


































Economics, Law and Policy 
ISSN 2576-2060 (Print) ISSN 2576-2052 (Online) 

Vol. 6, No. 1, 2023 

www.scholink.org/ojs/index.php/elp 

18 
 

Original Paper 

The Current Situation, Problems and Countermeasures of 

High-Quality Economic and Social Development of Securities 

Companies Serving Districts and Counties 

Yinzhong Chen
1
, Shichuan Huang

2
, Jing Lu

1
 & Jieyue Luo

1
 

1
 School of Economics and Finance, Sichuan International Studies University, Chongqing, PR China 

2
 Southwest Securities Research and Development Center, Chongqing, PR China 

 

Received: March 1, 2023         Accepted: March 28, 2023        Online Published: April 6, 2023 

doi:10.22158/elp.v6n1p18                 URL: http://dx.doi.org/10.22158/elp.v6n1p18 

 

Abstract 

Districts and counties are the most basic units of administrative divisions in China. Therefore, the key 

to promoting high-quality economic and social development in China lies in promoting high-quality 

economic and social development in districts and counties. With the deepening of the “One Division 

One County” twinning assistance initiative, the role of securities companies in serving the high-quality 

economic and social development of districts and counties has become increasingly apparent. In order 

to better promote the high-quality economic and social development of securities companies serving 

districts and counties, this paper summarizes the main problems based on the analysis of the current 

situation of the high-quality economic and social development of securities companies serving districts 

and counties, and puts forward corresponding policy suggestions from the aspects of giving full play to 

the role of associations, building bridges serving districts and counties, giving full play to the 

professional advantages of securities companies, and creating characteristic comprehensive financial 

services. 

Keywords 

securities companies, high quality development, problems and Countermeasures 

 

 

 

 

 

 



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1. The Status Quo of High-Quality Economic and Social Development of Securities Companies 

Serving Districts and Counties 

1.1 The Current Situation of High-Quality Economic and Social Development in Districts and Counties 

The first is the steady decline in the number of district and county administrative units. With the 

continuous advancement of China‟s urbanization and the further improvement of the level of 

industrialization, the number of districts and counties in China has generally shown a steady. The 

number of administrative units in districts and counties has dropped from 2859 in 2008 to 2843 in 2021. 

The number of county administrative units decreased from 1463 in 2008 to 1301 in 2021. Among them, 

some county administrative units were transformed into municipal districts or county-level city 

administrative units, which increased the number of municipal districts from 856 in 2008 to 977 in 

2021, and the number of county-level city administrative units increased from 368 in 2008 to 394 in 

2021. With the further implementation of the rural revitalization strategy and the continuous 

improvement of urbanization level, the merger and transformation of county administrative units will 

be further promoted, and it can be expected that the number of county administrative units will further 

decline in the future. 

 

Table 1. Changes in the Number of District and County Administrative Units from 2008 to 2021 

Unit: Pcs 

Year Municipal 

district 

Country-level 

cities 

Country Autonomous 

country 

Country division 

2008 856 368 1463 117 2859 

2010 853 370 1461 117 2856 

2015 921 361 1397 117 2850 

2020 973 388 1312 117 2844 

2021 977 394 1301 117 2843 

Note. The data comes from the China Statistical Yearbook over the years. 

 

The second is the proportion of county household population decreased year by year. The number of 

registered residents in districts and counties continued to rise from 1.025 billion in 2016 to 1.031 

billion in 2019, and then began to decline. In 2020, it fell to 1.025 billion, the same as in 2016. The 

district and county administrative units absorb nearly three-quarters of the country‟s population. The 

proportion of the registered population in the total population of the country has slowly declined from 

73.64 % in 2016 to 72.59 % in 2020. It can be seen that districts and counties are of great significance 

to the realization of the national economic and social development and common prosperity goals. 

 



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Figure 1. The Number and Proportion of Registered Population in Districts and Counties from 

2016 to 2020 Unit: 100 Million Yuan/% 

Note. The data comes from the China County Statistical Yearbook and China Statistical Yearbook 2021, 

which was compiled by the research group. 

