XICHENG BUILDS THE CAP­I­TAL’S FIN­TECH DEMON­STRA­TION ZONE

Beijing (English) - - CON­TENTS -

The in­au­gu­ra­tion cer­e­mony of the Bei­jing Fi­nan­cial Tech­nol­ogy (Fin­tech) and Pro­fes­sional Ser­vice In­no­va­tion Demon­stra­tion Zone was held at the Fi­nan­cial Street Fo­rum in May 2018. The con­struc­tion of the zone is one mea­sure in the im­ple­men­ta­tion of the Bei­jing Ur­ban Mas­ter Plan 2016–2035 and serves the con­struc­tion of the Na­tional Fi­nan­cial Man­age­ment Cen­tre and the Na­tional Sci­en­tific and Tech­no­log­i­cal In­no­va­tion Cen­tre.

Bei­jing will draft the Pro­gramme on Pro­mot­ing the De­vel­op­ment of Fi­nan­cial Tech­nol­ogy of Bei­jing Mu­nic­i­pal­ity (2018–2022) and con­struct an in­dus­trial lay­out in the zone with fi­nan­cial su­per­vi­sion tech­nol­ogy as its core and fi­nan­cial in­no­va­tion ap­pli­ca­tion as its back­bone. It will turn the zone into an im­por­tant en­gine lead­ing in­no­va­tion in in­ter­na­tional fi­nan­cial tech­nol­ogy and pro­fes­sional ser­vices, and the pre­ven­tion and con­trol of fi­nan­cial risks.

In­dus­try Ad­van­tages

The Fin­tech ecosys­tem in­cludes tra­di­tional fi­nan­cial in­sti­tu­tions, and high-tech en­ter­prises that pro­vide in­no­va­tive fi­nan­cial ser­vices, and other rel­e­vant in­sti­tu­tions that pro­vide pro­fes­sional ser­vices. Xicheng boasts unique ad­van­tages in de­vel­op­ing Fin­tech and of­fers in­no­va­tive pro­fes­sional ser­vices.

Fi­nan­cial Street, lo­cated in Xicheng Dis­trict, has been con­structed into the Na­tional Fi­nan­cial Man­age­ment Cen­tre which in­te­grates de­ci­sion-mak­ing su­per­vi­sion, stan­dard set­ting, as­set man­age­ment, pay­ments and set­tle­ments, in­for­ma­tion ex­change and in­ter­na­tional co­op­er­a­tion. It fo­cuses on the na­tional fi­nan­cial man­age­ment sec­tors and is­sues poli­cies and in­for­ma­tion that im­pact do­mes­tic and in­ter­na­tional fi­nan­cial mar­kets. It is a kind of nat­u­ral force pro­mot­ing the de­vel­op­ment of, and of­fer­ing in­sti­tu­tional sup­port for, the de­vel­op­ment of Fin­tech.

Strong In­dus­trial Ba­sis

Xicheng Dis­trict has a strong foun­da­tion in the Fin­tech in­dus­try and boasts ac­tive in­no­va­tion.

Fi­nan­cial Street is home to a group of na­tional fi­nan­cial reg­is­tra­tion and set­tle­ment in­fra­struc­tures. These in­clude the pay­ment and set­tle­ment sys­tems of the Peo­ple’s Bank of China, China Se­cu­ri­ties De­pos­i­tory and Clear­ing Com­pany Lim­ited, China Cen­tral De­pos­i­tory and Clear­ing Com­pany Lim­ited, and Net­sunion Clear­ing Cor­po­ra­tion (NUCC), which of­fer strong sup­port for su­per­vi­sion tech­nol­ogy and in­dus­trial de­vel­op­ment. The dis­trict also gath­ers a group of high-end mar­kets for the trad­ing and set­tle­ment of prop­erty rights and as­sets. These in­clude: The Na­tional SME Share Trans­fer Sys­tem, China Bei­jing Eq­uity Ex­change, Bei­jing Fi­nan­cial As­sets Ex­change, China Wa­ter Ex­change and China Forestry Ex­change.

The zone’s Fin­tech en­ter­prises are ac­tively en­gaged in in­no­va­tion and the Fin­tech in­dus­try has formed an in­dus­trial chain char­ac­terised by su­per­vi­sion, mul­ti­ple channels, op­er­a­tion tech­nol­ogy, third-party pay­ment and se­cu­rity guar­an­tees. New Fin­tech en­ter­prises such as the Union Mo­bile Fi­nan­cial Tech­nol­ogy Com­pany Lim­ited (UMF) and Miteno, have also been cul­ti­vated.

Xicheng has a large num­ber of high-tech per­son­nel. There are ap­prox­i­mately 230,000 per­son­nel work­ing in the fi­nan­cial in­dus­try, more than 100,000 of whom work at the high­tech en­ter­prises at Zhong­guan­cun Xicheng Science Park—a na­tional clus­ter for high-level fi­nan­cial and tech­no­log­i­cal per­son­nel.

Qual­ity Pub­lic Ser­vice Re­sources

Xicheng has abun­dant, high-qual­ity pub­lic and pro­fes­sional ser­vice re­sources. Com­pared with New York’s Wall Street and East Lon­don’s Sil­i­con Round­about, Zhong­guan­cun Xicheng Science Park—ad­ja­cent to Fi­nan­cial Street and the Zhong­guan­cun Science City—en­joys com­pre­hen­sive ad­van­tages in terms of its lo­ca­tion as well as cov­er­ing a 147-squareme­tre space. In ad­di­tion, con­ve­nient trans­porta­tion links and im­proved fa­cil­i­ties for hous­ing, ed­u­ca­tion and med­i­cal treat­ment have laid a solid foun­da­tion for the de­vel­op­ment of Fin­tech.

Many Fin­tech en­ter­prises and of­fice build­ings have set­tled in the zone, in­clud­ing the Baolan Fi­nan­cial In­no­va­tion Cen­tre, Beikuang Fi­nan­cial Plaza, Shou­jian Fi­nan­cial Cen­tre and Jin­mao Build­ing. More in­sti­tu­tions and en­ter­prises, such as the Peo­ple’s Bank of China’s Credit Ref­er­ence Cen­ter and the 360 En­ter­prise Se­cu­rity Group, will also set­tle in the zone.

Xicheng will ad­here to its “three-step” pro­gramme in con­struct­ing in­no­va­tion sys­tems for su­per­vi­sion tech­nol­ogy, in­dus­trial de­vel­op­ment, stan­dard­i­s­a­tion, re­search, de­vel­op­ment, ap­pli­ca­tions and busi­ness en­vi­ron­ment. It will launch 16 projects in the fields of Fin­tech su­per­vi­sion, fi­nan­cial in­fra­struc­ture, and risk pre­ven­tion and con­trol to set five in­ter­na­tional ex­am­ples for Fin­tech su­per­vi­sion, in­dus­trial de­vel­op­ment, in­dus­trial stan­dards, ap­pli­ca­tion and dis­play, and ser­vice in­no­va­tion. It will es­tab­lish the zone as a source of Fin­tech in­sti­tu­tional stan­dards and in­no­va­tive per­son­nel.

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