Beijing's sub-center in the city's eastern Tongzhou district is on course to build a financial city for the municipality based on the Grand Canal CBD, said Lin Zhenghang, Party secretary of the CBD management committee.

According to Lin, Tongzhou district has started working toward this end, and is introducing emerging industries while inviting national and municipal state-owned enterprises to take part.

Its financial ecosystem is also taking shape along the Grand Canal, with some wholly foreign-owned enterprises already opening offices in the CBD.

As Tsinghua University PBC School of Finance and Renmin University are opening campuses in the area, the CBD is expected to attract more foreign-funded companies and joint ventures, Lin said.

He also highlighted the output values and tax revenue of the sub-center's financial sector, saying that they are projected to achieve exponential growth following last year's double-digit expansion.

Recently, the sub-center unveiled a three-year action plan to boost free trade and further open up its service sector, aiming to build a world-class business environment by the end of 2023.

Specifically, it will fulfill six municipal tasks, implement six specialized policies, and put in place 106 major measures of the action plan.

Under the action plan, the district will speed up the introduction of industries in 2022 and 2023, and expects industry entities to cover 6.74 million square meters in the CBD's core area.

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