 

The third is the county industrial structure has been continuously optimized. The proportion of primary 

industry output value decreased from 13.40 % in 2016 to 11.80 % in 2018, and then began to rise, 

rising to 13.38 % in 2020, which was basically the same as that in 2016, indicating that the basic role of 

the primary industry as the county economy remained unchanged; the proportion of secondary industry 

output value decreased from 47.68% in 2016 to 41.19% in 2020, and the proportion of tertiary industry 

increased from 38.92% to 45.43%. In 2020, the proportion of the tertiary industry in the country is 

54.50%, indicating that China has shifted from an industrial economy to a service-oriented economy. 

Under the background of the great development of service economy, the rapid development of the 

tertiary industry will promote the optimization of the industrial structure of districts and counties. 

 

 

Figure 2. Industrial Structure of Districts and Counties from 2016 to 2020 Unit: % 

Note. The data are from China County Statistical Yearbook, organized by the research group. 



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The fourth is the county general public budget revenue and expenditure gap continues to expand. The 

general public budget revenue of districts and counties continued to rise from 2814.649 billion yuan in 

2016 to 33438.75 billion yuan in 2019. In contrast, the general public budget expenditure of districts 

and counties increased from 51045.03 billion yuan in 2016 to 89914.24 billion yuan in 2019, and the 

budget revenue and expenditure gap expanded from 22898.54 billion yuan in 2016 to 56475.49 billion 

yuan in 2019. Due to the impact of the new coronavirus epidemic, the general public budget 

expenditure in 2020 decreased slightly to 31491.66 billion yuan, while the general public budget 

expenditure rose to 93872.22 billion yuan instead of falling, and the general public budget revenue and 

expenditure gap further increased. 

 

 

Figure 3. General Public Budget Revenue and Expenditure in 2016-2020 Unit: 100 Million Yuan 

Note. The data comes from the “China County Statistical Yearbook” over the years. 

 

The fifth is the imbalance between urban and rural economic development has intensified. The scale of 

economic development in districts and counties has been expanding, and the total output value has 

increased from 4048.581 billion yuan in 2016 to 50205.48 billion yuan in 2020, but the proportion of 

the national total output value has decreased from 54.24 % in 2016 to 49.42 % in 2020. It can be seen 

that during this period, the growth rate of economic development in districts and counties was 

significantly lower than that of national economic development, and the imbalance between urban and 

rural economic development was not improved, but more prominent. 

 

 



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Figure 4. GDP and Its Proportion of Districts and Counties in 2016-2020 Unit: Billion Yuan/% 

Note. The data are derived from the “China County Statistical Yearbook” and “China Statistical 

Yearbook 2021” over the years. 

 

The sixth is the county government debt pressure is increasing. At the same time as the sustainable 

development of the county economy, the contradiction between the revenue and expenditure of the 

county government is increasing, and even the situation that the repayment funds of individual counties 

exceed the disposable financial resources of the year. The “Audit Report on Provincial Budget 

Implementation and Other Fiscal Revenue and Expenditure in 2020” pointed out that in 2019, county 

government debt not only accounted for about 30% of local government debt balance, but also showed 

the characteristics of high debt balance and fast growth rate. In 2019, the overall debt ratio of district 

and county governments reached 61.5%. Among them, the county-level city government has the 

highest debt ratio, reaching 66.9%, and the autonomous county has the lowest debt ratio of 56.5%. 

From a regional perspective, the county government debt ratio in the western region is the highest, at 

65.1%. Under the continuous promotion of the rural revitalization strategy, with the increase of 

investment in rural infrastructure construction, ecological green transformation and other fields, the 

debt rate of district and county governments will further rise, and the debt pressure will also continue to 

increase. 

