The Taiping Financial Building at the Financial Street of the Wuxiang New District Headquarter Base was officially completed recently, effectively promoting the construction of the street. At that time, three insurance institutions of China Taiping Insurance Group Co., Ltd. stationed in Nanning City will be settled at there, which will drive the financial and insurance industries to form an agglomeration effect.
Nowadays, the Financial Street of the Wuxiang New District Headquarter Base leads the development of the core area of Wuxiang New District, with 18 enterprises of Fortune Global 500, 14 enterprises of Top 500 Chinese Enterprises and 21 financial institutions successively settled at there. The headquarters of the Guangxi Branch of China Life Insurance Co., Ltd., one of Fortune Global 500, was settled at the street in May 2018, being the first financial branch at provincial or autonomous-regional level there. With a clear position for the street, it is believed that it will attract more financial and commercial enterprises to form benign industrial cluster effects on providing support and services for finance, investment etc. in the future, which will bring strong vitality for the socio-economic development for Nanning with high quality, according to Zhao Congshan, principal of the enterprise.
It is learned that Nanning City has vigorously developed three major service industries, namely finance, modern logistics, as well as e-commerce and information services with the construction of modern service industry clusters as the starting point, so as to promote the development acceleration, quality improvement and structure upgrading of the service industry in recent years. According to data, the added value of the service industry in Nanning City reached 211.515 billion yuan in 2017, 1,888.5 times as much as that of 1958 (112 million yuan); the contribution rate of the financial industry to economic growth reached 10.7%. In the first three quarters of 2018, the added value of the service industry in Nanning City accounted for 60.1% of its GDP, driving the GDP growth by 4.7 percentage points, which played an important supporting role in economic development.