Shenzhen financiers form club

Shenzhen has set up the mainland's first association for overseas financial institutions. The body aims to promote self-regulation, supervision and the protection of foreign institutions in accordance with mainland laws. Foreign financial institutions have set up 26 branches and 27 representative offices in Shenzhen since 1982. By the end of last year, their gross assets exceeded US$6.2 billion, with outstanding loans of US$4.6 billion, with profits of US$77.1 million, up 30 per cent from a year earlier.