Chongqing - A pivotal strategic cooperation pact on jointly building the Western Financial Center was signed between the Chongqing Municipal People’s Government and China’s leading financial institutions in Beijing on August 30.

Participating institutions encompass China’s banking giants, such as the Bank of China and the Industrial and Commercial Bank of China. Financial entities like the Shanghai Stock Exchange and Guotai Junan Securities are on board, signifying the magnitude of the cooperation.

These institutions have pledged comprehensive backing, including investment, finance, and trading, to support Chongqing's economic transformation. The partnership will also greenlight cutting-edge pilot projects, emphasizing regional equity markets, public REITs, cross-border investment initiatives, and more. 

A strategic cooperation pact between the Chongqing Municipal People’s Government and leading financial institutions was signed on August 30 in Beijing. (Photo/Visual Chongqing)

Yuan Jiajun, Secretary of the CPC Chongqing Municipal Committee, said the continuous guidance that Chongqing has received from the financial management department of the State Council over recent years has helped Chongqing’s economy grow. The consistent financial support has also catalyzed the city’s infrastructural advancements, industrial metamorphosis, and expansive global outreach. 

“From the onset of this year, Chongqing has amplified its proficiency in realms like financial consolidation, digital financial innovation, and risk management, thereby rejuvenating the western region’s financial landscape,” Yuan said.

Yuan hopes that the financial arm of the State Council and other financial entities would further support Chongqing’s finance-centric initiatives, aiming to deepen collaborative ties and champion collective growth and success.

Pan Gongsheng, governor of the People’s Bank of China and director of the State Administration of Foreign Exchange, assured that both entities are committed to endorsing Chongqing’s progressive economic trajectories and sustainable reforms.

Pan underscored the collaborative spirit between the governmental bodies of Chongqing and Sichuan and financial institutions in the mission to erect the Chengdu-Chongqing Western Financial Center. He also shared insights into the strategies to augment Chongqing’s economic influence in the ASEAN and South Asian arenas, emphasizing the city’s financial resilience.