(Yicai Global) Dec. 1 -- The Shanghai Financial Services Office signed a pact with the Fengxian district government yesterday, agreeing to support the development of the district's Oriental Beauty Valley and to advance the local financial industry.
The parties will leverage Shanghai's financial resources to boost industrial financing and cooperation for the Oriental Beauty Valley. They will use the city's pull as an international financial center to build Fengxian into a quality specialized oriental financial town, said Shanghai Financial Services Office Deputy Director Xie Dong.
The groups will strengthen their cooperation in inclusive finance, risk prevention, talent cultivation and credit establishment.
Bank deposits in Fengxian rose 16.9 percent annually to USD23.4 billion (CNY154.63 billion) by the end of September, said Yao Weihua, deputy head of the district. The district has 15 firms with A-share listing, one Hong Kong-listed company and 187 groups listed on the over-the-counter market, Yao said.
Fengxian supports Shanghai's industrial economy and is developing its beauty and health industry with the Oriental Beauty Valley as its centerpiece. The district's industrial development will desperately need strong financial support, and hopefully the Shanghai Financial Services Office will be able to continue providing guidance and help in relevant areas, said District Head Hua Yuan.
The Oriental Beauty Valley, also known as the cosmetics industry's Silicon Valley, has attracted more than 100 leading makeup and biomedicine enterprises, including American personal care product giant Nu Skin Enterprises Inc. [NYSE:NUS] and South Korean cosmetics group Cosmax Co.
The China Light Industry Council dubbed Fengxian the capital of the Chinese cosmetic industry in September.