Recently, Bank of China's Beijing Shunyi Sub-branch handled CNY 500 million worth of cross-border financing business for Hyundai Capital Co., Ltd., the first of its kind to be carried out by an auto-financing company in China (Beijing) Pilot Free Trade Zone (BFTZ).

Shunyi District, contributing the largest area for BFTZ, is taking cross-border financing as one of its seven major industries, and has put in place all 17 pilot policies for the development of the Integrated National Demonstration Zone for Opening up the Services Sector and China (Beijing) Pilot Free Trade Zone (the "Two Zones" for short), all of which have been implemented, with three polices first released in Beijing and one business case first settled across the country.

So far this year, over 20 financial projects have been launched in Shunyi District, including China's first two licensed institutions - Allianz Capital Management Co., Ltd., the country's first wholly foreign-owned insurance capital management company, and Paypal, the country's first wholly foreign-owned third-party payment company. Thus, financing has become the third pillar industry in Shunyi, following the airport economy and auto-making.

(Note: Content source is from Beijing Daily)