The total amount of capital in the top ten cities this year has exceeded 3 trillion yuan, with Beijing, Shanghai and Shenzhen as the top three financial centers.
From the perspective of the overall pattern, a national financial center must have a national factor market and trading system, such as a stock exchange; as well as the headquarters of larger financial institutions, including large banks, securities, insurance, funds, trust institutions, etc. In these aspects, Shanghai and Shenzhen have stock exchanges, Beijing is the financial supervision center, and the headquarters of large-scale financial institutions are very concentrated.
Top 23 cities with total funds in 2019
According to the statistics bulletin of Beijing in 2019, the balance of domestic and foreign currency deposits of financial institutions (including foreign capital) in Beijing at the end of the year is one hundred and seventy-one thousand and sixty-two point three Billion yuan, up from the beginning of the year thirteen thousand nine hundred and twenty-two point four Billion yuan.
According to the statistics bulletin of Shanghai, in 2019, the balance of domestic and foreign currency deposits of Chinese and foreign financial institutions in the city was one hundred and thirty-two thousand eight hundred and twenty point two seven Billion yuan, up from the beginning of the year eleven thousand six hundred and seventy-nine point nine four Billion yuan.
Although the total amount of capital is not as good as Beijing, the added value of Shanghais financial industry exceeds that of Beijing, ranking first. Data shows that in 2019, Shanghai will realize the added value of financial industry six thousand and six hundred point six zero Billion yuan, an increase over the previous year 11.6% u3002 In that year, the opening and innovation of Shanghai financial center was further promoted, and 54 new licensed financial institutions were added throughout the year, Shanghai Luntong, Shanghai Shenzhen 300etf options and stock index options, Yangtze River Delta integrated ETF, natural rubber options and other financial innovation products were successfully launched.
Apart from Beijing and Shanghai, the balance of domestic and foreign currency deposits of financial institutions (including foreign capital) in Shenzhen at the end of 2019 is eighty-three thousand nine hundred and forty-two point four five Billion yuan, up from the end of last year 15.7% And continue to move towards the 10 trillion mark.
The fourth largest city in Guangzhou last year was Guangzhou Five point nine Trillion yuan, the gap with Shenzhen has been widened to 248.11 billion yuan, even more than the total capital of Zhengzhou, the 12th largest city. It is worth noting that in 2012, the total amount of capital in Guangzhou was still significantly ahead of Shenzhen, but in recent years, it has been surpassed by Shenzhen and the gap has been widening.
Peng Peng, executive chairman of Guangdong Institute of institutional reform, analyzed the first financial reporter that the gap between Guangzhou and Shenzhen reflects the difference between new money and old money, and the difference between industrial structure. As a thousand year old commercial capital, Guangzhou has a strong traditional trade industry. In the early days, it was rich in people. Many people were one shop for three generations and earned hard money. But in recent years, with the development of e-commerce, traditional commerce and trade have been impacted, and the ability of capital concentration has also been affected.
In contrast, with Chinas economy entering a new stage of transformation and upgrading, finance and high technology are the landmark industries of urban upgrading and development. Shenzhen, as one of the most developed cities in Chinas high-tech industries, is also a national financial center. In recent years, the ability to gather funds far exceeds Guangzhou.
On the other hand, thanks to the strong local financial advantages, Shenzhen can provide more preferential and support to enterprises, so it has also attracted many enterprises, especially those in the Pearl River Delta region, to set up their headquarters, further bringing about capital concentration.
Besides the four first tier cities, Hangzhous total capital has reached Four point five Trillion yuan, 4 trillion echelons alone. Although the total GDP of Hangzhou last year ranked only the ninth in China, not as good as that of Chongqing, Suzhou, Wuhan, Chengdu, etc., the total capital of Hangzhou surpassed those cities, ranking the fifth in China. One big factor is that as a strong provincial capital city, Hangzhou gathers the best capital, technology, talents and other elements of the province. Hangzhous capital comes not only from itself, but also from Zhejiang Province. Therefore, Hangzhous position also represents the overall economic strength of Zhejiang, the fourth largest economic province.
