By the end of October 2024, the number of licensed financial institutions in Chaoyang District had reached 1,841, including over 380 foreign-invested ones, which accounted for more than two-thirds of all foreign-invested financial institutions in Beijing.

The development of the "Two Zones" – the Integrated National Demonstration Zone for Opening up the Services Sector and the China (Beijing) Pilot Free Trade Zone – is a crucial aspect for Chaoyang to foster a new development dynamic. The district has been contributing to the development of the "Two Zones" through robust growth of the financial sector, continuously refining its supporting policies, and opening up wider to foreign financial institutions through tailored support. These efforts encouraged iconic institutions to come and establish their presence in the district.

For example, MAPFRE RE's Beijing branch was officially registered and founded on July 30, 2024, becoming the ninth foreign-invested reinsurer with regional headquarters functions in China and the fourth one in Beijing. Its arrival is an excellent model for developing an international financial opening-up frontier zone and will further promote Chaoyang's efforts to build an "International Insurance + Reinsurance Center". It is a milestone in clustering foreign financial institutions and developing the "Two Zones".

As of late October 2024, 30 financial institutions had been registered in Chaoyang, including MAPFRE RE's Beijing branch and Tesla Insurance Brokers. This resulted from Chaoyang's new moves in recent years. As the "International Financial Hub in the Capital", the district has been leveraging the "Two Zones" initiative to optimize its financial development path, enhance the clustering of international financial institutions, improve its world-class business environment, and actively promote financial openness and innovation, with the goal of building an internationally leading financial hub.

In the first three quarters of 2024, Chaoyang's financial sector achieved a value-added output of CNY 120.97 billion, maintaining its leading position across all industries. The sector's data accounted for 19.3 percent of the district's total value-added output, with a year-on-year growth of 7.3 percent. Since the development of the "Two Zones" started, Chaoyang has attracted 31 key institutions, such as Standard Chartered Securities, ERGO FESCO, and BMW Insurance Brokers, many of which are firsts of their kinds in Beijing and even in China. It has also implemented 12 pioneering pilot policies, including China’s  first brokerage-managed foreign exchange settlement and sales on behalf of clients and China's first pilot program for integrated cross-border cash pooling in both Renminbi and foreign currencies.

(Source: Chaoyangbao)