 

 

 

 

 

 

 

 

 



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Table 2. District and County Government Debt Ratio in 2019 Unit: % 

Region County area County County-level city Autonomous 

county 

East 63.4 64.3 63.0 53.0 

Midst 55.3 53.5 59.8 66.1 

West 65.1 60.9 84.0 58.3 

Northeast 61.2 53.9 71.0 41.2 

Whole 

country 

61.5 59.1 66.9 56.5 

Note. The data comes from “the scale, structure and sustainability of county government bonds under 

the new pattern”; the debt ratio is the ratio of county government debt balance to the total value of local 

general public budget expenditure and government fund income. 

 

1.2 The Current Situation of Securities Companies Serving the Economic and Social Development of 

Districts and Counties 

The first is the coverage of service counties continues to expand. During the period of poverty 

alleviation, the Securities Industry Association launched the “Helping Poverty Alleviation, Fulfilling 

Social Responsibility-Securities Companies” One Division One County “Twinning Action Initiative to 

Help Poverty-stricken Counties”, calling on each securities company to help at least one national 

poverty-stricken county in pairs. According to the statistics of China Securities Association, by the end 

of 2020, 101 securities companies have helped 294 state-level poverty-stricken counties in pairs, 

including 22 provinces and cities across the country, covering 35% of state-level poverty-stricken 

counties, and these poverty-stricken counties have all lifted out of poverty. After comprehensively 

solving absolute poverty, 84 securities companies will continue to help 290 poverty-stricken counties in 

2021. 

 



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Figure 5. The Number of Poverty-Stricken Counties Assisted by Securities Companies “One 

Company, One County” in 2020 Unit: Jia 

Note. The data comes from the securities company s one company, one county twinning assistance 

achievement exhibition. 

 

Table 3. The Implementation of Securities Companies in Helping Poverty Alleviation Counties in 

2016-2021 Unit: Pcs 

Year Number of 

securities 

companies 

Number of pairs to help 

poverty-stricken counties 

implemented 

2016 79 132 

2017 91 263 

2018 89 258 

2019 87 270 

2020 86 271 

2021 84 290 

Note. Data are from the website of China Securities Association. 

 

 

 

 



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The second is financial resources continue to flow to districts and counties. With the help of the 

financing function of the capital market, the Securities Industry Association calls on securities 

companies to give full play to their professional advantages, comprehensively use various financial 

means and various financial instruments, provide professional services for enterprises in 

poverty-stricken areas and promote industrial revitalization. From 2017 to 2021, there are 33 

enterprises in the first public offering and listing of enterprises in poverty-stricken areas of districts and 

counties served by securities companies. Among them, there are 6 in 2017, 3 in 2018 and 2019, 11 in 

2020 and 10 in 2021. It can be expected that with the help of securities companies and the gradual 

improvement of China‟s securities market construction, the number of enterprises in poverty-stricken 

areas will continue to rise. During this period, the total amount of financing for enterprises in 

poverty-stricken areas in other ways reached 282.309 billion yuan, and a total of 42 projects were 

recommended for enterprises in poverty-stricken areas to be listed in the national SME share transfer 

system. 

 

Table 4. The Flow of Financial Resources of Securities Companies to Poor Areas in 2017-2021 

Year Other ways to service 

enterprise financing (Billion 

Yuan) 

Initial public offering and 

listing (Jia) 

Share transfer system listing 

project (Pcs) 

2017 758.28 6 — 

2018 390.24 3 22 

2019 545.28 3 7 

2020 520.22 11 7 

2021 609.07 10 6 

Sum 2823.09 33 42 

Note. The data come from the website of China Securities Industry Association, organized by the 

research group. 

