Beijing Municipal Government Commits to Opening of Local Finance Sector

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The Beijing municipal government has flagged further opening of the local finance sector in 2019 in its government work report.

During his delivery of the government work report Beijing mayor Chen Jining (陈吉宁) said that the Chinese capital would further expand opening of its finance sector, as well as continue to strengthen the development of the Beijing Financial Street and fulfil its role as the regulatory hub for national finance.

Beijing will further drive the implementation of measures that satisfy the development needs of the Chinese capital’s finance sector when it comes to foreign exchange management reforms, cross-border renminbi usage and increased ease of investment and financing.

The Beijing municipal government hopes that such measures will help to attract internationally renowned financial institutions including banks, insurers, brokerages, funds and asset managers, as well as make it a key destination for the regional headquarters or branches of leading accounting, auditing, credit, law and consultancy firms.

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