with an average of more than 13 new listed companies to be added each year.

The province will also bolster effort to generate a premium income exceeding 200 billion yuan, with an average annual growth rate of over 10 percent in the 14th Five-Year Plan (2021-25) period.

The financing guarantee magnification of the provincial government financing guarantee institutions will be four-fold, while the average financing guarantee rate of about 1 percent by the end of 2025.