Over 10 int'l financial firms open shop in Beijing

0 Comment(s)Print E-mail China.org.cn, November 20, 2019
Adjust font size:

More than 10 internationally renowned financial institutions have followed Standard & Poor's (S&P), Moody's, and Fitch Ratings to establish branches in Beijing this year. They arrived after the Chinese capital implemented a string of policies to optimize the business environment and further open up the service sector.

Beijing is home to China's key financial infrastructure and major financial institutions. Its financial added value reached 508.46 billion yuan (about US$72.37 billion) in 2018, increasing 7.2% year-on-year and accounting for 16.8% of the city's GDP. The first three quarters this year saw an added value in the city's financial sector of 422.17 billion yuan, rising 9.2% from the same periods last year and contributing 27% to the GDP growth rate.

Moody's, as one of the three largest rating agencies worldwide, opened a branch office in Beijing in 2001 and established the Moody's Credit Ratings (China) Ltd. last year. Experian, a leading information service provider, came to China in 2005 and its Chinese subsidiary obtained permission last year from the People's Bank of China to operate corporate credit business in China. These credit rating and reporting companies are expected to help improve the related industries in China and put the financial market on a sustainable track.

Beijing will continue its opening up of the service sector as it attracts investment from foreign financial institutions, according to a spokesperson from Beijing's financial regulator. As the only pilot city in China in opening up the service sector, Beijing has launched three rounds of policies since 2015. This year, 25% of the 177 State-Council-approved reform tasks centered on opening up the financial sector. In August, Beijing released its three-year reform plan for the financial sector, aiming to expand market access and business scope for foreign financial institutions, and further open up the financial market. The previous three rounds of measures have led Beijing to steadily push capital account convertibility, and open up centered management of cross-border capital for multinational companies in Beijing.

Meanwhile, Beijing's efforts on optimizing the business environment have also contributed to its attractiveness among foreign financial institutions. According to "Doing Business 2020," an annual report released by the World Bank, China has improved notably in terms of business climate – and Beijing, as one of the two cities studied by the report, has become an example of China's improved business environment.

Follow China.org.cn on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from China.org.cnMobileRSSNewsletter