The value-added output of the financial sector in Anhui province reached 195.56 billion yuan ($29.9 billion) during the first three quarters this year, accounting for 7.07 percent of the province’s gross domestic product (GDP), local authorities said at a press briefing on Wednesday.
The proportion of the value-added output of the financial sector in GDP rose 2.15 percentage points from the same period in 2015, He Changshun, head of Anhui Local Financial Supervision and Administration said, adding that finance is emerging as one of the province’s pillar industries.
Anhui’s loan balances in renminbi and foreign currencies totaled 5.1 trillion yuan by the end of October, doubling that in 2015, while its deposit balances jumped 73.5 percent to 6.04 trillion yuan.
37 companies in the province went public on domestic stock exchanges in the 13th Five-Year Plan period (2016-20). Seven companies were listed under the new registration-based IPO system, bringing the province to the 6th spot in China.
Anhui ranked 9th in the country with 123 domestically-listed companies as of the end of November.
Meanwhile, 296 companies were listed on the National Equities Exchange and Quotations, also known as the new third board, up 80.5 percent from the end of 2015.
The province also promotes finance to reduce poverty. Since 2016, 38.29 billion yuan of microcredit loans have been provided for 1.01 million poverty-stricken households across the province, said He.