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Pingtan invests to become financial hub

( chinadaily.com.cn )

Updated: 2016-02-23

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The Pingtan Comprehensive Pilot  Zone in Fujian province have seen an influx of finance-related businesses, due in part to the policies and financial measures put in place by the government, local media reported on Feb 19.

By the end of 2015, the county boasted 414 financial companies, a surge of 250.8 percent compared with last year.

The total taxation of its finance sector in 2015 alone reached 536 million yuan ($82.2 million), accounting for 26 percent of the county's total tax revenue.

The range of financial businesses in the county is diverse, including banking, insurance, securities, emerging finance, and funds. Pingtan now has 17 banks, 14 insurance firms, two securities companies, and 16 financial leasing firms.

The county has put in place many financial incentives for business, such as a development fund, the Eagle Fund, the Eyas Fund, a 2 billion yuan Huachuang (Fujian) Private Equity Fund, and many others. It also plans to build a 3 billion yuan fund to support Taiwan young people's entrepreneurship.

In emerging finance, the county is intended to establish 10 trading centers, including the Fujin Financial Assets Exchange and the Oriental Culture Assets and Equity Exchange, and two third-party payment companies.