Financial institutions support Wuxi's socio-economic development

Financial institutions in Wuxi, East China's Jiangsu province, signed cooperation agreements on Aug 22 to fund major projects in the city.

Zhao Jianjun, mayor of Wuxi, thanked participating provincial departments and financial institutions for their support of the city's high-quality development at the signing ceremony.

He said that Wuxi has seen stable economic development since this year, mainly due to equity investment and financial innovation.

The mayor expressed hope that financial institutions will continue to expand cooperation with Wuxi and offer strong financial support to the city's modern industries and technological innovation.

Wuxi will make good use of special bonds and raised funds to boost project construction, added Zhao.

The renovation and construction project of the intelligent parking lot in the downtown area, the first projects backed by a policy-based development financial instrument in China, commenced on the same day.

With a total investment of 4.24 billion yuan ($620.35 million), the project consists of the renovation of about 5,000 square meters of idle areas and the construction of 20 parking lots.

This year, authorities have partnered with financial institutions to promote the delivery of various funds.

To date, 25.38 billion yuan in special bonds have been issued in Wuxi, and the city has received 430 million yuan in subsidies from the central government.

The city is currently home to registered funds of 409.9 billion yuan, including six newly-registered Qualified Foreign Limited Partners with a combined registered capital of over $2 billion.