Government leaders and business executives have laid a roadmap for greater coordination of financial service development in the Yangtze River Delta during a financial forum concluded on Monday in Nanjing.
It calls for promoting partnerships among governments, financial service authorities and businesses in the region, enhancing the capital flow and integrating the functions of financial infrastructure in the area.
To demonstrate their resolve, 14 city commercial banks in the region during the forum inked strategic cooperation agreements, establishing systems for joint meetings, policymaking and dispute arbitration.
Consisting of Shanghai and neighboring Jiangsu and Zhejiang provinces, the delta's 2007 GDP reached 4.67 trillion yuan. The region occupies less than 1 percent of the country's land area and is home to about 6 percent of its population but accounts for 18.9 percent of China's GDP.
Industry experts have been calling for better integration of the region's financial sector to improve efficiency of financial resources' allocation among cities and strengthen the area's competitive edge.
"Shanghai's dream of becoming a global financial center very much relies on support from financial partnerships in the Yangtze River Delta region," Shanghai Vice-Mayor Tu Guangshao told the forum. The impact on the city would spread throughout the region and to the rest of the country, he added.
Zhejiang and Jiangsu are aiming to attract more domestic and overseas banks, and securities and insurance firms.
Deputy Governor of the People's Bank of China Su Ning said local governments and financial service industry authorities in the region should work together to develop a scientific plan for financial integration.
In addition, given the region's robust economic growth and affluent capital, new efforts in financial innovation could increase the efficiency of resource allocation and risk control, he said.
Further reforms of foreign exchange management are needed for a freer flow of capital in the region, and coordinated steps should be taken to combat money laundering, prevent financial risks and promote the healthy development of the financial industry.
At the forum, Bank of Jiangsu, Bank of Nanjing, Bank of Shanghai and 11 smaller players in the region signed a strategic partnership agreement. The deal covers a number of fields, including treasury operations, accounts settlements, credit, product innovations, IT systems, information exchanges, risk management and human resources and management skills.
Source: China Daily
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