 

The third is the forms of service are increasingly rich. Based on their own advantages, combined with 

the actual situation of resource endowment and industrial development in districts and counties, 

securities companies have increasingly diversified forms of assistance services. The current forms of 

assistance services involve public welfare assistance, intellectual assistance, industrial assistance, and 

talent assistance. According to the statistics of the China Securities Industry Association, as of the end 

of 2020, securities companies have established or participated in the establishment of 66 public welfare 

funds with a scale of 608 million yuan, and 48 industrial funds in poverty-stricken areas with a scale of 

253.93 billion yuan; purchase 357 million yuan of characteristic products in poverty-stricken areas, 

promote and sell 268 million yuan of characteristic products ; it subsidizes 10.04 million poor students 

and 126,100 poor families; support 559 characteristic industrial projects in poor areas; in-depth 



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research and visits to poor areas of 12,900 people, research and guidance of local enterprises 3462 

times. 

The forth is financial instruments continue to innovate. Under the call of the Securities Industry 

Association, securities companies continue to innovate financial instruments in the process of helping 

rural revitalization and promoting high-quality economic development in districts and counties. Some 

securities companies underwrite the issuance of rural revitalization theme bonds, such as Guangxin 

Holding Group‟s first special corporate bond for rural revitalization, and China Energy Conservation 

Solar Energy Co., Ltd. successfully bookmarked the issuance of the country‟s first “carbon neutral „+‟ 

rural revitalization” double-label corporate bond with a scale of 1 billion yuan. CICC and China Bond 

Valuation Center jointly launched the first rural revitalization bond index in the market; Tianfeng 

Securities and Yunnan Trust successfully issued the first trust-assisted ABS product in China that fully 

supports new agricultural business entities. At the same time, in view of the fluctuation of agricultural 

product prices and the instability of farmers‟ income, securities companies also actively explore the 

“insurance + futures” model. 

 

2. Problems Faced by Securities Companies in Serving High-Quality Economic and Social 

Development of Districts and Counties 

2.1 The Initiative of Securities Companies to Serve Districts and Counties Needs To Be Strengthened 

In the “one company, one county” organized by the Securities Industry Association, many securities 

companies actively participated and achieved good results. Later, some securities companies also 

continued the practice of “one company, one county” providing more services for the high-quality 

economic and social development of districts and counties. However, few securities companies can 

further carry out services for new districts and counties on the basis of “one company, one county”, 

especially the lack of comprehensive, long-term and strong services, which has not yet formed the 

continuity and normalization of district and county services. 

2.2 The Coverage of Securities Companies’ Service Districts and Counties Is Relatively Small 

Although a few securities companies, such as Caitong Securities, have carried out services to districts 

and counties, and some securities companies have established cooperative relations with district and 

county governments in their regions, in terms of the number of securities companies and the number of 

securities company outlets in the country, the coverage of districts and counties that have already 

provided services is still narrow, and the number of districts and counties that have obtained the 

services of securities companies is small, and the number of poor counties in the districts and counties 

supported by the “One Division and One County” activity is very large. Moreover, the behavior of 

existing securities companies serving districts and counties mostly occurs in the eastern region, and the 

situation of securities companies serving the economic and social development of districts and counties 

in the central and western regions is still less. 

 



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2.3 The Professional Services Provided by Securities Companies Are Still Not Enough 

At present, in the process of serving the economic and social development of districts and counties, 

securities companies still focus on public welfare services, such as donations, support for education, 

and investor education activities for poor areas, which are more reflected in the poverty alleviation of 

the “blood transfusion” nature. However, professional and characteristic services, such as the 

introduction of “hematopoietic” financial resources based on industrial prosperity, are still very lacking. 

There are very few capital market service projects and service products that rely on professional 

advantages, and it is impossible to give full play to the effect of securities companies using professional 

strength to promote the high-quality development of districts and counties. 

2.4 The Mode of Securities Companies Serving Districts and Counties Is More Homogeneous 

Due to the differences in resource endowments and geographical location advantages, the economic 

and social development foundation, development model, development path and development goals of 

different districts and counties are not consistent, which means that securities companies need to adapt 

to local conditions and combine the actual situation of economic and social development in districts 

and counties to provide characteristic services. Moreover, the securities companies themselves are also 

different in terms of asset size, business orientation, business point setting, and talent reserve. 

