Beijing to spearhead opening-up of financial sector

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Beijing will continue to develop its financial sector toward a new round of opening-up of China's financial industry, according to an official attending the Annual Conference of Financial Street Forum on May 29. 

Speaking from the conference on Wednesday, Li Yan, deputy director of Beijing Local Financial Supervision and Administration, said Beijing boasts four strengths in growing its financial sector. First, Beijing is the national center of financial management; second, Beijing is the only pilot city for opening up the service industry; third, Beijing is the most dynamic city in terms of innovation; and fourth, Beijing is ranked first in its business environment among all Chinese cities. 

Looking ahead, Beijing will redouble its efforts to optimize its business environment, and better facilitate services for foreign and Chinese financial institutions.

"Beijing will further open its financial sector and make it more international, to take the lead in a new round of opening-up of China's financial industry," Li said.

Specifically, Beijing will take steps to support start-up financial institutions, subsidize the development of new institutions that fits the position of Beijing, and provide one-stop services for those financial institutions wanting to opening offices in Beijing, said Li. 

As for human resources, Beijing will improve its incentive scheme to reinforce adherence to the rules related to running international financial institutions, and will also support the work and life of financial professionals. Moreover, Beijing will look to attract more financial professionals needed in the high-end industries by granting them capital incentives and settlement assistance, Li said.

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