More than 60 foreign-funded financial institutions settle in Beijing
More than 60 foreign-funded financial institutions have settled in Beijing, Huo Xuewen, head of the Beijing Municipal Bureau of Financial Work, recently revealed.
Huo said that Beijing, as one of China's national financial management centers, has more than 170 trillion yuan in financial assets, more than half of the country's total. There are more than 900 licensed financial institutions in Beijing, ranking first in the country. Venture capital and equity investment in Beijing are also very active, and financial institutions have unique advantages in terms of infrastructure, market foundation, and resources for development, China.org.cn reported.
In terms of the business environment, Beijing's monetary and credit business environment ranks first in the country as rated by an evaluation carried out by the National Development and Reform Commission this year. The Beijing Municipal Bureau of Financial Work has established a mechanism to provide financial institutions with various services at both municipal and district levels. The services include household registration, medical care, and education, among others.
Beijing has accelerated its pace in financial reform and opening up as part of the construction of its pilot free trade zone and the national integrated demonstration zone for expanding opening-up of the service sector. As such, it has rolled out a total of 102 policies, including further relaxation of market access, further expansion of the capital market, and wider access capital accounts, more support to foreign-funded financial institutions in obtaining business qualifications, and further strengthen the dominant position of financial technology in the capital. A total of 72 policies out of the 102 have been implemented so far, marking an implementation rate of 70.6%.