Therefore, they should also fully consider their own particularities when providing services to districts 

and counties. However, at present, the services provided by securities companies for districts and 

counties are mostly similar and repetitive. On the whole, the service innovation is insufficient, the 

characteristic financial projects and financial products are still lacking, and the economic development 

of districts and counties and the particularity of securities companies have not been fully considered. 

2.5 The Comprehensiveness of Securities Companies’ Service Districts and Counties Is Relatively 

Lacking 

Districts and counties need securities companies to provide comprehensive financial services. However, 

on the one hand, the current services provided by some securities companies are mostly based on a 

certain department or branch as the main force of services, which cannot effectively meet the 

comprehensive financial demands of districts and counties. This means that securities companies need 

to integrate the power of multiple departments, multiple lines, and even forward-looking investment in 

services. However, there are relatively few securities companies that can provide similar services. On 

the other hand, including district and county governments, district and county enterprises, and district 

and county residents all need services from securities companies. However, at present, most securities 

companies‟ services tend to focus on a single service object, failing to design the three to a unified 

service model, and lacking the organic combination of the three in the service process. 

 

 

 

 



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3. The Countermeasures and Suggestions for the High-Quality Economic and Social 

Development of the Securities Companies Serving the Districts and Counties 

3.1 Play the Role of the Association Organization, Build A Service District Bridge 

(1) Play the guiding role of the association, and guide the brokers to actively serve the districts and 

counties from the mechanism. The first is to issued a call to serve the high-quality economic and social 

development of districts and counties. Led by the Securities Industry Association, we will organize and 

guide securities companies to participate in and serve the high-quality economic and social 

development of districts and counties, continue the “one company, one county” model, call on 

securities companies to organically combine service districts and counties with rural revitalization on 

the basis of their original activities, and open a new round of “one company, one county” or “one 

company, multiple counties” activities, focusing on expanding the depth and breadth of services, and 

striving to add 10% of the country‟s districts and counties; The second is to establish a professional 

committee to serve the high-quality economic and social development of districts and counties. The 

establishment of a secondary professional committee can be adopted to attach importance to the 

management mechanism, clarify the connotation and extension of work responsibilities, take the lead in 

organizing securities companies to explore the value of high-quality economic and social development 

in districts and counties, tap the potential of the capital market of enterprises in districts and counties, 

and guide securities companies to organically combine the main business with the coordinated and 

shared economic and social development in districts and counties; The third is to guide securities 

companies to innovate the mode of serving the high-quality economic and social development of 

districts and counties. Encourage securities companies to give full play to their own strengths, actively 

integrate into the new pattern of national and local economic and social development, and explore new 

products, new tools, new businesses and new services in service districts and counties, and form a 

normal mode of securities companies serving districts and counties. Taking the service area county as 

one of the special evaluation contents of securities companies to fulfill their social responsibilities, it 

pays attention to the ESG evaluation of securities companies, and combines with the classification 

evaluation to improve the positive incentive degree. The forth is to strengthen the cultural propaganda 

work of securities companies serving the high-quality economic and social development of districts and 

counties. The Securities Industry Association can list the publicity work of securities companies 

serving the high-quality economic and social development of districts and counties as an important part 

of the cultural construction of the securities industry. By setting up columns on the website of the 

Securities Industry Association, publicly releasing data, publishing case compilations, and producing 

results propaganda films, the work progress and typical deeds of the service districts and counties are 

publicized and reported, and special recognition is given to outstanding securities companies and staff 

to produce incentive effects. 

