Government to overhaul finance sector

The government of Tianjin city recently unveiled a master plan for reform of the finance sector over the 12th Five-year Plan period (2011-2015).

The measure would help the financing industry generate an added value of 180 billion yuan ($28.3 billion) by 2015, about 10 percent in the city's GDP. The number was only 56.1 billion yuan in 2010.

According to the plan, the financing industry will be seen as a "pillar industry" in the service sector. The government will help establish regional centers for private equity fund management, leasing, capital markets and settlement in Chinese currency.