Cap­i­tal’s Fi­nan­cial In­dus­try En­hanced

Beijing (English) - - CONTENTS - Trans­lated by Zhang Hong­peng Edited by Mark Zuiderveld

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.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.