Chongqing - Chongqing Liangjiang New Area Administrative Committee and Jiangbeizui Central Business District Investment Group met the press and brief on its efforts and achievements of financial development on November 1, 2019.
Chongqing Liangjiang New Area Administrative Committee and Jiangbeizui Central Business District Investment Group meets the press and brief on its efforts and achievements of financial development on November 1, 2019. (Photo by Lu Hongya)
Liangjiang New Area represents the core area for Chongqing to establish an international financial center at the upper reaches of the Yangtze River. Dialogues on inland opening-up, economic cooperation between China and Singapore, and the fintech (financial technology) aim to promote the financial center construction, at the upcoming China-Singapore (Chongqing) Connectivity Initiative Financial Summit (CCI-FS 2019) from November 4 to 5.
Qin Shubin, the vice-director of the Chongqing Liangjiang New Area Administrative Committee, said that the new area would gather global advanced financial factors to speed up the construction of the financial center at the upper reaches of the Yangtze River.
Chongqing Jiangbeizui Central Business District
Jiangbeizui Financial Core Zone
Statistics showed that the added value of Jiangbeizui Financial Center reached RMB 9.43 billion in the first half of this year. Moreover, its financial assets worth over RMB 1.4 trillion accounted for 25.27% of the municipal total.
A modern financial industry system of Jiangbeizui has taken shape with banks, securities, and insurance as the mainstay and new forms of finance such as funds, small loans, and leasing. More than 150 new financial enterprises are dealing with funds, features, small loans, factoring, and so on.
Statistics show that more than 230 financial enterprises at Jiangbeizui, including 64 national or regional headquarters like Bank of China and five headquarters of foreign-invested financial institutions. By 2020, the Jiangbeizui Financial Core Zone will be built.
Further the development in the finance sector
Li Ning, chairman of Jiangbeizui Investment Group, introduced that the Jiangbeizu Financial Core Zone is to be a part of the Belt and Road Initiative and the Yangtze River Economic Belt. It aims to build an open financial platform and promote the integration of financial capital and industrial capital.
Specifically, Jiangbeizui FinTech Harbor helps financial institutions with traffic, scenario, and clients as well as in dealing with difficulties in technology application, value realization, and market exploration.
Based on Chongqing manufacturing and the financial industry, it will promote the integrated development of technology and finance, taking advantage of the Liangjiang New Area, China-Singapore (Chongqing) Demonstrative Project on Strategic Connectivity and China (Chongqing) Pilot Free Trade Zone.
By 2022, Jiangbeizui FinTech Harbor will have cultivated or introduced more than 100 Fintech enterprises with over ten leading ones in Fintech Industry. It will become a first-class Fintech innovation eco-park in western China with nationwide influence and the Belt and Road feature.
Upgrading consumption, comprehensive health, and digital economy
Li Ning said upgrading consumption, comprehensive health, and the digital economy are prioritized sectors based on the transformation of the tertiary industry in Liangjiang New Area.
Chongqing Jiangbeizui International Investment and Financing Roadshow Center are promoting the matchmaking of international exchanges and Chongqing financial market. Meanwhile, it helps to gather internationalized information flow, capital flow, and human, financial resources by enhancing the capabilities of collecting and servicing finance-related information in Chongqing.
Since its establishment, the center has strategic cooperation with more than 60 financial institutions, including the Shanghai Stock Exchange and Singapore Stock Exchange. It sets up varied financing channels for enterprises in Liangjiang New Area and Chongqing at large.
As for the next step, the center will promote the connectivity of cross-border investment and financing and provide lifecycle financial services to support the real economy and domestic enterprises to “go global and introduce in".