 

 



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(2) Play the role of the association platform, do a good job of the bridge between securities companies 

and districts and counties. The first is to build a cooperation platform composed of associations, district 

and county governments, and securities companies. The securities industry association can adopt the 

way of setting up “special members” to attract the district and county governments to join the 

association, and rely on the good relationship that has been formed with many local governments, take 

the initiative to graft resources between securities companies and district and county governments, and 

give full play to their own advantages in coordination, communication and information, and jointly 

build a “securities industry service district and county comprehensive platform” to gather functional 

information such as service demand, industrial and financial docking, public welfare support and 

financial training, so as to reduce the cost of information collection and communication among various 

entities, and also attract more district and county government resources for securities companies. The 

second is to organize in-depth investigation of districts and counties and coordinate and match various 

resources. The Securities Industry Association can continue to organize securities companies to 

conduct in-depth research on the districts and counties that determine the establishment of strategic 

cooperative relations, involving industry, people‟s livelihood, finance and other dimensions, summarize 

and sort out the common and individual problems encountered in the process of pursuing high-quality 

development in districts and counties, understand the latest financial needs, and then organize special 

research and provide matching financial services, which will help improve the reproducibility of 

services. In addition, we can also consider introducing the resources of listed companies into this link, 

and promote the exchange and docking of district and county industries and listed companies on the 

basis of research; the third is to lead the forum on high-quality economic and social development of 

securities industry service districts and counties. The Securities Industry Association can, in 

coordination with other departments such as the China Securities Regulatory Commission, invite 

government departments, academia, industry and others to jointly convene a special forum to discuss 

how securities companies serve the real economy and how to effectively serve the high-quality 

economic and social development of districts and counties, listen to the latest demands of districts and 

counties in the process of economic and social development, exchange the institutional mechanisms 

and methods of securities industry serving districts and counties, and organize securities companies to 

conduct follow-up thematic research on district and county financial services. 

3.2 Give Full Play to the Professional Advantages of Securities Companies and Create Characteristic 

Comprehensive Financial Services 

(1) Based on the top-level design, strengthen the system guarantee of service districts and counties. The 

first is the top-level design into the development plan of securities companies. Securities companies 

should regard the high-quality economic and social development of service districts and counties as an 

important work in the future, fully understand its long-term and arduous nature, and incorporate it into 

the company‟s medium-and long-term development plan and annual work plan, or separately introduce 

the development plan of service districts and counties. According to the pre-procedure of the party 



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committee‟s discussion as a major decision-making matter, the position of service districts and counties 

in the company‟s development should be clarified and implemented; The second is to integrate into the 

specific work system of securities companies. Improve and strengthen the specific work system of 

securities companies serving districts and counties, write the work content, work methods, and work 

objectives of the service districts and counties into the daily work system of securities companies, or 

separately design the institutional arrangements for securities companies serving districts and counties, 

including establishing a sound internal multi-sectoral business linkage mechanism to form a 

comprehensive financial service capability of the service districts and counties. At the same time, 

clarify the relevant responsibilities of personnel at all levels of securities companies, and promote the 

implementation of specific work in service districts and counties under the constraints of the system; 

The third is to integrate into the self-evaluation system of securities companies. In combination with 

the evaluation system of the securities industry association for securities companies, the system and 

mode, the impact and the role formed in the economic and social work of each business department 

serving the districts and counties are incorporated into the annual assessment of the securities company 

itself. Play the role of assessment baton, avoid a single business assessment system, and focus on the 

balance of social and economic benefits. 

(2) Based on specific regions, explore differentiated service paths. The first is to lock in specific areas 

and gradually carry out pilot projects. In the early stage, the securities company can fully consider the 

characteristics of the environment, humanities, economy, region and industry of the proposed service 

area, and carry out centralized services to a number of districts and counties adjacent to a certain which 

helps to form the industrial clustering effect and the scale effect of the service, and also helps the 

securities company to form the differentiated characteristics; The second is to carry out differentiated 

exploration based on their own endowments. Securities companies should formulate a package of 

service plans based on the development characteristics of the districts and counties to be served and the 

fit of financial needs with their own resource endowments and business expertise. Securities companies 

located in the central and western provinces and cities should fully consider the weakness of the 

economic and social development foundation of the districts and counties and the urgency of financial 

services, give full play to the location advantages, and increase the resource tilt of the district and 

county services. Securities companies with headquarters in different places can focus on how to plan 

the mode and path of serving districts and counties through the joint service mechanism of 

headquarters and branches or regional headquarters. 

