Huo Xuewen, Director of Beijing Local Financial Supervision Administration, recently stated that as a national financial administration center, Beijing possesses world-class advantages along with tremendous opportunities for development in terms of market conditions, business environment, reform and innovation, etc. In recent years, more than 60 foreign-funded financial institutions have been settled in Beijing.
It is learned that Beijing's financial assets have exceeded CNY 170 trillion, accounting for more than half of the country's total. Beijing is also home to more than 900 licensed financial institutions, the most in China. Given the active venture capital and equity investment in Beijing, financial institutions are enjoying unique advantages in terms of their infrastructure, market base and resources.
In regards to business environment, Beijing's monetary and credit business environment ranked the highest across the country according to this year's assessment by the National Development and Reform Commission. Beijing Local Financial Supervision and Administration has established the mechanism to offer butler service for financial institutions, with both city- and district-level butlers in place to address household registration, medical treatment, education and other needs for the high-end financial talent.
Amidst the development of the "Two Zones", namely, the Integrated National Demonstration Zone for Opening up the Services Sector and China (Beijing) Pilot Free Trade Zone, Beijing has accelerated the pace of financial reform and opening up. The city has announced 102 policies that are specifically drawn for the seven main goals of the effort, i.e. further relaxation of market access, further opening up of capital market accounts, additional support for foreign financial institutions to obtain more business qualifications, emphasizing the benefits made by finance towards the real economy, further strengthening the dominant position of financial technology, further enhancing the functions of the national financial administration center, and further optimizing the world-class business environment. So far, 72 items, or 70.6 percent, of the policies have been implemented including a number of best innovation-driven national policies.
(Note: Content source is from Beijing Daily.)