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Chongqing to Build a Financial Service Port

By RAN ZHENGICHONGQING|Feb 16,2022

Chongqing- The “14th Five-Year Plan for Financial Reform and Development of Chongqing (2021-2025)” recently issued by the Chongqing Government, stated that Chongqing will build a western financial center by 2025. This plan has corresponded to the Chengdu-Chongqing Joint Construction of Western Financial Center unveiled by the end of 2021.

This Five-Year Plan is based on the characteristics of Chongqing’s own industry and the national strategic positioning. Compared with other financial centers, like Shanghai and Shenzhen, Chongqing has a solid manufacturing base, complete industrial categories, and industrial system.

Jiangbei District is the core bearing area of the western financial center because it has nearly 500 financial institutions, the biggest scale of financial assets, and the maximum listed companies in Chongqing. 

To give a full play of core position, Jiangbei is aiming to build a financial service port, according to a newly released 10 Measures to Improving Business Environment, on February 10.

Clear the way for business

“Chongqing, at the junction of the ‘Belt and Road’ and the Yangtze River Economic Belt, has vast rural areas. In particular, a large number of small and medium-sized towns and enterprises are in the Chengdu-Chongqing area. The Western (Chongqing) Science City and the Western (Chengdu) Science City are also under construction. This is the best time to build Western Financial Center,” said Pu Yongjiang, professor of Chongqing University, in an interview with China Securities Network. 

In recent years, to build the financial service port in Chongqing, Jiangbei District has focused on the needs of enterprises, benchmarked against the World Bank’s evaluation standards, and furthered reforms to streamline administration and delegate power, improve regulation, and upgrade services, which inject new vitality to Chongqing’s economy.

Jiangbeizui CBD

Night View of Chongqing Jiangbeizui Central Business District. (iChongqing file photo)

By the end of 2021, Jiangbei District had more than 90,000 market entities, including 745 foreign-funded enterprises. 

Most foreign-funded financial institutions are located in Jiangbeizui Central Business District, an international financial center and CBD in Chongqing, including many Fortune 500 companies, which is a good platform to showcase Chongqing’s economic and social development.

At the Chongqing Jiangbei District 2022 Improving Business Environment Conference, held on Feb 10, 22 enterprises in the jurisdiction were awarded 2021 Jiangbei District Outstanding Contribution Enterprise.

Those enterprises have accounted for 44.9% of the total tax revenue in Jiangbei, nearly supporting half of the economy in Jiangbei. The award ceremony is also an event of mutual recognition between the government and enterprises.

2021 Jiangbei District Outstanding Contribution Enterprise

2021 Jiangbei District Outstanding Contribution Enterprise. (iChongqing/Zheng Ran)

“We must give special care to enterprises with outstanding contributions and growing enterprises, establish the government services of leading cadres covering each enterprise, and take care of our enterprises like our eyes,” said Teng Hongwei, Party secretary of Jiangbei District.

Business environment innovation pilot

In 2014, Chongqing became one of the first seven pilot cities for carbon emission trading in China and has established a carbon emission trading center, which means Chongqing has laid a good foundation of green finance and showed the capability of innovation. This year, Chongqing will carry out the construction of a business environment innovation pilot city. 

As one of China’s Top 20 Influential Districts and Counties of Nighttime Economy 2021, Jiangbei District has the most active and open gene to create the best business environment in the city.

It will promote advantageous enterprises fit into national and global industries and help enterprises to get orders and expand market share.

To reach the goal, Chongqing will offer financial incentives up to one million yuan (about 160,000 US dollars) or 40% of the total investment to major well-known commercial brands for choosing Chongqing as the location for their first store in Asia, Mainland China, or southwestern China, or for launching their first store in this city.

The Smart City Operations Management Center of Jiangbei District. (iChongqing/ Vivian Yan)

Jiangbei will guide financial institutions to provide more suitable services to enterprises to achieve a win-win situation for all parties.

Investment security and a high-level urban environment are also be highlighted at the conference.

Ten measures

To enhance the core position of the western financial center, Jiangbei released ten measures to create the best business environment on Feb 10.

Measures including commissioners provide full life-cycle services for enterprise-related services, and the processing time should be reduced by 90%. Enterprises will shift more energy to business development.

In order to broaden the financing channels, another measure is to build a financial service port. 32 financing service supermarkets will be set up to guarantee full-service coverage of streets and towns (parks). 

In the commercial mediation area, Chongqing builds People’s Court Lao Ma Studio so that more enterprises can trust and choose non-litigation channels to resolve their disputes, which will significantly reduce enterprise costs.

The “14th Five-Year Plan for Financial Reform and Development of Chongqing (2021-2025)” also proposes that Chongqing will accelerate the gathering of headquarters-based financial institutions, promote cross-border financial business innovation, build a multi-level equity market, and create a highland for private equity funds in western China.

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