The Luohu district government introduced measure to promote high-quality development of the financial sector of the district at a news conference held on Nov. 10.

Huang Tuo, chief of the Luohu financial service department, introduced the measures to support the high-quality development of its financial industry. Luohu has recently published a document detailing 26 measures. According to Huang, the highest subsidy the district will provide to attract financial institutions to Luohu is 100 million yuan ($14.05 million) that covers almost the whole life chain of the financial agencies.

Luohu has developed into one of the financial agglomeration areas of Shenzhen. The district has nearly 100 licensed financial institutions of banking, securities and insurance, ranking the second in the city.

The total financial assets in the district exceeds 6 trillion yuan, accounting for about one-third of the city. The added value of the financial industry of Luohu accounts for nearly one-fourth of the city, and is expected to exceed 100 billion yuan this year.

The financial industry of Luohu acts as ballast of local economy with its innovation-driven development.From 2017 to 2021, the added value of the industry increased from more than 60 billion yuan to over 90 billion yuan, with a growth rate of over 8%.

In the first half of 2022, the added value of Luohu’s financial industry reached more than 50 billion yuan, with a year-on-year growth rate of 8.5%, accounting for more than 40% of the district's gross domestic product.