Chongqing- Chongqing, a vibrant city in southwestern China, recently announced plans to pump its financial assets to 11 trillion yuan (about 1.5 trillion U.S. dollars) by 2027. They also aim for the financial sector to contribute over 9.5% to the city's GDP.
Officials from the Chongqing Local Financial Supervision and Administration Bureau have disclosed that Chongqing is on the right track, with financial assets already at 8.2 trillion yuan as of the first half of this year. The city's deposits and loans have passed 5 trillion yuan, with the financial industry's value already matching the goal of 9.5% of the city's gross domestic product (GDP).
Chongqing's financial assets data as of the first half of 2023. (Graphic/ Zheng Ran)
Chongqing's ascent as a financial powerhouse is underpinned by an impressive roster of 476 financial institutions, including banks, insurance companies, and other financial entities. As the epicenter for China's inaugural consumer finance companies, it boasts a thriving small loan network. Moreover, Chongqing has the highest number of banks in Western China listed with "A + H" shares, underscoring its latent potential.
"A-shares" denote stocks from mainland Chinese companies listed on the Shanghai or Shenzhen stock exchanges, whereas "H-shares" represent stocks from mainland Chinese companies on the Hong Kong Stock Exchange or other international platforms.
To achieve its visionary goals, Chongqing has crafted a comprehensive strategy.
By nurturing relationships with financial institution headquarters, Chongqing aims to develop consolidated financial hubs and strengthen ties with Western China and ASEAN nations. With intentions to groom about 1,000 companies for listing and assist 30 enterprises yearly, Chongqing's ambition extends to expanding markets in futures trading, green assets, data, and intellectual property.
Additionally, Chongqing is championing green financial reforms, endorsing carbon accounting, and defining green transition standards.
Determined to emerge as Western China's digital finance beacon, the city's initiatives span promoting the digital RMB, internet securities, and smart investment advisory services.
Moreover, Chongqing is setting its sights on captivating international capital by providing holistic financial solutions and instituting a national investment fund dedicated to the New International Land-Sea Trade Corridor.
In the global arena, Chongqing is poised to cultivate international financial partnerships, such as the China-Singapore cross-border financial and fund passes, and initiate interoperability mechanisms in the Chongqing-Singapore private equity market. The city is also exploring avant-garde pilot projects like cross-border trade finance asset transfers, amalgamated capital reservoirs, and bank settlement accounts in both local and foreign denominations.
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