(Yicai Global) Nov. 20 -- Southeastern Guangdong province will set up China's first "international financial island." The global annual meeting of the 14th International Finance Forum held in provincial capital city of Guangzhou on Nov. 18 has unveiled the Guangzhou Nansha International Financial Island Project, China News Service reported.

Nansha International Financial Island is jointly planned and constructed by Guangzhou municipal government, the administrative committee of Nansha Development Zone, which is part of the Nansha area of Guangdong Free Trade Zone, and the International Finance Forum (IFF). The IFF permanent site will form the basis to create a city space of landmark nature. It is built as the financial cooperation demonstration zone of the 21st Century Maritime Silk Road.

Under the letter of intent signed by all parties, the signatories will jointly set up Nansha International Financial Island Construction Company, which will be responsible for the overall planning, development, construction, operation and management of the financial island.

The Guangdong-Hong Kong-Macao Greater Bay Area International Cooperation Fund will be the main investor of Nansha International Financial Island. The project is jointly initiated by IFF, Guangzhou municipal government, the platform company of Nansha District Government, China Poly Group Corp., CNIC Corporation Ltd., Versant Group, and some international capital firms and relevant strategic cooperation agencies. The construction of Nansha International Financial Island and the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and its upstream and downstream investments will form the basis of the project.

The opening session of the Forum has also unveiled "The Nansha Fund of Fund" (FOF) project with a total size of CNY30 billion (USD4,5 billion) and the "International Venture Capital Center" project, China News Service said.