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Guangdong to deepen financial reforms

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(GlobalPost/GlobalPost)

GUANGZHOU, June 4 (Xinhua) -- The government of South China's Guangdong Province said on Wednesday that it will deepen financial reforms and encourage more private capital into the financial market.

Social capital and provincial enterprises will be supported to participate in the capital increase, and share expansion and restructuring of such local financial institutions as rural, urban commercial banks or rural credit cooperatives, said a document issued by the Guangdong provincial government.

The province plans to push forward integrated and innovative development of financing, science and technology and industries.

Financial services for small businesses will be improved and innovative online financing will be promoted, the document added.

By the end of 2013, the added value of the financial industry accounted for 6.1 percent of Guangdong's gross product, said Liu Wentong, head of the financial work office of the Guangdong provincial government.

That is forecast to reach 9 percent for Guangdong in 2020, said Liu.

Guangdong, a forerunner of China's reform and opening-up policies more than 30 years ago, has vowed to further reforms to keep its important role in the country's economy.

http://www.globalpost.com/dispatch/news/xinhua-news-agency/140604/guangdong-deepen-financial-reforms