Guangzhou is strengthening its support for innovation with diverse financing channels and a business-friendly environment.

"In 2016 alone, Guangzhou's financial investment in science and technology was 11.3 billion yuan ($1.71 billion), double the figure in 2012, with 80 percent of the investment going to companies," said Lin Huanxu, chief engineer with the Guangzhou science technology and innovation commission.

Guangzhou has founded the largest credit risk compensation system for science and technology industries nationwide. It can provide a total credit line of up to 9 billion yuan, which ranks No 1 among all the major cities in China.

Sungy Mobile was one of the first companies to launch a free mobile internet service in China. Its products serve more than 200 million users in 200 countries and regions.

"Guangzhou's strongly supportive policies and mature financial services market are the main reasons we can remain innovative and energetic," said Zhou Liang, director of Sungy Mobile.

The financial industry has made rapid development in the city in recent years.

The added value of financial intermediation hit 180 billion yuan last year, 133 percent growth in the last five years, according to a local government official. As of June, more than 260 financial institutions had a presence in Guangzhou financial street, located in Yuexiu district.

"These financial institutions will further stimulate private capital to support the real economy, especially small and micro-sized innovative enterprises," said Wu Yuhui, section chief with the financial work bureau of Yuexiu district.

Guangzhou has accelerated its industry transformation and upgrading, and further developed its technological and financial innovation capabilities in recent years. Among these is Guangzhou Venture Capital Town, which was named the first venture capital town in the city by the Guangzhou government in June.

The town is home to many financial institutions, such as the China Venture Capital Research Institute, the Guangdong Province Venture Capital Association, and the Guangzhou Science and Technology Financial Service Center. These institutions provide entrepreneurs not only with venture capital, but also other professional and innovative financial services.

The town has already become a top option for emerging industries, further boosting the development of innovations in Guangzhou.