Beijing Cements Status of Tongzhou Sub-centre as International Financial Hub, Site of Digital RMB Trials

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The Chinese capital of Beijing has unveiled a new plan to shore up its municipal sub-centre of Tongzhou as an international hub for the wealth management sector.

The Beijing Financial Services Work Leadership Team (北京金融服务工作领导小组) recently released the “Action Plan on the Creation of an International Wealth Management Centre in the Municipal Sub-centre (关于在城市副中心打造国际财富管理中心的行动方案).

The Plan confirms Beijing’s intentions to establish Tongzhou as a “global financial hub, and a wealth management centre that possesses international influence.”

Beijing previously designated the eastern suburb of Tongzhou as the site of a new “sub-centre,” with a number of key, municipal government offices moving to the district in January 2019.

State media first reported at the end of 2018 that Beijing had ambitions to transform the Tongzhou area into a wealth management hub, with Huo Xuewen (霍学文), head of Beijing’s financial authority, calling for plans to create corresponding financial services infrastructure and systems environments.

The new Plan outlines a total of 27 “wealth management reform missions” for Tongzhou, in areas including new financial licenses, statutory digital currency, and individual tax deferrals for asset management products.

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