The added value of Beijing’s financial industry increased by 9.3 percent to 426.68 billion yuan (US$61.83 billion) last year, contributing 23.8 percent to the city’s economic growth, and the industry remains the city’s largest pillar industry.

Last year, steady growth was realized in Beijing’s financial markets, including money and credit, multi-level capital, insurance and emerging financial sectors.

The capital market was brisk. As of the end of 2016, Beijing embraced 281 A-share listed companies with a total share capital of 2.3 trillion yuan.

A total of 17 new A-share listed companies in Beijing raised 13.03 billion yuan last year through initial public offering (IPO), accounting for 8.2 percent of the total.

The emerging financial industry driven by scientific and technological innovation has been booming. According to data, total assets of the payment service industry of non-financial institutions grew by 36.4 percent year on year while operating income grew by 30.6 percent. The same figures in the financial information service industry rose by 29.8 percent and 63.6 percent, respectively.

In addition, the insurance market saw rapid growth. According to statistics, the city’s premium income hit 183.9 billion yuan in 2016, an increase of 31 percent over the year ago.

Industries with Beijing characteristics and major livelihood projects have gained great momentum from the financial industry, as the capital pressed ahead with removal of non-capital functions and coordinated development of Beijing, Tianjin and Hebei.

Go to Forum >>0 Comment(s)