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Shenzhen’s Luohu district rolled out a series of measures on Feb. 8 to build a wealth management concentration zone, as Shenzhen is building an international wealth management center.
In 2022, the added value of Shenzhen's financial industry reached 513.8 billion yuan ($75.5 billion), up 8.2% year on year.
With its overall financial assets accounting for nearly one-third of Shenzhen’s total and the added value of its financial industry one-fourth of the city’s total, Luohu has a developed financial industry and close connections with Hong Kong, a global financial hub.
The district plans to build Hongling, an emerging financial industry belt covering an area of 3.6 square kilometers, into a concentration zone for wealth management.
Luohu vows to launch five major financial industry park in Hongling to promote development of wealth management, use of digital RMB, large-scale private equity transactions, insurance innovations, and growth of the gold and jewelry industry.
Additionally, administrators for Luohu signed contracts with six industrial funds worth more than 26 billion yuan ($3.84 billion) in such fields as biomedicine, modern logistics, new energy and new materials.