China Shenzhen Targets $4.2 Trillion Wealth Management Industry by 2025, 100 Strong Wealth Management Institutions & 300 Pilot Qualified Domestic & Fo
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China Shenzhen Targets $4.2 Trillion Wealth Management Industry by 2025, 100 Strong Wealth Management Institutions & 300 Pilot Qualified Domestic & Foreign Investors 12th January 2023 | Hong Kong
China city Shenzhen has set a target of building a $4.2 trillion (CNY 30 trillion) Wealth Management industry by 2025, with 100 strong wealth management institutions and 300 pilot qualified domestic & foreign investors. The announcement was made by the Local Financial Regulatory Bureau of Shenzhen Municipality. Shenzhen is one of China top economic city and is in the Guangdong province. In 2021, China & Hong Kong announced the launch of Wealth Management Connect in the Greater Bay Area (GBA), comprising of Guangdong, Hong Kong and Macao with total GDP of $1.64 trillion and population of 71.2 million people (2021). In 2021, Shenzhen has a GDP of $444 billion with a population of 17.68 million people.
“ China Shenzhen Targets $4.2 Trillion Wealth Management Industry by 2025, 100 Strong Wealth Management Institutions & 300 Pilot Qualified Domestic & Foreign Investors “
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Shenzhen, $444 billion GDP with 17.68 Million People
Shenzhen, China Shenzhen was established in March 1979. In August the following year, the city was turned into the country’s first special economic zone. Over the past four decades, Shenzhen has transformed from a small backward border town into an international metropolis with global influence, creating a miracle in the history of world development. In August 2019, the CPC Central Committee and the State Council issued the Guidelines on Supporting Shenzhen in Building a Pilot Demonstration Area of Socialism with Chinese Characteristics, and the city was once again presented with a new major opportunity and a powerful mission. In accordance with the requirements of building “a model city of high-quality development,” “a model city under the rule of law,” “a model city of urban civilization,” “a beacon for people’s wellbeing” and “a vanguard of sustainable development,” Shenzhen is striving to continue to create new and greater miracles that will impress the world.
By 2025, Shenzhen will be among the top global cities in terms of economic strength and quality of development, possessing world-class R&D investment intensity and industrial innovation capacity. The city will see a significant increase in cultural soft power with its level of public services and ecological environment quality reaching internationally advanced levels, and the city will become a modern, international and innovative city. By 2035, Shenzhen’s high-quality development will be a national model, and it will lead the world in comprehensive economic competitiveness. Shenzhen will become an innovative, entrepreneurial and creative city with global influence, becoming an exemplary city for building a modern socialist country. By the middle of this century, Shenzhen will stand out as one of the world’s advanced cities and become a global benchmark city with outstanding competitiveness, innovation and influence.
As of the end of 2021, Shenzhen had 17.68 million permanent residents. As a young immigrant city, Shenzhen has been a magnet for innovative, entrepreneurial and creative talents from all over the world. According to the seventh national population census, the average age of Shenzhen residents was 32.5.
The mainstream language in Shenzhen is Mandarin Chinese, also known as Putonghua. Cantonese and English are also widely used. Some public service institutions may provide multilingual services. Citizens from all over the country also use local dialects for communication.
In 2021, Shenzhen’s total economic volume exceeded 3 trillion yuan, ranking fourth among Asian cities. Its general public budget revenue reached 425.8 billion yuan. The total output value of industrial enterprises above designated scale in the city has topped all Chinese cities for three consecutive years, and its export scale has ranked first in the country for 29 years running.
Shenzhen’s export volume has taken first place among cities on the Chinese mainland for 29 years running.
Shenzhen has nine administrative districts and one new area: Futian District, Luohu District, Yantian District, Nanshan District, Bao’an District, Longgang District, Longhua District, Pingshan District, Guangming District, and Dapeng New Area. On December 16, 2018, the Shenshan Special Cooperation Zone in Shanwei City was officially inaugurated.
Adjacent to Hong Kong, Shenzhen is a coastal city in southern Guangdong Province located on the east bank of the Pearl River Estuary. To the east of the city are Daya Bay and Dapeng Bay, while the Pearl River Estuary and Lingding Bay lie to its west. Shenzhen River connects Hong Kong to the south, and to the north of Shenzhen are the cities of Dongguan and Huizhou. Its longitude lies between 113.43 and 114.38 degrees east, and its latitude lies between 22.24 and 22.52 degrees north. Covering a total area of 1,997.47 square kilometers, its subtropical monsoon climate brings warmth and plenty of precipitation to the city.
Local Financial Regulatory Bureau of Shenzhen Municipality
Main duties:
1. Implement national, provincial, and municipal financial laws, regulations, and policies, draft local laws and regulations on financial development, service, and supervision, formulate local financial development plans and related policies, and organize their implementation upon approval.
2. Study and analyze the macro financial situation, national financial policies, and Shenzhen’s financial operation, put forward policies and suggestions for improving the financial development environment, strengthening services, and promoting development, and coordinate and solve the contradictions and problems of the local financial industry.
3. Improve the overall layout of the financial industry of Shenzhen and promote the construction of comprehensive financial reform and innovation experiment areas and financial functional areas in Shenzhen. Guide and promote the construction of the financial market system, promote the development of multi-level capital markets, introduce financial institutions, cultivate financial talents, and promote financial development.
4. Promote financial reform and innovation in Shenzhen, and promote the financial industry to serve the real economy. Coordinate and promote the construction of Shenzhen as an international financial innovation center, and organize the selection of financial innovation awards and special financial technology awards.
5. Supervise petty loan companies, financing guarantee companies, regional equity markets, pawnshops, financing lease companies, commercial factoring companies, local asset management companies, and other financial institutions within the jurisdiction of Shenzhen. Strengthen the supervision of investment companies, social crowdfunding agencies, and various local trading places within the jurisdiction of Shenzhen. Cooperate with relevant departments to strengthen the supervision of the Internet finance industry.
6. Coordinate with relevant departments to strengthen the prevention of local financial risks, crack down on illegal financial activities, prevent, dissolve and deal with local financial risks, and respond to financial emergencies and major events. Construct and manage local financial risk monitoring and early warning systems and regulatory information systems.
7. Contact central financial supervision institutions and financial institutions stationed in Shenzhen, provide assistance to these institutions, organize information exchange, and coordinate supervision and regulation. Coordinate and cooperate with central financial supervision institutions stationed in Shenzhen to carry out supervision and regulation.
8. Carry out financial exchanges with foreign countries, promote regional financial cooperation, and deepen financial innovation and cooperation among Shenzhen, Hong Kong and Macao.
9. Protect the rights and interests of financial consumers (investors) within the scope of local financial supervision duties, and publicize financial knowledge and take charge of risk education of investors.
10. Promote the investment and financing system reform.
11. Undertake other tasks assigned by the Shenzhen Municipal People’s Government and superior authorities.
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