New Financial Summit Brings Huge Strategic Opportunities for Building a Western Financial Center

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DigitalCFO Newsroom | 4 August 2022

Discussion on new digital economy trends, digital transformation in finance, macroeconomic patterns, and the building of financial centers, integrated development of green industry and green finance.

On July 27th, the opening ceremony of the 2022 Jiangbeizui New Financial Summit was held at the Jiangbeizu International Fashion Center in Chongqing. With the theme of “Empowering Two High-Quality Development Goals, New Finance Garners New Momentum”, the participants are expected to conduct in-depth discussions on topics including the new digital economy trends and digital transformation in finance, macroeconomic patterns, and the building of financial centers, integrated development of green industry and green finance.

Chen Mingbo, Member of the Standing Committee of the CPC Chongqing Municipal Committee and Vice Mayor of the Chongqing Municipal Government attended and addressed the opening ceremony. He noted that the Western Financial Center is a farseeing major decision made by the CPC Central Committee thinking in big-picture terms, which aims to boost the construction of the Chengdu-Chongqing Twin-Hub Mega-Region, a significant mission for Chongqing to shoulder. Over the years, Chongqing has accelerated the high-quality development of the finance industry, continued to improve the system of financial institutions, pooled featured financial factors, deepened financial reform and opening-up, and optimized the environment for financial development. These fundamentals serve as strong support for Chongqing in speeding up the construction of a Western Financial Center which is based in the west, facing East Asia, Southeast Asia, and South Asia, and serving the Belt and Road Cooperation.

In his welcome speech at the opening ceremony, Teng Hongwei, Secretary of the CPC Chongqing Jiangbei District Committee, the host of the event, said that today, new finance, big data, smart technology, and blockchain integrate profoundly; and innovations, including sci-tech finance, green finance, and blockchain finance, emerge one after another; continuously boosting the high-quality development and providing a high-quality living for people. As the core area of the construction of the Western Financial Center in Chongqing, Jiangbei District has fertile soil for financial capitals to grow and a favorable environment for the western mode of the new finance industries to develop. Jiangbei District sincerely welcomes financial institutions to settle, start businesses, and prosper.

At the opening ceremony, the 2022 Jiangbeizui Financial Development Report released by the China Economic Information Service of Xinhua News Agency presented a multidimensional and panoramic analysis of the achievements of financial development of Jiangbeizui, Chongqing. According to the report, as the core area of the Western Financial Center, Jiangbei District has attracted an agglomeration of institutions, deepened financial reform step by step, widened financial opening-up, shown a stronger atmosphere in terms of financial culture, optimized business environment, and enabled enterprises to march toward public offering steadily. As a financial pioneer of Western China, it has witnessed expanded radiation and influence.

In order to further accelerate the construction of the core area of the Western Financial Center and promote high-quality development of the Chengdu-Chongqing Twin-Hub Mega-Region, after drawing on the experience of Beijing Financial Street and Shanghai Lujiazui, in light of actual conditions, Chongqing Jiangbei District, studied and rolled out the Measures on Accelerating the Construction of the Core Area of the Western Financial Center, also called “the Jiangbeizui Ten Measures of Finance”, which was later released by Tao Shixiang, Deputy Secretary of the CPC Chongqing Jiangbei District Committee and District Mayor of the Jiangbei District Government. With attractive and favorable policies in household registration and development, “the Ten Measures” highly supports the agglomeration of major financial institutions, encourages the innovation and development of financial and technological industries, and continues to strengthen the service system and supporting framework of professional knowledge.

In recent years, China’s financial industry has made historic achievements. We have orderly promoted financial reform and opening-up, improved the financial market system, increased the competitiveness and influence of the financial center city, ensured the Beijing National Financial Management Center played a better role, upgraded the Shanghai International Financial Center, and made solid efforts to build the Chongqing Western Financial Center. At the opening ceremony, Beijing Financial Street Services Bureau, China (Shanghai) Pilot Free Trade Zone Administration Committee Lujiazui Bureau, and Chongqing Jiangbeizui Central Business District Administration Committee signed a joint proposal: Deepening the Service Cooperation between Financial Centers and Empowering High-Quality Economic Development, aiming to continuously upgrade the functions of the core financial centers of Beijing Financial Street, Shanghai Lujiazui, and Chongqing Jiangbeizui with better services and a more favorable environment.

According to the joint proposal, as professional institutions serving the construction of the financial centers, the three parties will further support finance to better boost the real economy, take multiple parallel measures to prevent and solve financial risks, promote deeper financial reform and innovation, join hands to build demonstration cases of financial party building, continue to improve the supporting system of financial services, make more exchanges between institutions for better communication among leaders and advance regional cooperation with publicity.

In 2021, the CPC Central Committee and the State Council issued the Outline of Advancing the Development of the Chengdu-Chongqing Twin-Hub Mega-Region, and six ministries and commissions, including the People’s Bank of China, jointly printed and published e Planning of Chengdu-Chongqing Cooperation in Building the Western Financial Center, which ushered in major strategic opportunities for the construction of the Western Financial Center.

As the core area of the Western Financial Center in Chongqing, Jiangbei District is committed to the guidelines of “planning regional development with big-picture thinking and serving the overall development with regional contributions”, and the paths of gathering both financial institutions and functions, grasping strategic opportunities, advancing reform and innovation, elevating the stages of development, and promoting high-quality development of finance in western China. Currently, a multi-dimensional industrial structure, with the financial industry as its core, business and professional services as its support, and information service and emerging strategic industries as its complementation, has been completed in Jiangbei District.

According to statistics, until the end of June 2022, the added value of the financial industry of Jiangbei District reached RMB17.77 billion, accounting for 23.6% of the GDP of Jiangbei District. The balance of savings and loans of RMB and foreign currency reached over RMB1.8 trillion, and the total ranked top in Chongqing. 

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