By the end of October this year, the number of the licensed financial institutions in Chaoyang District had reached 1,841, including over 380 foreign financial institutions, accounting for more than two-thirds of all foreign-invested financial institutions in Beijing.
The development of the “Two Zones” (the Integrated National Demonstration Zone for Opening up the Services Sector and the China (Beijing) Pilot Free Trade Zone) is a crucial aspect for Chaoyang to foster new development patterns. The district has been driving the growth of the financial sector of the “Two Zones” by continuously refining its supporting policies and, focusing on opening-up, offering tailored support to foreign financial institutions. These efforts encouraged iconic institutions to come and establish their presence in the district.
For example, MAPFRE RE’s Beijing branch was officially registered and founded on July 30, becoming the ninth foreign-invested reinsurer serving as a regional headquarters in China and the fourth one in Beijing. The arrival of this enterprise serves as an excellent model for developing an international financial opening-up frontier zone and will further promote Chaoyang’s efforts to build an “International Insurance + Reinsurance Center”. It is a milestone in clustering foreign financial institutions and developing the “Two Zones”.
As of late October, 30 financial institutions had been registered in Chaoyang, including MAPFRE RE’s Beijing branch and Tesla Insurance Brokers. This resulted from Chaoyang’s new moves in recent years. As the “International Financial Hub in the Capital”, the district has been leveraging the “Two Zones” initiative to optimize its financial development path, enhancing the clustering of international financial institutions, improving its world-class business environment, and actively promoting financial openness and innovation, with the goal of building an internationally leading financial hub.
In the first three quarters of this year, Chaoyang’s financial sector achieved a value-added output of CNY 120.97 billion, maintaining its leading position across all industries. The sector’s data accounted for 19.3 percent of the district’s total value-added output, with a year-on-year growth of 7.3 percent. Since the launch of the development of the “Two Zones”, Chaoyang has attracted 31 key institutions, such as Standard Chartered Securities, ERGO FESCO, and BMW Insurance Brokers, many of which are firsts of their kinds in Beijing and even China. It has also implemented 12 pioneering pilot policies, including the first foreign exchange settlement and sales by brokerage on behalf of clients and China’s first pilot program of cross-border cash pooling integrating CNY and foreign currencies.
(Source: Chaoyangbao)
,https://english.beijing.gov.cn/investinginbeijing/Investmentnews/202501/t20250107_3981987.html