Tril­lion yuan

China Daily (Canada) - - ANALYSIS -

will be in­vested in Chongqing

in 2020

but it now re­sem­bles Pudong, the fi­nan­cial district of Shang­hai or Bei­jing Fi­nan­cial Street.

It is pro­jected that within a year or so 80 per­cent of the mu­nic­i­pal­ity’s fi­nan­cial in­sti­tu­tions will be lo­cated there, and that Jiang­beizui will ac­count for 30 per­cent of de­posits and loans in Chongqing.

How­ever, as the fi­nance in­dus­try grows, one of the press­ing is­sues it faces is a lack of skilled peo­ple.

“We are look­ing for more skilled peo­ple with am­bi­tions to do some­thing dif­fer­ent here in Chongqing, a place where there are huge op­por­tu­ni­ties for growth,” said Xu Honghu, di­rec­tor-gen­eral of the fi­nance de­vel­op­ment bureau of Chongqing Liangjiang New Area.

One of those look­ing to make the most of those op­por­tu­ni­ties is Yang Yusi, di­rec­tor of the in­vest­ment and de­vel­op­ment depart­ment of Chongqing Liangjiang Fi­nan­cial De­vel­op­ment Co Ltd. Yang said he re­turned to Chongqing in 2011 af­ter work­ing as an in­vest­ment banker in Hong Kong and now with eight oth­ers man­ages an in­vest­ment fund worth 20 bil­lion yuan.

“In our team the av­er­age age is un­der 30,” said Yang, 32, one of the youngest se­nior man­agers in his com­pany.

“Of course, Chongqing’s fi­nan­cial sec­tor is not as de­vel­oped as those of Bei­jing or Shang­hai, but here there are more op­por­tu­ni­ties for skilled peo­ple like us to build some­thing from the ground up.

“I have been very ex­cited to come back to work in Chongqing; there is so much po­ten­tial to tap in the fi­nan­cial in­dus­try. Es­pe­cially af­ter the im­ple­men­ta­tion for the Belt and Road Ini­tia­tive, the fi­nan­cial in­dus­try will gain more im­pe­tus.”

The mu­nic­i­pal­ity is also well en­dowed with strong trans­port links, not only with the rest of China but Europe as well, the jewel in the crown of this be­ing the Chongqing-Xin­jiangEurope Rail that crosses 11,000 kilo­me­ters and six time zones.

At a rail­way sta­tion in Chongqing, it is com­mon to the work­ers load­ing cars and elec­tronic goods on to trains. Af­ter a 15-day jour­ney that takes in Kaza­khstan, Rus­sia, Be­larus and Poland, the trains ar­rive in Duis­burg, Ger­many.

One com­pany that uses the line is Chongqing Li­fan Co Ltd, one of the largest do­mes­tic car and mo­tor­cy­cle mak­ers in China. Yin Ming­shan, the com­pany pres­i­dent, said the Belt and Road Ini­tia­tive of­fers huge de­vel­op­ment op­por­tu­ni­ties for Chi­nese com­pa­nies.

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