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Chongqing-Beijing-Shanghai Inked Showing New Financial Momentum

By RAN ZHENGICHONGQING|Jul 29,2022

Chongqing-The Jiangbeizui New Financial Summit 2022 kicked off on July 27, focusing on new trends in the digital economy and digital transformation, new macroeconomic patterns, financial center construction, and green finance.

the Jiangbeizui New Financial Summit 2022

The opening ceremony of Jiangbeizui New Financial Summit 2022. (iChongqing/ Zheng Ran)

Multi-dimensional structure of the industrial cluster

The summit has released the Jiangbeizui Financial Development Report 2022, which indicates that Jiangbeizui, as the core bearing area of the western financial center, has a prominent effect on institutional agglomeration.

In 2021, Jiangbei District newly established seven regional financial headquarters, including Changcheng Life Insurance and Huaxi Securities, and introduced important projects such as Nanyang Commercial Bank (China) Co., Ltd. Limited Chongqing Branch and Guobao Life Insurance. Besides, the Western Digital Trading Center was listed and settled here, and the Western Center of Xinhua Finance (National Financial Information Platform) will soon follow.

the Jiangbeizui Financial Development Report 2022

The Jiangbeizui Financial Development Report 2022 was released at the Jiangbeizui New Financial Summit 2022. (iChongqing/ Zheng Ran)

The report shows that the influence of the western financial highland is expanding. Chongqing has promoted the facilitation of cross-border RMB settlement and successfully landed 4 Qualified Domestic Limited Partner (QDLP) pilot projects, including Singapore GEM Asset Management Pte Ltd. 

At present, Jiangbei District has formed a multi-dimensional structure of the industrial cluster with the financial industry as the core, supported by commerce and professional services, and information services as the supplements.

Giving rewards to successful listed enterprises

At the opening ceremony, Jiangbei District has newly released ten financial measures, drawing on the practices of Beijing Financial Street and Shanghai Lujiazui.

According to the ten measures, Jiangbei District provides financial support policies for newly established or relocated financial institutions, critical financial technology companies, and key professional service institutions. It supports the industrialization of vital technologies like artificial intelligence, big data, and Internet technology. Meanwhile, Jiangbei District gives certain rewards to successful listed enterprises.

Beijing Financial Street Service Bureau, China (Shanghai) Pilot Free Trade Zone Lujiazui Management Committee and Chongqing Jiangbeizui Central Business District Management Committee inked an initiative to deepen financial center service cooperation. The three parties will further support finance to serve the real economy and promote profound economic innovation.

Beijing Financial Street Service Bureau, China (Shanghai) Pilot Free Trade Zone Lujiazui Management Committee and Chongqing Jiangbeizui Central Business District Management Committee inked an initiative

Beijing Financial Street Service Bureau, China (Shanghai) Pilot Free Trade Zone Lujiazui Management Committee and Chongqing Jiangbeizui Central Business District Management Committee inked an initiative at the Jiangbeizui New Financial Summit 2022. (Photo provided to iChongqing)

500 financial institutions and 93 financial headquarters

Jiang Xiaojuan delivered a video speech

Jiang Xiaojuan delivered a video speech at Jiangbeizui New Financial Summit 2022. (iChongqing/ Zheng Ran)

“China’s economic growth is still outstanding while new features have emerged,” said Jiang Xiaojuan, a member of the Standing Committee of the 13th National People’s Congress and the Chinese Society of Administrative Management, during the video speech at the summit. “Digital technology fully empowers the economy.”

Jiang continued that digital capabilities are expected to weaken the downward economic pressure driven by service industry inefficiency and labor reduction. It will also improve labor efficiency, promote data inclusion, digital-real twinning, and superimposed growth, bringing new growth momentum.

Jiang also emphasized that with the widespread application of emerging technologies such as the Internet, big data, blockchain, cloud computing, and artificial intelligence in the financial system, fintech is the fastest-growing digital technology application field.

Christopher A. Pissarides has delivered a video speech

Christopher A. Pissarides delivered a video speech at the Jiangbeizui New Financial Summit 2022. (iChongqing/ Zheng Ran)

According to Noble Prize winner Christopher A. Pissarides, no country could compete in international markets without digital technologies. The future of the economy of China is to develop an elaborate service sector and the digitalization of production and logistics. The digital development of Chongqing and its potential contribution to integrating Western and  Eastern China is an excellent start.

As the primary carrier for gathering financial institutions in Jiangbei District, Jiangbeizui central business district has nearly 500 financial institutions and 93 financial headquarters above the regional level.

Data shows that the added value of the financial industry in Jiangbei District reached 17.8 billion yuan (about 2.6 billion U.S. dollars), accounting for 23.6% of Jiangbei’s GDP at the end of June this year. The local and foreign currency deposit and loan balance of Jiangbei District exceeded 1.8 trillion yuan, ranking first in the city.

(Zhu Qinzhuo, as an intern, also contributed to this report.)

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