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Chongqing Unveils Financial Sector Action Plan, Promoting Modern Services, Global Connectivity

By RAN ZHENG|Apr 17,2024

Chongqing — On April 15, Chongqing unveiled an action plan for developing the Western Financial Center by 2025, which includes setting up financial headquarters, creating a private equity hub in Western China, speeding up digital transformation in financial institutions, and boosting cross-border financial operations.

Jiangbeizui Central Business District is an international financial center and CBD in Chongqing. (Photo/Wu Hong)

The plan equips the Western Financial Center with five key capabilities: aggregation and radiation, business services, digital innovation, open leadership, and comprehensive risk management.

"The action plan is central to our efforts to build the Western Financial Center, reflecting our commitment to driving high-quality financial development and providing superior financial services throughout the city," said Ruan Lu, an official at Chongqing's finance office.

Centering on the "seven systems" strategy, the action plan targets key financial growth areas such as competitive financial institutions, modern financial products and services, and mechanisms to improve global capital allocation and financial connectivity.

Ruan explained this includes implementing 14 major reforms to promote green finance, science and innovation, and regional equity markets. Additionally, 13 key policies will provide tax incentives and benefits to financial institutions, supporting Chongqing's modernization and growth.

The plan also involves establishing 13 key digital and financial services platforms and launching 13 major projects, including creating a funding channel, forming a national consumer finance cluster, and developing a western financial legal district.

"In the next four years, the action plan will comprehensively guide financial work in Chongqing," said Ruan.

The plan projects that by 2025, Chongqing's financial sector will contribute 300 billion yuan (USD 41.5 billion) to the city's GDP, accounting for 9% of the total. Additionally, local and foreign currency deposits and loans are expected to hit 6.2 trillion yuan and 6.6 trillion yuan, respectively, with the number of listed companies rising to 125.

By 2027, the financial sector's contribution to Chongqing's GDP is expected to exceed 9.5%, with total deposits and loans projected to reach 8 trillion yuan and the number of listed companies expected to increase to 160.

To ensure timely achievement, the city intends to closely monitor and implement these goals through a detailed system of quantitative targets, policy implementation, precise work, and thorough evaluations. This comprehensive approach highlights Chongqing's strategy to transform its financial landscape and boost its national and global stature.


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