It is reported that with the consecutive establishment of large sized iron and steel as well as transmuting projects in Zhanjiang City of Guangdong Province, several upstream and downstream industries came to develop their business here in great numbers and financial market also smelled the great potential here.

Mr Ma Gui Deputy Secretary General of Zhanjing Government noted that five banks were in preparations for their establishment here like China Everbright Bank, Bank of Communications, China Merchants Bank etc. In addition, the branch of Bank of Communications would open here this month.

It is reported that the investment of Zhanjiang Iron and Steel Project totalled at CNY 63.5 billion with the annual capacity reaching at 9.2 million tonnes pig iron, 10 million tonnes crude steel and 9.43 million tonnes steel products as well as the annual sales revenue estimated at more than CNY 53 billion after completion. Meanwhile, China Sciences Group transmuting project totalled the investment of CNY 59.01 billion with the annual capacity posting at 15 million tonnes crude oil processing, 1 million tonnes ethylene production with a 0.3 million tonnes crude oil terminal which can be called the biggest JV project in China at present.

It features modernization, high tech and high return in hopeful of the estimated investment to be pushed up at more than CNY 100 billion in related upstream and downstream industries. It is also reported that the local government plans to build a high level finance and business district in Zhanjiang economic development zone, which may attract more financial institutions to develop their business here.

(Sourced from www.Chinanews.com)