Business
18:33, 28-Jul-2017
Financial sector holds center stage in central China’s Henan Province
[]
Share
Copied
The financial sector has become one of the pillars in central China’s Henan Province. The provincial capital Zhengzhou has almost 300 financial institutes, and government data show that the sector accounted for 5.6 percent of the province's total GDP last year.
That figure was just 3.2 percent in 2010.
The region's rapidly growing economy looks attractive to businesses from China and abroad. More than 120 Fortune 500 companies have already invested in the province.
Last year, Henan's GDP reached more than 4 trillion yuan. And the size of the province's imports and exports was also among the top ten in China.
Meanwhile, many businesses in Henan are also seeking to expand overseas, especially to the Belt and Road countries -- and that is where the financial sector can come into play.
Direct financing in Henan Province increased to almost 290 billion yuan last year, up from 112 billion in 2010. Most of that financing went to strategic emerging industries and the service sectors. The province's banking regulatory body has already moved in to prevent credit over-expansion.