Chengdu Teams up with Chinese Central Bank on Ambitions to Create Regional Fintech Hub

 -  -  32


The People’s Bank of China (PBOC) and the Sichuan-province capital of Chengdu have worked together to produce a plan for transforming the city into a regional fintech hub.

Chengdu’s financial regulator and the Chengdu office of PBOC officially launched the “Chengdu Municipal Fintech Development Plan” (成都市金融科技发展规划(2020-2022年)) at a press conference held on 20 May.

The Plan is China’s first regional fintech development blueprint to be produced by a local government in collaboration with the Chinese central bank.

The Plan calls for “striving to transform Chengdu into a regional fintech centre with international influence” by 2022, and the creation of a fintech innovation demonstration system that is a “regional leader.”

Key areas of focus will be “raising the ability of finance to service the real economy, increasing the efficiency of financial regulation, and further accelerating the establishment of Chengdu as a financial centre in the west of the country.”

Liang Qizhou (梁其洲), head of Chengdu’s financial regulator, said that Chengdu will also strengthen exchange and cooperation with nearby Chongqing in the area of fintech, against the broader backdrop of efforts to create the Chengdu-Chongqing Twin City Eco­nomic Zone.

“[We] will strive to combine the strengths of Chengdu and Chongqing via coordinated development, and create high grounds for the development of fintech in Chengdu and Chongqing,” said Liang.

Chengdu is currently accelerating efforts to establish itself as a financial centre for western China, with an especial focus on fintech and expediting financial inclusion.

Key goals set by the Plan include:

  • Establishing a fintech industry zone centred on the Jiaozi Park commercial area of Chengdu;
  • Creating 5- 10 fintech companies that are industry leaders within China, and pushing for 3 – 5 fintech-related enterprises to to public.
  • Nurturing “multi-tier” fintech talent;
  • Create 3 – 5 fintech research institutions that are both domestically and internationally influential.

In August 2019 PBOC released its “Fin­tech De­vel­op­ment Plan (2019 – 2021)” (金融科技(Fin­Tech)发展规划(2019-2021年)) outlining “guid­ance ide­ol­ogy, ba­sic prin­ci­ples, de­vel­op­ment tar­gets, key mis­sions and guar­an­tee mech­a­nisms” for fin­tech work in the whole of China over the up­com­ing three years.

Related stories

Chi­nese Cen­tral Bank Re­leases Fin­tech De­vel­op­ment Plan for 2019 – 2021

Bank of Chongqing and Bank of Chengdu En­ter Strate­gic Agree­ment to Give Im­pe­tus to Sichuan Re­gional Econ­omy

Chengdu Launches Blockchain Cross-bor­der Trade Plat­form to Con­nect China and Eu­rope

Chengdu Plans to Host World’s Largest Fin­tech Hack­er­space by 2019

Chengdu De­vel­op­ment Zone Grants Fin­tech Sub­si­dies to 240 Com­pa­nies

3 recommended
comments icon 2 comments
2 notes
183 views
bookmark icon

Write a comment...

Your email address will not be published. Required fields are marked *