The Guangzhou International Financial City Development Forum, which was jointly hosted by the Guangdong Financial Supervisory Authority, the Guangzhou financial supervisory authority, and the Tianhe district government, took place on June 10.

As Guangzhou's economic leader and financial center, Tianhe has achieved positive initial results in promoting the concentrated development of finance, Chen Jianrong, head of Tianhe district, said at the development forum.

In 2021, the added value of the district's financial industry was 118.98 billion yuan ($17.67 billion), accounting for 48.2 percent of Guangzhou's total. The number of its licensed financial institutions was 243, making up for 74 percent of the city's total, while that of foreign banks and registered private fund management institutions reached 39 and 294, accounting for 88 percent and 33 percent of the city's total respectively.

The Guangzhou International Financial City Development Forum is held on June 10. [Photo/WeChat account: tianhefabu]

As a new driving force for the high-quality development of Guangzhou's finance industry, Guangzhou International Financial City was included in the Guangzhou Artificial Intelligence and Digital Economy Pilot Zone in 2020. It has introduced 14 financial institutions, including the Guangdong-Hong Kong-Macao Greater Bay Area (Tianhe) Financial Management Service Center.

Chen added that Guangzhou International Financial City will strengthen infrastructure construction in the financial sector, focus on the development of technology finance, digital finance, green finance, and cross-border financial and asset management, as well as build itself into an international comprehensive financial center.

In addition, the Greater Bay Area (Guangdong) Financial Data Center under Southern Finance Omnimedia Corp settled in the Guangzhou International Financial City on the same day.

The two sides will utilize information technologies like big data, cloud computing, artificial intelligence, blockchain, and the metaverse to innovate and expand digital finance application scenarios with algorithms as the core, as well as to build a national digital finance algorithm hub.