Chongqing - The 5th Jiangbeizui New Financial Conference began on November 28 in Chongqing. During the opening, the Institute of Directors (IoD) for the City of London and the Chongqing Jiangbeizui CBD Management Committee signed an MOU to boost cooperation in green finance, attract financial institutions, and develop talent.

The Institute of Directors for the City of London and Chongqing Jiangbeizui Central Business District Management Committee signed a Memorandum of Understanding. (Photo/Jiangbei District)

"Chongqing needs to focus on key sectors to establish its presence on the international financial stage, standing out through excellence and leadership. Central to this strategy should be green finance, a field where China holds a strong competitive edge in driving the global transition to net zero," said John McLean OBE, Chair for the IoD for the City of London and Chair of China UK Business Development Centre at the conference.

John McLean OBE, Chair of the Institute of Directors for the City of London, delivered a keynote speech during the event. (Photo/Jiangbei District)

"Effective communication and transparency will be crucial to this success," John added.

Dong Yun, Professor at the Institute of Finance and Banking, Chinese Academy of Social Sciences, highlighted the importance of multiple financial centers within a big country, "Chongqing's Jiangbeizui and Shanghai's Lujiazui can mirror each other, and together, the upper and lower reaches of the Yangtze River can form a powerful synergy."

The conference also marked the launch of the "Xianzi Ruyu" service platform, designed to encourage the influx of insurance capital into the city. Zhou Yanli, former Vice Chairman of the China Insurance Regulatory Commission, expressed his enthusiasm for the new initiative: "I am very honored today to see the establishment of this platform. It's an important step forward. It creates the right conditions for the insurance industry to bring substantial capital into Chongqing."

Further reinforcing Chongqing's strategic importance, Qi Fangfang, Vice President of the Xinhua Indices Institute, shared the latest figures from the Upper Yangtze River Shipping Center Development Index, revealing a steady increase in Chongqing's shipping capabilities. The composite score for 2023 reached 152.44, a 25.8% year-on-year growth. 

Qi attributed this rise to a surge in shipping service capacity and expanding infrastructure, particularly the development of multimodal transportation hubs like Guoyuan Port, positioning Chongqing as a central point in the Yangtze River Economic Belt.

The opening ceremony also saw the release of the Western Financial Center (Chongqing) Development White Paper, which highlighted the city's financial sector performance. 

The release of the Western Financial Center (Chongqing) Development White Paper. (Photo/Zheng Ran)

In the first half of 2024, Chongqing's financial sector added 142.05 billion yuan (about USD 19.59 billion), accounting for 9.4% of the city's GDP. The number of financial institutions reached 1,863, and financial assets totaled 8.7 trillion yuan, up 5.5% year-on-year. Local and foreign currency deposits and loans grew by 3.5% and 6.3%, respectively, while listed companies in the city raised 5.76 billion yuan through refinancing, ranking first in western China.

 (Huan Ran, as an intern, also contributed to the report)