A financial service base has been launched in Zhongshan, a traditional manufacturing city in the Pearl River Delta, to help industrial upgrading, according to the local authority.

The base is expected to provide as much as 20 billion yuan ($3.14 billion) in financing to innovative businesses by 2018, and help develop 50 listed companies.

The base, located in the East District of Zhongshan, is one of the first centers focusing on providing financial services in Guangdong province, to speed up local industrial transformation.

A group of 30 financial organizations and up to 20 innovative businesses has initially confirmed moving to the center, according to the local authority.

Lin Jiang, vice director of the Hong Kong, Macao and Pearl River Delta Research Center under the Sun Yat-sen University, said on Tuesday launching the financial base would help build an efficient channel for local manufacturers to upgrade their business by financing.

"Zhongshan is known for its traditional industries such as lighting, furniture and garments. The traditional businesses need to be upgraded by being given more financial service," said Lin.

qiuquanlin@chinadaily.com.cn