Financial industry driving force for Huangpu's growth

The financial industry in Huangpu district, East China's Shanghai has nearly tripled in the past 10 years, and it has become a major driving force for the district's economic growth.

According to official data, the added value of the financial industry in Huangpu reached 62.59 billion yuan ($9.26 billion) in the first half of this year, accounting for 46.3 percent of the district's GDP, and reporting a year-on-year increase of 6.7 percent, the fastest growth in Shanghai.

Over the past several years, the district has made efforts to promote the innovative development of its traditional financial industry, which has ushered in a new round of development. Huangpu has developed into a gathering place for traditional financial enterprises such as banks, insurance institutions, securities firms, funds and trust companies. The district is also exploring new development models for the sector, including assets management, financial technology, financial and leasing, and private equity.

In 2012, Huangpu was home to more than 200 financial institutions, and the number has surpassed 3,000 this year, including a number of national ones such as the China Foreign Exchange Trade System, the Shanghai Gold Exchange, and Shanghai Commercial Paper Exchange Corp.

Thanks to local government's efforts in deepening reform and opening-up, Huangpu has become a hot investment destination for foreign financial institutions in recent years. Official data showed that currently, the Bund area in Huangpu is home to more than 50 financial institutions from 19 countries and regions.