Beijing's first banking institution specially serving purposes of the China (Beijing) Pilot Free Trade Zone (BFTZ in short) completed its registration in Chaoyang District of Beijing on December 29, 2020.

The establishment of this first bank exclusive for free trade business in Beijing was marked with an official renaming of BFTZ International Business Service Area Branch of the Industrial and Commercial Bank of China Limited (ICBC) from the original ICBC Beijing CBD Branch.

Chaoyang District undertakes an important part in the construction of BFTZ and actively explores open and innovative financial policies on promoting greater openness of the financial market, cross-border capital flow and investment and financing facilitation. So far, eight meetings have been organized to collect opinions from enterprises, and five briefing and promotion meetings held to promote pilot financial policies to more than 500 technological, cultural and foreign trade enterprises, as well as multinational corporations and financial institutions with departments concerned. Early results have been observed in fast implementation of pilot financial policies through solicitation of opinions from enterprises and in-depth communication on relevant cases.Efforts will be made in efficient development and management of task checklists and projects in Chaoyang District in the construction of  National Integrated Demonstration Zone for Greater Openness in the Service Sector and the BFTZ (collectively referred to as the Two Zones).

Specifically, it is important to underline the growth of international business by targeting at international banking institutions and strengthening the development of potential projects, and facilitate the landing of policies and improvement of services by studying scenarios for pilot policies and integrating projects with policies to forge the forefront for opening up in international finance business.

Also publicity will be stressed and professional talents will be developed for the Two Zones. Experts of financial institutions and third-party service agencies will be engaged to promote the communication of financial policies across sub-districts, towns and buildings, resulting in more demand and successful cases of fulfilling such demand, and ultimately possibilities to improve policies, which completes an innovative loop for construction of the Two Zones.

(Note: Content source is from people.cn)