The policy interpretation manual for the financial sector of the "Two Zones" was officially released at the policy interpretation meeting held in Beijing on April 1. According to the meeting, 45 of the 102 tasks regarding the construction of the "Two Zones" in the financial sector have been implemented, an implementation rate of 44%.

Beijing Local Financial Supervision and Administration, together with the Operations Office of the People's Bank of China, the Beijing Office of the China Banking and Insurance Regulatory Commission, and the Beijing Office of the China Securities Regulatory Commission, has established a coordination mechanism for regular consultations and scheduling to coordinate the implementation of each of the task. Efforts have been made to formulate the construction plan for the "Two Zones" according to high standards and improve the environment both for talents and the rule of law to ensure high-quality development along with higher-level opening up in the financial industry.

In Beijing, significant progress has been made in the recognition of international professional qualifications in the financial sector. The recognition of futures practice qualifications was first implemented in Beijing. Special procedures were first applied to foreign securities professionals in China. Full coverage of the fund practice qualification certification has been achieved, and the bancassurance qualification certification has been fully completed. The official establishment of the Beijing Financial Court is conducive to the reform of the financial trial system and mechanism, improvements of the professionalism of financial trials and building of an environment for modern financial rule of law that matches the status of Beijing as the capital of China.

The construction of the "Two Zones" in the financial sector focuses on numerous key areas, including digital RMB, equity investment, and cross-border financial services, and leads in financial reform across the board. Achievements include the successful pilot implementation of digital RMB in consumption for the Winter Olympics and the pilot capital pool for integrated management of domestic and foreign currencies of transnational corporations. Beijing is fostering four growth points: wealth management, Fintech, green finance, and science and technology innovation finance. For example, in regards to Fintech, Beijing established the Beijing National Fintech Certification Center and the Beijing National Finance Standardization Institute. It also took the initiative in piloting a "regulatory sandbox" for Fintech, launched 22 projects across three batches, and set up an innovative joint laboratory for the monitoring, early warning, and supervision of financial risks in the subsidiary administrative center of Beijing. Finally, it took the lead in establishing a pilot area for Fintech applications.

Beijing has acted as a national financial management center by utilizing advantages in the building of relevant functions, opening-up policies, talent attraction, and "service managers" to drive innovation forward and accelerate the establishment of pioneering and iconic heavy-weight institutions. According to the statistics, in 2020, a total of 49 domestic and foreign financial institutions settled for business operation in Beijing, including 15 foreign institutions. Altogether 26 domestic and foreign financial institutions have joined since the construction of the "Two Zones" commenced in September 2020. In March 2021, the first foreign financial institution from the "Belt and Road" countries - Habib Bank of Pakistan, opened its branch in Beijing. The municipality is currently the number one choice for setting up new domestic and foreign financial institutions.

(Note: Content source is from Beijing Daily.)