Development Foundation

Financial Organization System

Shandong has initially formed a financial organization system with banks, securities and insurance as the main bodies and combining a variety of emerging financial forms. Meanwhile, various types of financial forms such as small loans, financing guarantees, private financing, pawn, financial leasing, rural cooperative finance, and financial attribute trading markets have developed in an orderly manner.

Local Financial Reform

All rural credit cooperatives in the province have completed their banking reform. Weihai Blue Ocean Bank, the first private bank in our province, has opened. Luzheng Futures and Shandong International Trust have been successfully listed in Hong Kong. The number of enterprises that completed the standardized corporate system reform reached 15000, fulfilling the target ahead of schedule.

Financial Development Environment

The provincial party committee and government attach great importance to financial work and set up a leading group for provincial financial reform and development. It took the lead in establishing a three-tier local financial supervision system at the provincial, municipal and county levels in China, strengthened regulation and coordination between the local and central financial administrative departments in Shandong, and promulgated the Shandong Provincial Financial Regulations, which is the first local financial supervision regulation in China. It increased the input of talent intelligence, and issued Opinions on Strengthening the Construction of Provincial Financial Talent Team. Extensive financial publicity and guidance have been carried out, and the awareness of sociology, finance, understanding and use of finance has generally increased.

Overall Demand

Industrial Contribution

The industrial contribution is even more prominent. By 2022, the added value of the financial industry in the province will reach over RMB 600 billion, accounting for about 6% of GDP. The scale of financial assets has steadily increased, the contribution of society has been further enhanced, and the financial revenue has exceeded RMB 50 billion.

Financing Scale

The scale of direct financing has further expanded, with the growth rate exceeding the national average. By 2022, the proportion of direct financing will reach about 25%. The expansion of the insurance market will be accelerated and efforts will be made to reach more than RMB 400 billion in premium income, more than 4% in insurance penetration and RMB 3,850/person in insurance density by 2022. Inclusive finance, scientific and technological finance, green finance, marine finance, cultural finance, quality finance and other new financial services are booming. The loan coverage and loan availability rate of small and micro enterprises and farmers are steadily improving, and the task of financial poverty alleviation is completed ahead of schedule.

Future Planning

Ecological Environment

The ecological environment will be improved significantly. The financial policy environment, legal environment, talent environment and the public opinion environment will be further optimized. The social credit environment will be improved significantly. And the financial supervision system at the central and local levels will be further improved. The quality of financial assets will be further improved, and the non-performing loan ratio in the banking sector will fall steadily and in an orderly manner. Financial risks in real estate, guarantee circle, financing platform and bond payment will be effectively controlled and resolved. Illegal financial activities such as illegal fund-raising will be effectively curbed, and the bottom line of no systemic financial risks will be ensured.

Level of Opening-up

The level of reform and opening-up continues to improve. The institutional system will be further improved. Financial organizations with "state-owned+private capital+foreign capital", "development+policy+commerce+cooperation", "tradition+new type+Internet", and "integration+specialization" complement each other and develop in a coordinated way, basically forming a modern financial organization system with complete licenses, orderly competition and differentiated development. The strength of local finance will be significantly strengthened, and a number of "Qilu Finance" brands will be popularized.

Service Capability

The ability to serve the real economy will be improved significantly. Efforts will be intensified to build major projects and platforms for financial support to replace the old driving forces with new ones, and credit investment and term structure will be gradually optimized. During the planning period, the average annual growth rate of domestic and foreign currency loans will be 2 percentage points higher than that of GDP in the same period.