Zhengzhou’s Economic and Social Development Plan focuses on Financial Innovation and Development

02/22/2023 09:10 • Digital Disruptors • 91 views

It is reported that the People’s Government of Zhengzhou issued a notice on the issuance of the 2023 National Economic and Social Development Plan of Zhengzhou. It was mentioned that we should promote the construction of the national regional financial center, promote the approval of the pilot city of digital RMB, promote the pilot operation of policy-oriented science and technology innovation finance with the Bank of Zhengzhou as the main body, guide financial institutions to innovate financial products, guide Yutong Group to merge and acquire auto finance companies, fill in the blank of local new financial licenses, expand and strengthen the futures industry, and form a group of “futures+spot” leading enterprises, We will strive to increase the added value of the financial industry by more than 160 billion yuan, increase the number of listed companies by 10, and increase the capital market financing by more than 120 billion yuan.

Zhengzhou: Promote the pilot city of digital RMB to be approved to expand and strengthen the futures industry

Analysis based on this information:

The People’s Government of Zhengzhou has issued a notice on the issuance of the 2023 National Economic and Social Development Plan of Zhengzhou. The plan aims to promote the economic and social development of the city by focusing on financial innovation and development. The development plan targets the construction of the national regional financial center, digital RMB, innovation finance, futures industry, and mergers and acquisitions.

Firstly, the plan aims to promote the construction of the national regional financial center. This will be achieved by guiding financial institutions to innovate financial products and fill in the blank of local new financial licenses. The plan also aims to expand and strengthen the futures industry and form a group of “futures+spot” leading enterprises. This will help to increase the added value of the financial industry by more than 160 billion yuan.

Secondly, the plan promotes the approval of the pilot city of digital RMB. This will help to drive the digital economy and boost financial innovation. It will also enable easier cross-border transactions, increase efficiency, and reduce transaction costs. The move suggests that the government sees digital currencies as an essential part of future finance, and is taking steps to integrate it into its financial ecosystem.

Thirdly, the plan aims to promote the pilot operation of policy-oriented science and technology innovation finance with the Bank of Zhengzhou as the main body. This will support technology innovation, including research and development, and provide financing for innovative enterprises. The plan also guides Yutong Group to merge and acquire auto finance companies, which will create synergies and fuel growth in the industry.

Overall, the 2023 National Economic and Social Development Plan of Zhengzhou focuses on financial innovation and development. The plan targets areas such as financial product innovation, digital currencies, innovation finance, and mergers and acquisitions. The move suggests that the city is keen to build a robust financial ecosystem and leverage financial innovation to drive economic growth. The plan will help to strengthen Zhengzhou’s position as a hub of finance and technology.

In conclusion, the government’s initiatives are commendable, considering that financial innovation is the future of finance. Other cities ought to emulate such strides to remain competitive, take part in the global financial order and stay ahead of the technological trends in the future to drive economic growth.

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