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"14th Five-Year" Development Plan for Ningbo's financial industry released

The recently released "14th Five-Year" development plan for the financial industry in Ningbo proposes that to further promote the two-way empowerment of industry and finance, optimize the joint prevention and control mechanism of financial risks, and create a wide-ranging and influential industrial financial innovation center and regional financial center, by 2025, Ningbo’s financial industry assets will reach RMB6 trillion, and the added value of the financial industry will reach RMB140 billion.

In recent years, Ningbo has built a complete financial ecosystem around the real economy, basically realizing the full coverage of bank-securities-insurance legal person institutions and the coordinated development of other functional institutions. During the "14th Five-Year Plan" period, Ningbo will focus on serving the real economy, preventing and controlling financial risks, and deepening financial reforms, fostering new economies, new business formats, and new models. With the Eastern New Town Financial Business District as the main body, Ningbo will introduce and cultivate local legal person financial institutions, functional headquarters, and regional headquarters; it will make good use of the national insurance innovation pilot zone, the national inclusive financial reform pilot zone and other

national brand signs to increase the endogenous power of regional finance. By 2025, local financial legal person institutions will reach 36 and local financial organizations and intermediary service agencies will develop rapidly and steadily.

During the "14th Five-Year Plan" period, Ningbo will comprehensively promote key projects such as financial scenario planning, financial industry introduction and training, financial digitalization, and financial supervision, and vigorously support financial services for major strategies such as Ningbo's high-level innovative city, a leading city for high-quality manufacturing development and common prosperity;  it will deepen insurance supply-side structural reforms, inclusive financial precision and high-quality services, and regional equity market innovation pilots to serve the real economy, technological innovation, social governance, and people’s livelihood security. By 2025, the new social financing scale will reach RMB2.5 trillion, and the balance of domestic and foreign currency loans will reach RMB7.68 trillion; 200 companies will be domestic and overseas listed and selected tier listed on the New Third Board; the premium income will reach RMB60 billion, and the insurance depth will reach 3.5%.

Financial institutions in Ningbo will also seize the opportunity of the new round of technological revolution and industrial transformation, implement the digital economy integration project, cultivate industrial chain and supply chain financial technology enterprises, improve supervision and risk prevention, and strive to control the non-performing loan rate of the banking industry within 1.5 %

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