On the other hand, Hangzhou is the most powerful provincial capital among the five provinces with separate planned cities. It has absolute advantages in terms of GDP, capital stock, fiscal revenue, high-tech industries and other important indicators. For example, the total amount of capital in Hangzhou is Ningbos two point one seven Times.
In terms of the distribution of the top ten cities, the eastern coastal areas account for 8, and the remaining 2 are all from the Chengdu Chongqing urban agglomeration in the West. In the eastern region, there are four urban agglomerations in the Yangtze River Delta, two in the Pearl River Delta and two in the Beijing Tianjin Hebei urban agglomerations. In other words, the top ten cities are all from four national urban agglomerations.
It is worth mentioning that Shandong, the third largest economy province, does not have a city in the top ten, of which Jinan, with the largest total capital, ranks only 17th in the country.
Ding Changfa, associate professor of Economics Department of Xiamen University, analyzed the first financial reporter. Compared with Guangdong and Zhejiang, Shandongs pace of transformation and upgrading is slow. At present, the proportion of basic industries such as energy and raw materials is still very high, the proportion of high-tech industries is obviously insufficient, and the development gap between small and medium-sized enterprises and private enterprises is also large. On the other hand, from the perspective of urban structure, Shandong is dominated by small and medium-sized cities, with low urbanization rate, the scale effect of central cities is not prominent, the leading ability is weak, and the ability to gather funds is relatively weak.
The growth and change of total capital is the mapping of regional economic development and industrial structure. In terms of the growth rate of total capital of 23 major cities in the past seven years, the top six cities are Shenzhen, Changsha, Hefei, Hangzhou, Zhengzhou and Dongguan, all of which are over 120%, of which the growth rate of Shenzhen is 224%.
Changes in capital stock of major cities in the past seven years
The rapid growth of capital in Dongguan has a lot to do with Shenzhen. Peng Peng said that Dongguan is a mix and match model of Shenzhen and Guangzhou, with strong traditional industries and rapid development of emerging industries in recent years. In recent years, Dongguan has also undertaken the spillover of a large number of high-tech industries in Shenzhen, with good economic resilience and more funds.
Among the top six cities mentioned above, apart from Shenzhen and Dongguan, the rest are all strong provincial capitals with rapid economic development in recent years. For example, Changsha and Hefei are the cities with the fastest economic development in recent years.
Looking at Hefei, in 2009, Hefeis GDP only ranked 49th in the country, but in 2019 it has risen to the 21st in the country. Lin Fei, a researcher at the Institute of economics, Anhui Academy of Social Sciences, analyzed the first financial reporter. In recent years, Hefeis overall development ideas are relatively clear. On the one hand, it has done a good job in upgrading the original industries, on the other hand, it has vigorously developed emerging industries such as integrated circuits and artificial intelligence, and it has well grasped the path of industrial division and upgrading, especially in the integration process of the Yangtze River Delta opportunity.
In contrast, the six cities with the slowest growth in total capital in seven years are Tianjin, Wuxi, Foshan, Ningbo, Suzhou and Shenyang, of which Tianjin is only 57%. In general, these six cities mainly include star cities of foreign trade and heavy industrial cities such as Tianjin and Shenyang.
Ding Changfa analyzed to the first financial reporter that foreign trade Star cities such as Wuxi, Foshan and Ningbo and manufacturing big cities are facing the problem of industrial transformation and upgrading under the new economic normal. On the one hand, many traditional manufacturing industries are facing the problem of excess industrial energy; on the other hand, many manufacturing industries have been transferred to the Midwest with the increase of labor and land costs, so the capital growth of these cities is relatively slow.
Tianjin and Shenyang are also in the stage of overcapacity. In recent years, with the decline of energy economy, the urban economy of heavy chemical industry is also slowing down.
Differences in industrial structure result in differences in the ability to absorb capital. Ding Changfa said that there are many Angel funds, financial institutions and high-tech enterprises in Shenzhen. Their average wage is very high, but in the traditional manufacturing city, their overall wage level is much lower, so there is a large gap in the capital stock.