(Source: Shanghai Securities News·China Securities Network 2025-02-26)
Shanghai Securities News China Securities Network News 815.42 billion yuan! In 2024, Beijing’s financial industry will deliver an eye-catching “report card”! A reporter from the Shanghai Securities News learned from the press conference on the promotion of institutional opening up in the financial sector of Beijing's "Two Districts" on February 26 that Beijing's financial industry will achieve an added value of 815.42 billion yuan in 2024, a year-on-year increase of 7.6%, the highest in the past five years, driving GDP growth by 1.3 percentage points, highlighting the "ballast stone" status of the financial industry.Bian Yang, researcher at the Beijing Institute for Opening-up at the w88 casino and associate professor at the China Institute of Finance and Economics, was interviewed by reporters.
Establish 8 new government investment funds
Wang Ying, deputy director of the Finance Office of the Beijing Municipal Party Committee, said that Beijing has strengthened service guarantees and upgraded the level of the national financial management center. The asset scale of financial institutions accounts for about half of the country. Private equity and venture capital fund management scale, direct financing scale, insurance depth, and insurance density all rank first in the country.
Photo by Liu Xuan, Shanghai Securities News
Wang Ying introduced that Beijing has established eight new government investment funds, focusing on artificial intelligence, green energy and low-carbon industries to provide support for the development of new productivity. At present, 6 funds have been launched, with a scale of nearly 6 billion yuan. In addition, five major state-owned banks have relied on the pilot equity investment of financial asset investment companies to increase their support for scientific and technological innovation, reaching an initial intention fund size of nearly 53 billion yuan and over 100 reserve projects.
Bian Yang, researcher at the Beijing Institute of Opening up at the w88 casino and associate professor at the China Institute of Finance, told a reporter from the Shanghai Securities News, these funds will provide sufficient financial support to high-quality enterprises in fields such as artificial intelligence, green energy, and low-carbon industries, promote the research and development and application of new technologies, promote the development of industries in the direction of high-end, intelligent, and green, assist Beijing's economic structural adjustment, transformation and upgrading, and achieve sustainable economic development.
It is understood that since Beijing launched the construction of the "Two Zones", it has released nearly a hundred series of policies in "five major articles" of technology finance, green finance, inclusive finance, pension finance, and digital finance, and promoted the deep integration of finance and the real economy to serve the development of new productive forces.
For example, in terms of inclusive finance, a financing coordination working mechanism has been established to support small and micro enterprises, and corporate financing costs have remained at historically low levels; in terms of pension finance, index funds have been included in the catalog of personal pension products, with the number of personal pension accounts and the scale of deposit funds ranking among the top pilot cities in the country; in terms of digital finance, digital renminbi pilots have been carried out in depth.
The growth rate of newly established foreign-funded enterprises exceeds that of the country
Guo Wenjie, deputy director of the Beijing Municipal Bureau of Commerce, said that in 2024, Beijing will establish 2,012 new foreign-funded enterprises, a year-on-year increase of 16.4%, and the growth rate is 6.5 percentage points higher than the national average growth rate.
It is understood that since 2012, Beijing has been a pioneer pilot area for the reform of foreign exchange management of multinational companies. In 2021, Beijing will take the lead in launching a nationwide pilot project for integrated local and foreign currency capital pooling business for multinational companies. After the first two rounds of policy upgrades, more than a dozen multinational companies have launched pilot projects for integrated local and foreign currency capital pooling business, benefiting 1,700 member companies, with cross-border receipts and payments exceeding US$150 billion.
In 2023, Beijing took the lead in launching a nationwide pilot business for the centralized operation and management of cross-border funds in domestic and foreign currencies for multinational companies. Currently, 93 multinational companies have carried out this pilot. Through policy overlay, Beijing's cross-border capital pool policy framework of "integration of domestic and foreign currencies, complementation of high and low versions" has become more stable, providing strong policy support for multinational companies to improve capital allocation efficiency and reduce capital costs.
Guo Wenjie said that driven by institutional innovation and service quality improvement, landmark projects such as Beijing Barba Tianxing Property Insurance Co., Ltd. and Prudential Insurance Asset Management Co., Ltd. were launched in Beijing. Sanofi's largest single investment in China and the country's first biologics API project by a multinational pharmaceutical company was launched in Beijing. Eight well-known foreign pharmaceutical companies, including Eli Lilly and Pfizer, have increased their investment in Beijing.
It is reported that since the launch of the "two zones" construction, Beijing has implemented more than 140 breakthrough policies, including more than 70 national breakthrough policies, and formed more than 70 institutional innovation results that have been replicated and promoted nationwide. It has ranked first in the comprehensive pilot demonstration evaluation of the national service industry expansion and opening-up for three consecutive years. (Liu Xuan)
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