Capital’s Financial Industry Enhanced
The capital’s financial industry has taken on a new look in an improved environment, with a multi-layered financial system and optimised structure.
Since the 18th National Congress of the Communist Party of China (CPC) began, Beijing's finance industry has rapidly grown in comprehensive strength and scale. It tops China's cities in number of corporate financial organisations and number and quality of employees in the finance industry.
During the 12th Five-year Plan period (2011–2015), the average growth rate of Beijing's financial industry was 10.8 percent or 3.3 percentage points higher than the growth of its regional gross domestic production (GDP). In the first half of 2017, the added value of the finance industry reached 238 billion yuan, represented 19.2 percent of the regional GDP and contributed to 21.6 percent of Beijing's economic growth, enabling it to become the top pillar industry among all 17 industries based on industrial classification of the national economy. The Beijing Municipal Bureau of Financial Work has made more efforts to advance Beijing's financial industry.
Optimising Financial Environment
The Beijing Municipal Bureau of Financial Work strives to pool financial organisations and infrastructure, attracting the Asian Infrastructure Investment Bank (AIIB) and Silk Road Fund and Asian Financial Cooperation Association to establish their financial headquarters and Visa Inc. to headquarter Visa China in Beijing and facilitate the establishment of Zhongguancun Bank and Baixin Bank.
The bureau also helped establish state-level financial infrastructure platforms, and the Online Settlement Platform for Non-bank Payment Institutions in Beijing.
It organised financial activities to raise Beijing's influence in international finance.
Developing a MultiLayered Financial Market System
The bureau worked together with relevant departments, organisations and all districts to establish working mechanisms for sharing and exchanging information, the development of companies, listing companies, development and innovation of the financial market and the risk prevention and settlement.
It actively held trainings to link market players with the multi-layered financial market including the National Equities Exchange and Quotations and Beijing's Regional Equities Trading Market, to help companies get listed on the stock exchange.
It oversees the “fourth board” market, promotes clean-up and rectification of trading platforms, and formulates the Detailed Regulations on Implementation of Management Measures for Trading Platforms in Beijing.
Optimising the Structure of Finance Market
Beijing's finance industry has improved its industrial structure. The Beijing Municipal Bureau of Financial Work joined hands with others to build a group of distinctive financial clusters. Currently, those clusters rapidly develop. For instance, Beijing Insurance Industry Park in Shijingshan District is home to 19 organisations and has made a cumulative tax revenue of over 1.7 billion yuan; the Internet Finance Security Demonstration Park in Fangshan District has served as a base for several laboratories including Zhongguancun Financial Blockchain Institute and Wanxiang Blockchain Labs, had 116 registered companies and managed assets valued at more than 400 billion yuan.
With the implementation of the Development Plan on the Finance Industry of Beijing during the 13th Five-year Plan Period ( 2016– 2020) and the promulgation of the Urban Master Plan of Beijing, the structure of Beijing's finance industry will improve and the industry's development space will be enhanced.
Finance Industry Serving Beijing’s Economy
In recent years, the financial industry has continued to improve its services for Beijing's real industry, giving more support in strategic sectors. Up to the end of 2016, loan balances of Beijing's financial industry in leasing and commercial services, the information transmission software and information technology services and the scientific research and technology services increased by 43.6 percent, 34.3 percent and 26.6 percent year on year respectively.
Meanwhile, the financial industry has made success in serving urban development. In 2016, 23 banks granted a total of 166.3 billion yuan of credit to projects for renovating shanty towns and directly lent 113.1 billion yuan to support these projects.
The financial market helps diversify financing channels of enterprises. Up to the end of July 2017, Beijing's Regional Equities Trading Market had served a total of 4,845 medium, small and micro- sized businesses, and had raised funds of about 13.562 billion yuan.
Promoting Finance to Serve Country’s Plan
The Beijing Municipal Bureau of Financial Work provides services and support for the Belt and Road Initiative. The bureau served newly- established bodies, and established the leading team and office of AIIB to guarantee the bank's successful incorporation and operation. It also facilitated the establishment of service outlets along the Belt and Road, encouraging Bank of Beijing to set up the Silk Road Fund of Shannxi Branch of Bank of Beijing and China Securities to establish over a dozen outlets in provinces and cities along the Belt and Road.
Moreover, the Beijing Municipal Bureau of Financial Work gave support for the regional development of Beijing-tianjinHebei by establishing a working mechanism to guide financial organisations and directing investment and setting up a fund to facilitate industrial shifts.
Endeavouring to Advance Supply-side Structural Reform in the Finance
The bureau launched a comprehensive financing service plan of the Zhongguancun multi-layered capital market to effectively promote innovation and accurate service of financial portfolios. With the support of regulatory agencies, it pioneered Zhongguancun's financial reform.
It encourages financial organisations to launch more culture-oriented financial products. For example, Bank of China and Bank of Communications have released some culturerelated credit products. It also plays a leading role in areas of inclusive, green and emerging finance to promote supply-side structural reform in finance.
During the 13th Five-year Plan period, the bureau will optimise the policy environment for developing the financial industry, support the development of important financial infrastructure platforms in Beijing. Moreover, it is committed to improve its multi-layered financial market system, assist with the development of the whole industry chain of listed companies, back up the development of the “new third board,” Beijing's Regional Equities Trading Market and China Securities Internet System Co., Ltd., expedite the function of China's national securities market, and innovate the insurance market.
The bureau will promote the development of nationwide scientific and technological innovation centre based on the national scientific and technological finance innovation centre. The Beijing Municipal Bureau of Financial Work continues to encourage and guide financial innovation to serve the economy and drive the development of inclusive finance.