The Pingtan government's annual financial work conference is held in Pingtan, Fujian province, on March 31. [Photo provided to chinadaily.com.cn]

Pingtan in South China's Fujian province will focus on developing the city's nascent financial services industry during the 13th Five-year Plan period (2016-2020), the local government announced at its annual financial work conference on March 31.

The island city has prioritized developing the financial sector in recent years as it seeks to become a regional hub for cross-Straits business and trade.

Pingtan's financial industry grew by 1.4 billion yuan ($203 million) in 2016 and now accounts for nearly 7 percent of the city's GDP. The number of financial companies operating in the city has also skyrocketed from 28 in 2011 to 995.

The next tasks for the Pingtan government are to deepen the reform and opening-up of the financial sector and build a shared financial services platform, while mitigating potential risks, Lin Wenyao, director of the administrative committee of Pingtan Comprehensive Pilot Zone, said at the conference.