Report on the Development of the Financial Industry in China's Special Economic Zones

Abstract

In 2019, under the guidance of the general development strategy of “maintaining stability”, even though the developmental paces of sub-sectors were different, the financial industry in China's special economic zones showed an overall developmental trend of volumes being continuously expanded, power being steadily improved, transformations being orderly pushed forward, reform and opening-up measures being steadily implemented, and risks and hidden issues being constantly eliminated. In 2020, although favorable factors such as technology, transformation and upgrading of opening-up will bring opportunities for the development of the financial industry in the special economic zones, under the impact of the epidemic, that development will also face predictable new challenges—the countercurrent of global trade protectionism will be more turbulent; enterprises, especially small and medium-sized ones, will encounter more prominent problems of survival and financing difficulties; there is a risk of a cliff-like decline in the growth of the real economy. In 2020, in order to respond to the abovementioned sudden changes, the three major interrelated and mutually reinforcing developmental strategies of “consolidate foundation”, “stabilize position” and “pursue development” will be adopted for the development of the financial industry in the special economic zones.