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Construction of regional financial center speeds up

Source: Yiwu sourcing agent    Author: Helan      Date: 2007-11-28

Sources say that in the past ten months the development of Yiwu 's economy and finance has enjoyed a sound momenturn, with good developing features clearly displayed.

Since the beginning of this year, the economy and society have developed steadily. In the first three quarters, the total industrial output value of the city reached 60.2 billion yuan, up 16.4 percent from the same period of last year; the investment in fixed assets amounted to 8.4 billion yuan, a rise of 14.7 percent; and the retail sales of consumer goods totaled 12.47 billion yuan, increasing by 17.5 percent. Meanwhile, despite the more frequent and fruther strengthened macro-control, Yiwu showed a sound development momentum in its financial industry, with four good features clearly displayed, including the rapid expansion of its total finacial volume, the improvement of the capital quality and business performance, the sound and interactive development pattern integrated with the local economy, and the further optimized financial environment.
In the first ten months, the loans and deposits of all kinds in the city sustained rapid growth. By the end of October, the balance of all kinds of savings in domestic and foreign currency had reached 8.26 billion yuan, which increased by 10.5 billion yuan, a rise of 14.6 percent, and the balance of loans of all kinds had reached 59.6 billion yuan, an increase of 13 billion yuan (up by 28 percent) from the beginning of the year. Besides, the favorable balance in exchange, settlement and sales continued to expand,the public revenue remained in  a good condition, the financial market operated remarkably, and the cagh deposit and with drawal increased steadily. Furthermore, in the previous ten months, the asset quality of Yiwu financial institutions was constantly inproved, and the non-performing asset ratio decreased by 0.23 percentage against the beginning of the year, which was on a par with that of American and European bank industry. At the same time, the cooperation between government and bank as well as that between bank and enterprise resulted in conspicuous achievements, and financial institutions' enthusiasm for serving the local economic construction was further stimulated.
However, some difficulties and problems were also observed in the development of Yiwu financial industry. Since the beginning of this year, the Central Bank has raised the deposit-reserve ratio for nine times, and the effect of the macro-control has fully revealed-all Yiwu banks felt tight in the money liquidity and difficult in loan providing. Since the second half year is the booming season for the manufacture and sale of small commodities as well as a special season badly in need of funds, the insufficient support from the financial credit will create a bottleneck in the development of  local industries and economy, said Wu Weirong, secretary of Yiwu municipal Party committee. Besides, the financial environment needs to be further inproved, because there are still many factors in the city that may harm the financial stability and security, and the financial system still needs to be perfected, because many listed companies are badly lacking in the preparatory resources, Wu said.
In this critical period of building a harmonious society through scientific development, the financial industry, the core of modern economy, must speed up in its development, so as to meet the acceleration of economic structure adjustment and its adaptation to the more open financial situation, Wu stressed. According to him, all Yiwu financial institutions should proceed with confidence and work hard on four aspects of the job. First, the financial industry should respond actively to the national macro-control policy and take effective measures to support the local economic sonstruction. Second, the financial institutions should constantly carry out innovations on both financial products and services for the better adaptation to the new situations in the financial development. Third, the supervision on the enterprises with locans should be strengthened, in order to guard the financial stability. Fourth, the financial reform and opening-up  should be accelerated to enhance the construction of a regional financial center. Wu added, the prosperity of Yiwu's economy can not occur without the strong support from the financial industry, and vice versa. In the faster steps towards building an international trade city, all Yiwu financial institutions should strengthen the consciousness of rare opportunity, innovation and constant improvement of service level, and spare no efforts in striving for the great goal of building Yiwu into a regional financial center.

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