Beijing Financial Street to Undertake Task of Further Opening up China’s Financial Sector
As Beijing works to establish both a comprehensive demonstration zone for expanding opening-up in the service sector and a pilot free trade zone (FTZ), Xicheng District accelerates the implementation of relevant policies by establishing a special work group, formulating a plan, promoting the implementation of projects, and organizing promotion events.
On September 7, 2020, the Measures of Xicheng District on Further Opening up Financial Industry on Financial Street ("Opening-up Measures") were released to the public at the "Financial Street and the Expansion of Financial Industry Opening-up" Exchanges Session for Foreign Institutions, one of the series of activities of Financial Street Forum 2020. As Beijing’s first local policy on the expansion of financial industry opening-up, the "Opening-up Measures" aims to show the determination and confidence of the Financial Street in undertaking the task of opening up China’s financial sector to the world.
In 2020, Xicheng District’s financial industry overcame the difficulties caused by the COVID-19 pandemic, resumed work and production effectively, and maintained steady growth, according to a district official. In the first three quarters of 2020, Xicheng District’s financial industry achieved an added value of 193.05 billion yuan, with a year-on-year increase of 4.2 percent, which accounts for 52.9% of Xicheng District’s GDP, and 36.8% of the total added value of the city’s financial industry. As of the end of October 2020, the assets of the financial institutions located in Xicheng District reached 114 trillion yuan, accounting for more than one-third of the total assets of financial institutions in the whole country.
To further open up the financial industry, Xicheng District will support foreign financial institutions, including banks, securities, insurance, funds, futures, trusts, and wealth management, to initiate or participate in the establishment of financial institutions in the Financial Street, and to invest in the financial institutions located in Xicheng District. It will also encourage foreign-funded and export-oriented financial institutions to take part in comprehensive pilot programs for expanding opening-up in China’s financial industry and Beijing’s service sector, and provide services to ensure the implementation of relevant measures on further opening up the financial industry in the Financial Street.
Sponsored by Xicheng District People’s Government of Beijing Municipality
Undertaken by Xicheng District Media Convergence Center
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