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At the helm of China’s future finance sector
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CHENGDU is already known as a financial hub in western China, but the city is determined to further cement this stance by “opening its mindset” and exploring new ideas to develop the financial sector. In a bid to develop new ideas, the city invited industry experts and policy makers to a forum called “New Finance, New Mindset, and a New Future” on December 26.
“Chengdu has been active in innovation and dynamic in growth thanks in part to its strong financial sector,” said Li Bing, chief of the Bureau of State-owned Assets Restructuring under the State-owned Assets Supervision and Administration Commission of the State Council, at the Western China New Finance Forum.
“Chengdu’s financial sector offers services for the whole western area, which is a key driver for growth in the region. In return, the region’s fast development has made the sector grow even faster to meet the huge demand for better financial services,” Li said.
Chengdu is working to lift the quality of its financial services — a requirement for the city as an economic and financial center for China’s western areas. Meanwhile, Chengdu will continue to optimize its financial policies to create an amiable environment for the growth of the sector.
Under the strategy of “reform and innovation, transformation and upgrade,” Chengdu aims to become a center where financial institutions choose to settle, a center for financial innovation and trade, and a center offering quality financial service.
The city will accelerate the establishment of a multi-layered capital market to meet demand of different people and different industries.
Chengdu is home to 223 financial institutions involved in banking, insurance and securities. It also houses 510 emerging financial companies, which provide small loans, financing guarantees and investment funds.
A total of 16 large-scaled institutions are located in Chengdu to serve the finance sector, while 50 companies specialize in taxation and auditing, including top-players Deloitte, PwC, E&Y and KPMG. Chengdu outperformed its counterparts in west and central China in terms of the number and variety of financial institutions.
More than 300 law firms, 100 asset assessment firms, 42 loss evaluation companies, and 11 branches of the third-party payment firms have also helped to create a comprehensive and powerful financial ecological system.
In the first three quarters of 2015, Chengdu’s financial output amounted to 92.9 billion yuan, or close to 12 percent of the city’s gross domestic product. The outstanding foreign and local currency deposits surpassed 3 trillion yuan during that period, the highest in China’s western area along with ranking on the top of security transaction value, insurance policy premium and the number of listed companies.
In the first three quarters of 2015, the outstanding loans at Chengdu’s financial institutions rose 10.7 percent to 2.24 trillion yuan. It was 2.7 percentage points faster than the city’s gross domestic product growth, indicating the sector’s stronger support for the real economy.
Chengdu is now on the forefront of financial innovation as it was named a pilot city for a program that pioneers mobile financial services and has seen the issuing of 6.5 million related cards including Chengdu City IC cards which can be used in public transportation and fast payment.
Private equity has also seen a rapid development in the city to nurture start-up companies. By the end of September, Chengdu counted a total of 381 private investment firms managing 157 funds worth 22.4 billion yuan. The city also teamed up with China UnionPay Co Ltd to accelerate growth in the Internet finance and asset management industries.
The Western China New Finance Forum was held for the first time this year, but the Chengdu government said that it would make it an annual event.
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