China Daily Global Edition (USA)
Siming district strives to become a ‘field of dreams’
“If you build it, he will come.” So goes the famous line from the US movie Field of Dreams.
In the movie, a farmer builds a baseball field, and it later attracts many famous baseball stars, idolized by him, who play there.
Now Siming district in East China’s city of Xiamen is refashioning that line, hoping a number of big projects it is constructing will help attract investors from home and overseas.
In June 2010, the State Council approved a plan for Xiamen to establish a regional financial center for the crossStraits areas. In March 2011, establishing the Xiamen Cross-Straits Financial Center was listed in the central government’s 12th Five-Year Plan (2011-15).
By seizing the great development opportunity, Siming district has put construction of the financial center into full swing.
The district plans to cultivate “one core zone, three affiliated areas and five systems” to contribute to Xiamen’s financial center construction.
The core zone, covering 0.9 square kilometer, has started to take shape. Four top-grade office buildings are under construction. The Xiamen R&D International Building and Xiamen Financial Center have been built. With a height of 250 meters, they are the tallest buildings in Xiamen.
Stretching from the core zone to three affiliated areas, including the northern Guanyinshan area, Kaiyuan industrial area and Hecuo area, the financial center will cover an area of nearly 20 square kilometers, becoming the most skyscraperintensive area in Xiamen.
The five systems, which will offer multilayered financial services and talents resources, are in shape.
Meanwhile, the district’s government also sets up a special team for drawing capital and inviting businessmen. The team visited Taiwan, Beijing and other economically developed cities, and had business talks with a series of flagship enterprises in the country and abroad.
The district has introduced and negotiated 59 financial projects, with a total investment of 10 billion yuan ($1.6 billion). Of those, 21 projects have seen tenants move in; 14 projects are in operation; and 24 are in negotiations.
Along with the large investment that has flowed into the center, several financial institutions in the cross-Straits area have seen tenants move in. For example, Xiamen Grace Foreign Exchanges Ltd Co, the first franchise foreign exchange company in Xiamen, plans to set up cash pooling, a trading floor and a research institution for its financial services in the center.
“Besides the preferential policies, the potential in financial cooperation and development in the cross-Straits area is the main drive for us to move into the center,” said Wang Di, the company’s assistant to the CEO.
“The local government has given preferential policies and made a large investment in the center’s establishment, and the financial cooperation between Xiamen and Taiwan has seen a bright future, and thus creating a benign developing environment for companies like ours,” Wang said.
While making all-out efforts to woo investment and talent, the government of Siming district focuses on quickening the transformation of the economic development model and the upgrading of industrial structure when building the financial center.
Construction of the center has started with 19 major projects, mainly in new and hightech fields, with a total investment of 14.39 billion yuan. Of them, Haixi Jingu Square, Fujian’s largest financial complex, takes the lead.
As the landmark project of the cross-Straits financial center, the square focuses on the wealth-management industry and the financial market, aiming to become the most powerful gathering zone of modern high-end financial industries. With expert planning, the square is designed in the image of the “bamboo slips”, which will represent traditional Chinese culture.
The project offers services involving in financial business, property trade, cultural demonstrations, physical fitness, high-end commodity demonstrations and catering.
A number of exchanges, trading centers and bourses are going to move in the area. Beijing Financial Assets Exchange has signed a memorandum with the Xiamen government to build a Cross-Straits Financial Assets Exchange in the area. China Minsheng Banking Corp and Cross-Strait Exchange Association of the Tea Industry will set up a tea trading center. Xiamen University, the Shanghai Institute of International Finance and other institutions are planning a cross-Straits financial research institute.
In addition, a super-luxury market will be built, whose trading products will include high- end cars, furniture, antiques, calligraphy and paintings.
“Lots of financial companies come to us for cooperation,” said an employee working at the business promotion center of Siming district. “We are trying our best to provide a nice investment environment. And Haixi Jingu Square will surely see a business boom and become Xiamen’s ‘Manhattan’ in the near future.” Contact the writers at humeidong@chinadaily.com.cn and shaowei@chinadaily.com.cn
Sun Li contributed to this story.