Translation in English: The total amount of funds in 9 cities exceeds 5 trillion

The "total balance of deposits in financial institutions" of a city, also known as the "total amount of funds," reflects a city's ability to attract capital.

First Financial Daily reporters have combed through the total balances of deposits in financial institutions of major cities and found that, as of the end of 2023, the top ten cities in terms of total funds are Beijing, Shanghai, Shenzhen, Guangzhou, Hangzhou, Chengdu, Nanjing, Suzhou, Chongqing, and Tianjin. These ten cities can also be referred to as the "richest cities," among which the total funds of the first nine cities have exceeded 5 trillion, with Beijing and Shanghai both surpassing 20 trillion.

As strong first-tier cities, both Beijing and Shanghai are truly national central cities, with their total funds exceeding 20 trillion, far ahead of other cities. Overall, the modern service industry, high-tech industry, and emerging industries in Shanghai and Beijing are very developed, with a prominent headquarters economy, attracting a large amount of capital.

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Among them, Beijing is the financial regulatory center, with a concentration of headquarters of large-scale financial institutions. At the same time, Beijing's headquarters economy is very prominent, housing a large number of headquarters of state-owned enterprises, regional headquarters of large multinational companies, as well as a large number of large private enterprise headquarters that have grown in Beijing and corporate headquarters that have relocated from other places to Beijing. Shanghai has the Shanghai Stock Exchange and a large number of financial institutions, with a similarly prominent headquarters economy, and the number of regional headquarters of large multinational companies ranks first in the country. In recent years, many large enterprise headquarters from places like Jiangsu, Zhejiang, Fujian, and Anhui have also relocated to Shanghai.

In recent years, the three industries with the highest income in China are the information transmission, software, and information technology service industry, the financial industry, and the scientific research and technical service industry. Beijing and Shanghai are the regions where these high-income industries are most concentrated. Overall, the modern service industry, high-tech industry, and emerging industries have many high-paying positions, and the industries also attract a large amount of capital.

As the location of the Shenzhen Stock Exchange, Shenzhen has also gathered a large number of financial institutions, with a total fund amount exceeding 13 trillion. Data shows that at the end of December 2023, the total balance of deposits in Renminbi and foreign currencies of financial institutions (including foreign-funded) in Shenzhen was 13,335.052 billion yuan, a year-on-year increase of 8.1%.

Last year, the total balance of deposits in Renminbi and foreign currencies of financial institutions in Guangzhou reached 8.66 trillion yuan, ranking fourth.

Outside the four first-tier cities, Hangzhou, which ranks eighth in the country in terms of total GDP, had a total balance of deposits in Renminbi and foreign currencies of financial institutions of 775.89 billion yuan at the end of 2023, an increase of 11.5%, ranking fifth in the country in terms of total funds. From the perspective of industrial iteration, Hangzhou has been vigorously developing the digital economy. Data from the Hangzhou Municipal Bureau of Statistics shows that in 2023, the city focused on reshaping itself as the national leader in the digital economy, striving to promote the "Number One Development Project" of digital economy innovation and quality improvement. The added value of the core industries of the digital economy was 567.5 billion yuan for the year, an increase of 8.5% over the previous year, accounting for 28.3% of the city's GDP, a historical high, and the main engine role is more prominent; the core industries of the digital economy achieved a revenue of 1,873.7 billion yuan, an increase of 7.9%.

On the other hand, Zhejiang is one of the regions in China with the most developed private economy, and Hangzhou, as the capital of Zhejiang, is the center of the province's economy, science and education, finance, culture, and information in all aspects. Many enterprises from cities within the province have relocated their headquarters to Hangzhou, bringing capital aggregation.

Behind the capital aggregation is also the aggregation of industries and population. This year's government work report in Hangzhou mentioned that the urban population of Hangzhou has broken through ten million, achieving a major leap from a mega-city to a super-large city. This is the tenth city in China and the first in Zhejiang to become a super-large city.After Hangzhou, the financial institutions' total deposit balances in Chengdu, Nanjing, Suzhou, and Chongqing, these four cities, are in the 5 trillion tier, ranking 6th to 9th respectively. Tianjin's financial institutions' total deposit balances are in the 4 trillion tier, placing it in the tenth position.

The top ten cities with the highest total deposit balances in financial institutions include the four municipalities of Beijing, Shanghai, Chongqing, and Tianjin, as well as the five sub-provincial cities of Shenzhen, Guangzhou, Hangzhou, Chengdu, and Nanjing, with Suzhou being the only ordinary prefecture-level city. Known as the "most formidable prefecture-level city," in 2023, the city achieved a regional gross domestic product (GDP) of 2,465.34 billion yuan, with the added value of the financial industry growing by 11.5% compared to the previous year. The proportion of the financial industry's added value in the regional GDP exceeded 10% for the first time, reaching 10.1%, which is an increase of 0.8 percentage points from the previous year. By the end of the year, the total deposit balance of the city's financial institutions in both domestic and foreign currencies was 5,363.85 billion yuan, a growth of 13.1% from the beginning of the year.