Recently, Allianz Insurance Asset Management Co., Ltd. received approval from the China Banking and Insurance Regulatory Commission, becoming China's first approved wholly foreign-owned insurance asset management company. The company settled in the Sino-German International Cooperation Industrial Park of the Shunyi District cluster of International Business Services Area, China (Beijing) Pilot Free Trade Zone (BFTZ).

Shunyi District is the largest cluster in area within BFTZ, and cross-border finance is one of its seven key industrial fields. To date, 17 pilot cross-border finance policies have been implemented, with the completion rate of 100 percent. The settling-in of Allianz company will further enhance the level of opening-up in Shunyi, and the district will create more opportunities for financial institutions such as Allianz to serve the real economy based on the business entities introduced to the Sino-German International Cooperation Industrial Park and other platforms.

Next, Shunyi District will focus on its positioning as Beijing's industrial finance center, seize the favorable opportunities brought by the development of the "Two Zones", and continue to attract more high-quality financial institutions based on its solid industrial foundations in industries such as aerospace, new energy vehicles and the airport economy, thereby making contributions to Beijing's high-quality development.

(Source: Beijing Youth Daily)