The city of Harbin, capital of Heilongjiang province, announced the opening of a Finance Valley, on Nov 27, according to a Heilongjiang Daily report, saying that it is in the city’s Economic-Technological Development Zone, which houses 72 listed companies and more than 500 financial institutions.

The zone contains the HQ of more than 200 enterprises and at least 700 agencies dealing with conventions and exhibitions, and its administrators have preferential policies in place to attract financial institutions to the valley, with special funds for start-ups and favorable rents.

In commenting on the zone Jia Li, who works with a new energy bus manufacturer, said, “Without its finance guarantees our production equipment would not have been in place in time, let alone beginning operations before year’s end.”

Li’s company received two loans -- some 17 million yuan ($2.66 million) for equipment and an additional 10 million yuan before operations began.

Valley administrators say they want to become a capital hub, with financial guarantees, equity investment, intermediary services, and information disclosure to provide better financial services for enterprises.