(3) Promote talent strategy and increase the supply of financial talents in districts and counties. The 

first is to build a strong service talent team in the county. The securities companies can coordinate and 

select a group of middle-level cadres who are political, business and management to enter the service 

areas and counties on the spot, and actually participate in the economic and social development of the 

districts and counties, such as investment promotion and capital introduction, poverty alleviation, 

economic management and other work, focusing on docking securities companies and county financial 



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service needs. At the same time, we should also strengthen the construction of the staff of the county 

branch of the securities company, and give full play to the service ability of the business department 

outlets; The second is to build a strong service county reserve force. On the one hand, we should 

strengthen the training of middle-level cadres or reserve cadres of securities companies, organize 

special courses on high-quality economic and social development in service districts and counties, and 

apply for crediting the learning hours to the securities industry association vocational training 

information database. Securities companies can also use the development of service districts and 

counties as an important assessment indicator for the proposed promotion of cadres, and stimulate the 

initiative and enthusiasm of reserve cadres to start businesses and take on responsibilities. On the other 

hand, securities companies can also carry out special training activities for grassroots cadres of district 

and county governments, especially financial and economic cadres, and establish friendly and 

cooperative relations between securities companies and district and county grassroots. 

(4) Based on professional advantages, meet the needs of comprehensive financial services for 

high-quality economic and social development in districts and counties. The first is to use industrial 

research as a link to promote the rational development of district and county governments and 

enterprises. First, assist in the formulation and implementation of county economic development 

planning and financial revenue and expenditure plan. The securities company can give full play to the 

advantages of industrial research and actively strive to become an external “think tank” for the district 

and county governments to formulate economic planning. Combined with the in-depth investigation of 

the districts and counties, based on the national industrial economic policy, as well as the local fiscal 

revenue and expenditure and debt constraints, the securities company can provide planning suggestions 

for the development of the district and county economy and society or industrial parks, assist in 

formulating corresponding operation plans, balance risks and benefits, and mobilize the company‟s 

strength to provide targeted industrial, financial or resource support in the follow-up project 

implementation process. 

Second, help formulate and implement district and county industrial development and investment 

attraction plans. Industry is the foundation of high-quality economic and social development of districts 

and counties. Industrial planning and investment attraction are the pain points and difficulties of district 

and county work. On the basis of industrial research and regional research, this paper clarifies the 

existing industrial foundation, industrial advantages, geography, climate, resources and population of 

districts and counties. Through the comparison of industrial research across the country, from the 

perspective of the integration of industrial development and financial capital, it fully considers the 

sustainability of resource endowment and industrial development of districts and counties, and finally 

puts forward a reasonable industrial development direction based on its own experience, forming an 

ecological system of financial and industrial circulation. In the follow-up, securities companies can find 

the target enterprises in the market based on industrial planning, and combine “going out” with 

“bringing in” to attract external industrial linkages to the ground, thus driving the development of 



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district and county industries. 

Third, help county enterprises to develop business development and financial services programs. 

Enterprises are an important carrier of county economic development. Mature enterprises usually do 

not have the dilemma of lack of financial services. However, a large number of county enterprises 

generally have the characteristics of low maturity and small scale. In the early stage of development, 

industrial support is urgently needed to solve the survival problem. Securities companies can timely 

discover the operational risks faced by small and medium-sized enterprises in districts and counties 

through continuous industrial research, visits, research and other activities, and give reminders, and 

help to resolve them. Therefore, securities companies should not be limited to ready-made business 

opportunities, but should participate in the medium and long-term development of enterprises. They 

can use industrial research as a link to help coordinate various resources of listed companies, provide 

“financial companionship” services for a large number of start-up and growth enterprises, and organize 

investment banks and investment departments to participate in a timely manner. 

