Source: Nangfang Daily 2013-03-11
Written by: Tang Kaifeng
Translated by: Zheng Xia

Marine economy

Wang Xunzhang, a member of the CPPCC National Committee, Vice Chairman of the Guangdong Provincial CPPCC Committee and Vice Chairman of the University Council of Sun Yat-sen University, thinks that the establishment of marine power depends on the support of financial system. However, our financial products are lack of innovation, and the financial institutions are short of financing products and risk management products that can meet the demand of modern marine economy. He suggests that we should speed up to make our financial service system and product innovation fit for the development of marine economy, and strive to broaden the financing channels for marine industry.

According to the introduction, with the implementation of the national development strategy of marine economy, local governments have put forward to develop marine financial service industry. Marine finance is developing rapidly and the system began to take shape. Take shipping finance as an example, according to incomplete statistics, the Chinese banking industry takes 5 percent share of global shipping financing. Listed companies in the field of shipbuilding, shipping and port have raised a total of 31.8 billion RMB from home and abroad.

"But the development of marine finance mainly centers on the Bohai Rim and the Yangtze River Delta. The financial institutions are still lack of financing products and risk management products that can meet the demand of modern marine economy.” Wang Xunzhang thinks that restricted by policies and systems, marine finance mainly relies on traditional financing modes. The high risk, high input and long period of return on investment of marine high-tech industry kept many financial institutions away, resulting in the lack of professional marine financial institutions.

Wang Xunzhang suggests that the country enact guiding policies in support of the development of marine finance to optimize the financing environment and financial ecological environment for marine economy; implement preferential policies for marine finance and marine economic development, accelerate the pace to make our financial service system and product innovation fit for the development of marine economy, and strive to broaden the financing channels for marine industry.