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Beijing aims to rival Hong Kong, Shanghai as financial center
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Beijing wants to be known as a center of international financial influence.
BEIJING, CHINA – Beijing is steadily emerging as a center of financial influence, state media said Friday.
Guo Jinlong, mayor of Beijing, said that from January to September of this year, the Chinese capital had created revenues of $37.91 billion, a contribution of the country’s 28.8 percent economic development, the Global Times reported. Guo delivered his remarks on Thursday at the Fifth Beijing International Finance Expo.
Beijing has over 6,000 banks and 169 securities exchanges, it said. Primary financial institutions are based in Beijing, including the central bank, the regulatory committees of the banking, insurance and securities industries, as well as four state-owned commercial banks.
The city plans to build a primary financial center in Xicheng district, a secondary financial area in the Central Business District, and three new financial service areas in Haidian, Chaoyang and Fengtai districts.
“But Beijing has a long way to go to build a financial center with international influence, although it has unique advantages. An international financial center doesn’t only mean the increasing numbers of financial institutions,” the newspaper quoted Zhao Hong, a researcher at the Beijing Academy of Social Sciences.
As an international financial center, it must have a strong capital market like London, New York and Shanghai. Meanwhile, it must build an efficient backend financial service information system, as well as settlement, accounting and auditing, and legal service systems, Zhao told the paper.
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