The second is to enhance the new vitality of high-quality economic and social development in districts 

and counties based on investment and financing. Financing is the most direct appeal of local 

governments. Securities companies have helped solve the financing problems of district and county 

governments by assisting in the issuance of local bonds, direct investment, and public welfare 

assistance. At the same time, the following services can be continued: First, help revitalize the county 

resources and improve the financing hematopoietic function. First of all, within the scope of policy 

provisions, securities companies can become consultants for local government resource integration and 

platform standardization development, help sort out, revitalize and integrate stock assets, enhance the 

hematopoietic function of the platform through mergers and acquisitions, and promote the 

improvement of credit rating of high-quality entities. Secondly, at present, the demand for the 

establishment of industrial funds funded by the county governments in various regions is very strong. 

Securities companies can study the corresponding supporting policies and mechanisms by assisting in 

the establishment or co-construction of co-managed industrial funds, accelerate the transformation of 

simple financial subsidies in districts and counties into equity investment, guide the participation of 

social capital and industrial capital, and improve the efficiency of the use of government funds. 

Second, aim at comprehensive needs and innovate products or services. First of all, securities 

companies can cooperate with district and county financial supervision bureaus, economic and 

information commissions, development and reform commissions, state-owned assets supervision 

commissions, finance bureaus and other departments to classify and cultivate district and county 

enterprises, and formulate differentiated service plans for traditional industries, special and new 

industries, strategic emerging industries, etc. Secondly, securities companies can actively promote 

green bond business and ABS business according to the actual situation of enterprises, and learn from 

domestic and foreign experience to explore innovative products such as “urban bonds”. Furthermore, in 

the face of the more comprehensive financial needs of the district and county governments, securities 



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33 
Published by SCHOLINK INC. 

companies can take the lead in integrating commercial banks, insurance companies, futures companies, 

guarantee companies and other financial institutions to carry out joint cooperation, build a 

comprehensive service platform for the financing needs of the district and county governments, and 

promote diversified financial institutions to help the economic and social development of the district 

and county. 

The third is to promote the harmonious development of district and county society with teaching as the 

focus. First, strengthen investment awareness and enhance the cognitive ability of district and county 

residents to the securities market. For residents in districts and counties, especially in districts and 

counties with relatively backward economic development, due to the relatively low income of such 

groups, residents‟ willingness to save is stronger, their willingness to invest is relatively weak, and the 

layout of financial institutions in some districts and counties is relatively small, and residents have 

fewer investment channels. This requires securities companies to use their own professional advantages, 

fully understand the investment needs of district and county residents, connect appropriate products to 

appropriate district and county investors, give full play to the professional services of securities 

companies in social risk management, and also promote district and county residents to correctly and 

objectively understand the securities market and securities investment, appropriately promote district 

and county residents to convert savings into investment, and provide more investment and financial 

management channels for district and county residents. 

Second, strengthen the development of investor education activities at different levels of districts and 

counties. Securities companies should carry out corresponding investment education according to the 

characteristics of different investors in districts and counties. For the elderly investors in districts and 

counties, we should focus on educational activities to prevent financial fraud and protect the “money 

bags” of the elderly; for young and middle-aged investors in districts and counties, we should focus on 

education to establish a good investment concept, and enhance the investment ability of these investors, 

so as to enhance the investment effectiveness of young and middle-aged investors. For young investors 

in districts and counties, investor education can be used as a platform to strengthen the improvement of 

students‟ ability to prevent risks, reduce the probability of financial fraud in student groups, and also 

strengthen the popularization of basic knowledge of youth securities investment. Through the 

continuous development of investor education activities, it can effectively open up a new pattern of 

investor education, and also help to promote the stability and progress of district and county society. 

 

Funding 

This work was supported by the Fundamental Research Funds for the Chongqing Social Science 

Planning Project (Project No. 2019YBGL050) and the Sichuan International Studies University 

Research Project (Project No. sisu2018010). 

 

 



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34 
Published by SCHOLINK INC. 

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