Beijing vows to develop modern financial system as it held the Annual Conference of Financial Street Forum 2024.
Beijing aims to accelerate the development of a dynamic modern financial system to enhance its ability to fulfill national financial management roles, according to Yin Li, secretary of the Communist Party of China Beijing Municipal Committee, during the Annual Conference of Financial Street Forum 2024.
The three-day forum, held from Friday to Sunday, attracted over 500 participants from more than 30 countries and regions, emphasizing Beijing’s growing significance as a modern financial hub and the importance of financial openness and cooperation.
In his address, Yin outlined several key objectives for strengthening Beijing’s financial functions, including enhancing the city’s financial services system and supporting the operation of international financial institutions based in Beijing.
Yin also stated the need to create a financial market environment conducive to innovation and to aid the Beijing Stock Exchange in advancing its reforms.
Additional Priorities
Additional priorities include establishing a thriving financial development ecosystem, expanding institutional openness in the financial sector, enhancing investor protection mechanisms, and facilitating cross-border investment and financing.
He underscored the necessity of maintaining a secure and stable financial environment while also improving the financial supervision framework.
Recent data revealed that the financial sector’s added value has consistently accounted for about 20% of Beijing’s GDP and contributed approximately 20% to its fiscal revenue, indicating robust growth in the city’s financial industry, as noted by Li Jingxiang, deputy head of the Beijing Municipal Bureau of Local Financial Regulation.
In the first half of this year, the financial industry’s added value in Beijing reached 438 billion yuan ($61.6 billion), reflecting a year-on-year growth of 5.8%. Currently, financial institutions in Beijing possess total assets exceeding 220 trillion yuan, making up around half of the national total, with the city also leading in the number of financial entities and employees.
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