Privileged policies for Pingtan's opening-up to Taiwan enable more financial product innovations, business expansion and commercial opportunities for financial institutions. [Photo provided to China Daily]

A new branch of China Minsheng Banking Corporation opened on Nov 19 in the Pingtan Comprehensive Pilot Zone, bringing the total number of banks in Pingtan to 14.

The Overall Development Plan of the Pingtan Comprehensive Pilot Zone, launched by the State Council at the end of 2011, allows qualified banks and currency-exchange agencies to operate cash RMB-TWD exchange businesses in the pilot zone. The business is a big attraction for financial institutions.

Privileged policies for Pingtan's opening-up to Taiwan enable more financial product innovations, business expansion and commercial opportunities for financial institutions, according to Cai Chun, deputy director of Pingtan's development research center.

Meanwhile, the nation's financial management departments also provide support for financial development in Pingtan. The Fujian Provincial Banking Regulatory Commission implemented a project to generate more in-bound money flow into the province. The commission also encouraged banks to open branches in Pingtan by simplifying application procedures for financial projects.

Since Sept 5, deposits at the Shanghai Pudong Development Bank Pingtan branch reached 120 million yuan ($19.27 million). The branch made loans worth 4 million yuan ($642,400), including about 100 personal loans and over 500 credit cards, said Liu Menghong, president of the branch.

Nine other banks also launched privileged policies and advantageous loan interest rates tailored to Pingtan, including Industrial Bank, China Development Bank, and the Industrial and Commercial Bank of China.

Edited by Chen Zhilin and Michael Thai