Pudong boasts booming financial industry

On Dec 16, a conference was held in Pudong to reflect on the successes of the financial industry's growth and to foresee how Pudong's future growth will be supported by the booming financial sector.

In the first three quarters of this year, the added value of Pudong's financial industry reached 371.46 billion yuan ($53.34 billion), up 6.4 percent year-on-year, which 0.2 percentage points higher than that of Shanghai's total, and accounted for 33.1 percent of Pudong's gross domestic product (GDP).

Pudong underlined the crucial importance of the financial industry in economic development over the same time period as it was under pressure from declining demand, decreasing supply, and falling expectations. From January to October, the GDP of Pudong stood at 1.12 trillion yuan, up 1.4 percent year-on-year, with the financial industry increasing the GDP by 2.1 percentage points.

The booming financial industry has made great contributions to the development of micro, small and medium-sized enterprises. From January to November, Pudong provided financial support to a total of 3,412 micro, small and medium-sized enterprises, with loans amounting to 12.36 billion yuan, an increase of 30 percent year-on-year.

At the same time, Pudong has also utilized the thriving capital market to help the development of the real economy. As of the end of November, 44 companies were listed on the sci-tech innovation board in Pudong, which increased the total market value to 855.2 billion yuan.