Zhengzhou’s 2023 Economic and Social Development Plan Aims to Boost Financial Industry

02/22/2023 09:10 • Crypto & Markets • 93 views

It is reported that the People’s Government of Zhengzhou issued a notice on the issuance of the 2023 National Economic and Social Development Plan of Zhengzhou. It was mentioned that we should promote the construction of the national regional financial center, promote the approval of the pilot city of digital RMB, promote the pilot operation of policy-oriented science and technology innovation finance with the Bank of Zhengzhou as the main body, guide financial institutions to innovate financial products, guide Yutong Group to merge and acquire auto finance companies, fill in the blank of local new financial licenses, expand and strengthen the futures industry, and form a group of “futures+spot” leading enterprises, We will strive to increase the added value of the financial industry by more than 160 billion yuan, increase the number of listed companies by 10, and increase the capital market financing by more than 120 billion yuan.

Zhengzhou: Promote the pilot city of digital RMB to be approved to expand and strengthen the futures industry

Interpretation of the news:

The People’s Government of Zhengzhou has issued a notice regarding the 2023 National Economic and Social Development Plan of Zhengzhou, where they have laid out a few key initiatives that will serve as their focus to accelerate economic growth. A notable emphasis is the promotion of the construction of the national regional financial center, which aims to elevate Zhengzhou’s financial industry to a higher level of competitiveness.

Another key objective is to secure Zhengzhou’s position as a pioneer city for the digital RMB, an initiative from the People’s Bank of China to introduce a digital version of the national currency. By promoting the approval of the pilot city of digital RMB in Zhengzhou, the government is paving the way for a cashless society and bringing financial transactions to the digital realm.

In terms of innovation, the Bank of Zhengzhou will take the lead in piloting operations of policy-oriented science and technology innovation finance. This endeavor aims to encourage financial institutions to create new financial products that suit the needs of modern-day consumers. Additionally, it will guide Yutong Group to merge and acquire auto finance companies to fill out the vacant areas of local financial licenses.

The development plan won’t only focus on expanding the financial industry but also aims to strengthen it. One way to do this is to expand and solidify the futures industry in Zhengzhou, forming a group of “futures+spot” leading enterprises. By doing so, they hope to increase the added value of the financial industry by more than 160 billion yuan and increase the number of listed companies by 10. Also, they intend to increase capital market financing by more than 120 billion yuan.

In conclusion, the 2023 National Economic and Social Development Plan of Zhengzhou is a strategic roadmap for the city’s development. The focus on the financial industry is evidence that the government sees great potential in this sector and believes it will drive growth for the city. Developing a national regional financial center, becoming a pioneer city for the digital RMB, and promoting innovation by creating new financial products are just some of the initiatives that align with this vision.

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