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Songshan Lake Builds the International Fintech Industrial Docking Platform
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      On March 19, the “2018 Overseas Fintech Innovation Investment Conference (Dongguan) co-hosted by the Department of Commerce of Guangdong Province and Dongguan Government was held in Songshan Lake. Guests including senior experts and scholars, senior governmental officers and representatives of innovation enterprises in the field of fintech innovation from the US brought wonderful keynote speeches, and exchanged views on the development prospect and market opportunities in fintech. The Member of the Standing Committee of Dongguan Municipal Party Committee and Minister of The United Front Work Department of Dongguan Municipal Party Committee Luo Zhaoqun attended the activity and delivered a speech. The Member of the Standing Committee of Dongguan Municipal Party Committee and Executive Vice Mayor Bai Tao received the guests attending the conference.

 During the conference, the Songshan Lake Fund Town and Massachusetts Capital Cooperation Center from the US held the signing ceremony of strategic cooperation, which builds the normalized international fintech industrial docking platform for Songshan Lake.

Promote the Deeper Cooperation in Fintech  

    In 2017, Dongguan held the “China, Guangdong (Dongguan) - U.S. Massachusetts (Cambridge) Emerging Industry International Cooperation Summit” in Cambridge, US. Good beginning was made in the exchanges of both sides, and it also has broad space for cooperation.

In the speech, Luo Zhaoqun expressed that Cambridge is the most famous city for scientific and technological innovation in Massachusetts, as it boasts active atmosphere of fintech innovation and its emerging industry develops rapidly. Dongguan is now also integrating into the construction of Guangzhou - Shenzhen Scientific & Technological Innovation Corridor actively, developing the strategic emerging industry and continuing to promote the innovation-driven development. It is hoped that this fintech innovation investment conference will give people a better understanding of the development environment of fintech innovation in Dongguan, as well as promote the exchanges and cooperation in areas like emerging industry between both sides.

 Luo Zhaoqun stated that in order to strengthen the exchanges and interaction between overseas high-tech resources and Dongguan, more US projects of science and technology industry are encouraged to invest in Dongguan. Dongguan has already set up the overseas economic and trade offices in silicon and San Francisco, U.S. It is hoped that with this conference as the carrier, more fintech companies would invest in Dongguan, while more fintech projects and talents would be gathered in Dongguan.  

 The Minister of Guangdong Bureau of Investment Promotion Sun Bin stated that the delegations included the US famous banks, top members of the investment organizations as well as the innovation companies in the filed of fintech. They are expected to find cooperation opportunities in Dongguan, where scientific and technological innovation is further enhanced and financial transformation is happening.

    Plan to Introduce the US Fund in Songshan Lake

   During the conference, the Songshan Lake Fund Town Development Co., Ltd in Dongguan and US Massachusetts Capital Cooperation Center also signed the strategic cooperation agreement, providing a “direct train” of international fintech industrial docking for Songshan Lake.

The US Massachusetts Capital Cooperation Center is a registered capital company in Massachusetts, while the Songshan Lake Fund Town is an emerging finance cluster established by Dongguan Government, aiming at building a fund ecological circle featuring by the five-chain integration of “fund chain, science and technology chain, industry chain, talent chain and education chain” based on the geographical advantage of Guangdong - HK- Macao Bay District.

 According to the agreement, both sides conduct deep cooperation in areas like landing of the investment agencies, establishment of US fund and RMB fund, project promotion and activity and  exchanges. For instance, for those investors or investment organizations who want to establish US fund or RMB fund in the country, the US Massachusetts Capital Cooperation Center will recommend them to register in the Songshan Lake Fund Town, while the Songshan Lake Fund Town would recommend the investment assets which meet the requirements of orientation and preferences of the investment.

Both sides also plan to conduct deep cultural exchanges in areas like finance, education, biological medicine and intelligent manufacturing, and the exchange approaches include but are not limited to industrial summit, forum, special subject research, cooperation in school running as well as the exchange activities between Chinese and foreign universities.

   Ten Foreign Innovation Projects Give the Roadshow at the Site

This conference also invited many guests who are active in the US fintech innovation including the Senator of Cambridge in Massachusetts Denis Caro, President of Tel Aviv City Center Samuel Bentowim, Founder and CEO of Fintech Connector Angel L. and President of Samsung Investment in North America Xu Hezhen to give keynote speeches. Related guests also held round-table forum on the topic of “How Fintech Serves the Human and Social Development”.

 Besides, the conference also organized ten foreign innovation projects for on-site roadshow. The projects covered the blockchain, mode of payment, investment and value management etc. Online roadshow was also held simultaneously at the first Fund Town on the Cloud” in China which is created by Songshan Lake Fund Town. After the project roadshow, the present guests conducted high-level international economic and trade cooperation and exchanges with the project representatives that they were interested in.

  ■Further Reading

    269 US Companies Invest in Dongguan

Dongguan and even the whole Guangdong Province conduct frequent exchanges with Massachusetts. Back in 1983 Guangdong Province had already established a friendly relationship with Massachusetts. In May 2016, both sides also signed the Joint Statement on Deepening Friendly Exchanges and Cooperation Relations, laying a solid foundation for enhancing friendly cooperation. In May 2016, the Department of Commerce of Guangdong Province held the exchange activity for the science and technology companies from both sides in Boston, while both enterprises conducted docking in areas like intelligent manufacturing. In May 2017, the “2017 Guangdong - Massachusetts Clean Energy Industry Investment and Cooperation Exchange” was held in Songshan Lake. This time, Massachusetts organized the fintech delegation to visit Guangdong again, which is another important action for enhancing cooperation in major areas between the two sides.

 Statistics show that in 2017, the total trade volume between Dongguan and US reached 25.75 billion US dollars, marking a year-on-year growth of 4.8%, which accounted for 14.2% of the citys total import and export. Of this total, the export volume to the US reached 23.05 billion US dollars with a year-on-year increase of 4.2%, accounting for 22.2% of the city’s total export. Currently 269 US enterprises including Walmart and Dupont have invested and developed in Dongguan. In the Global Urban Competitiveness Report co-released by Chinese Academy of Social Sciences and UN-Habitats, the urban competitiveness of Dongguan ranks the 154th in the world and the 10th in China.

  ■Voice

     Denis Caro, the Senator of Cambridge in Massachusetts:

     Dongguan Should Further Promote the Concentration of Financial and Technological Resources

    In promoting the integration of technology and finance, the power of Cambridge government is relatively weak, as it mainly depends on the 65 universities in the city. Based on the resources of school, a number of university professors and students establish many companies, which promote the effective docking of different factors.

  Denis Caro, the Senator of Cambridge in Massachusetts, assumes that since there are not many universities in Dongguan, which is different from Cambridge, the Dongguan Government should play a more important part in integrating technology and finance. Dongguan should gather the technological and financial resources so that it would be more convenient for companies to enjoy all kinds of resources, and such effect of integration would also be better.

Source: Nanfang Daily

 

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