Beijing has completed 43 out of 102 projects in its financial sector that will enable the city to establish both a comprehensive demonstration zone for the expansion and opening-up of its service sector and a pilot free trade zone (FTZ), according to Beijing Local Financial Supervision and Administration at a press conference on Wednesday.

A pilot scheme related to equity investment share transfers and venture capital investment has been introduced to Beijing, further providing a feasible exit channel for both kinds of investment. The pilot program has been overseen by members of the city's first secondary private equity fund to help optimize the market structure and remove private equity funds from it. Two transactions for fund share transfers have been successfully made via the city's equity exchange center.

Progress has also been made concerning the opening-up of Beijing's financial sector. Funds concerning the international investment and loans of RMB have been approved and established in Beijing. The city's credit rating market has also seen a further opening-up with the entry of Stand & Poor's and Fitch Ratings as well as the establishment of personal credit service companies.

Cross-border finance in Beijing has been significantly developed, which provides additional choices for sci-tech start-ups in Zhongguancun Science Park. The sci-tech hub's pilot for external debt facilitation has been upgraded, and debt limits have been raised from US $5 million to US $10 million.

Beijing's fintech capacities have also been improved with the successful piloting of digital RMB for subway lines to Daxing International Airport. This is a milestone for the application of digital RMB in venues for the 2022 Beijing Olympics and lays a solid foundation for Beijing to establish a pilot zone for legal digital currencies.

Five of the largest financial asset management companies begun their business in Beijing with the Beijing Municipal Administrative Center remaining an attractive destination for foreign capital to set up offices in the region.

Three major financial institutions relocated to Beijing earlier in January. These include China Life Investment Management Company Ltd, GoPay, and Allianz Group.

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