The Financial and Market Environment of China
Presently, Guangdong ranks the first in the financial sector in Mainland China in terms of total number of financial institutions, total number of employees engaged in financial businesses, and total amount of financing raised from the securities market and total number of securities institutions. By the end of 2005, 54 business organizations of the foreign-funded banks from 18 countries and regions had been established in Guangdong, and a multifarious financial organization system with state-owned commercial banks as the principal part and including policy banks, other commercial banks, non-banking financial institutions and foreign-funded financial institutions had been formed.
The rudiment of the regional financial centers in Guangzhou and Shenzhen has been basically formed. As the political, economic and cultural center of South China, Guangzhou ranks the first in total amount of financial transactions in South China. The financial industry in Shenzhen has already formed a certain scale, and Shenzhen has started to play the role of a distributing center in financial resources allocation, and has become the stock exchange center and risk investment center in China.
Guangdong enjoys the geographical advantages of neighboring the international financial center of Hong Kong, and in the megatrend of regional economies integration in the Pan Pearl River Delta, there is an increasing demand for regional financial cooperation. On the basis of advantage complementation, financial integration among Guangdong, Hong Kong and Macao is being promoted to create the financial circle in the Fan Pearl River Delta with Hong Kong as the leader and Guangzhou and Shenzhen as points of support so as to push forward cross-country cooperation of financial institutions.
Guangdong is the forerunner in China’ reform and opening up and has the highest marketization degree in China. Guangdong is currently trying to further improve its market environment: reforming market access system, realizing optimization of resources, reforming regulation and management mode for enterprises, fully implementing “economic registration” for enterprises, establishing a regulatory system for credit rating classification of enterprises, rectifying and standardizing market competition order, investigating and punishing various unfair competition activities, protecting intellectual property rights, and stringently cracking down on the producing or selling the counterfeit and shoddy products. The whole province has normative systems in inviting tenders and public bidding of project and auction.Some world-famous accounting firms and law firms have established their offices in Guangdong, and one of the two stock exchange markets is located in Shenzhen
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