Added value of financial industry in SZ tops ¥513B

The added value of Shenzhen’s financial industry reached over 513.7 billion yuan (US$76.1 billion) in 2022, passing the 500-billion-yuan mark for the first time with a growth rate of 8.2% year on year, Shenzhen Special Zone Daily reported yesterday, quoting statistics from the city’s financial supervisory authority.

Shenzhen firmly held its ranking as third in terms of the added value of its financial industry among large and medium-sized Chinese cities. It also ranked first in growth rate among Chinese cities.

Shenzhen Stock Exchange in Futian District in this undated photo. Xinhua

The financial industry, as Shenzhen’s prominent pillar industry, has posted an annual growth rate of 8.3% on average over the past three years since the COVID-19 pandemic broke out, statistics show.

Specifically, the assets of the city’s banking industry went up by 8.5%, totaling 12.2 trillion yuan by the end of December 2022.

The balance of renminbi and foreign currency deposits of local financial institutions hit a record high of 12.3 trillion yuan, while the balance of renminbi and foreign currency loans reached 8.3 trillion yuan, up 9.7% and 8%, respectively.

As of the end of December 2022, the total assets of insurers in the city reached 6.4 trillion yuan, and the insurance market’s annual premium income throughout 2022 amounted to 152.77 billion yuan, an increase of 7.1%.

During the past year, the city’s securities institutions achieved a total turnover of 84.2 trillion yuan, up 21.9%.

In 2022, Shenzhen added 42 companies listed in the domestic and overseas stock markets, with the number ranking second in the country. As of the end of last year, Shenzhen had a total of 535 listed companies, including 405 firms on the A-share market.

While aiming at high-quality development, Shenzhen has also enhanced its capabilities to serve the real economy, according to the Daily report.

As of the end of December 2022, loans to manufacturing companies as well as sci-tech firms, inclusive loans to small and micro businesses and green loans in the city increased by 15.9%, 31.9%, 23.8% and 43.9%, respectively, all higher than the average growth rate for different kinds of loans.