A consortium of 20 Chinese venture capital firms plans to build a new center for VC and private equity companies in Guangzhou's Haizhu district, it was announced at the 2017 China Venture Capital & Private Equity Forum (CVCF) on June 17.

The new project, the first of its kind in China, is expected to attract 100 VC organizations and 100 investment funds within three years, bringing an estimated 250 billion yuan ($36.7 billion) to the city, Xinhua News Agency reported.

The consortium building the new center in the Poly Skyline Plaza development in Haizhu is being led by Ding Jihong, executive secretary of the CVCF and president of the China Venture Capital Research Institute.

The 2017 (19th) China Venture Capital & Private Equity Forum (CVCF) is held in Guangzhou, Guangdong province on June 17. [Photo Guangzhou Daily]

The move is another sign of the rapid development of Guangzhou's financial industry, and its equity investment industry in particular.

The total added value in Guangzhou's financial industry was 180 billion yuan in 2016, according to the city's finance bureau.

Finance has leapfrogged the real estate industry to become Guangzhou's fifth largest industry.

The city is stepping up the construction of a capital market, according to the Mayor of Guangzhou Wen Guohui.

Guangzhou has also introduced various policies to support the venture capital market, he added.

Guangzhou Mayor Wen Guohui speaks about the development of the city's financial industry at the 19th China Venture Capital & Private Equity Forum (CVCF) in Guangzhou on June 17. [Photo/Xinhua]

The forum was co-sponsored by the Central Committee of China National Democratic Construction Association, People's Government of Guangdong Province, People's Government of Guangzhou, and People's Government of Shenzhen and attracted more than 3,500 experts, business leaders and policymakers from the venture investment and stock equity investment fields.

Focusing on innovation and reform and forecasting the future development of China's economy, the forum featured several discussions and activities in a bid to enhance exchanges and cooperation between investors and entrepreneurs.

Guangdong Governor Ma Xingrui addresses the opening ceremony of the 19th China Venture Capital & Private Equity Forum (CVCF) in Guangzhou on June 17. [Photo/Xinhua]