Zhejiang Province Plans to Transform Hangzhou into International Fintech Hub, Launch Cross-border Investment Trials

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The eastern coastal province of Zhejiang has unveiled plans to further consolidate the status of the provincial capital of Hangzhou as a leading international fintech hub.

The Zhejiang province finance authority recently issued the “Qiantang River Financial Port Development Implementation Plan (2021 – 2025)” (钱塘江金融港湾发展实施计划(2021-2025)), which calls for “deeply driving the establishment of Hangzhou as an international fintech hub.”

The Plan calls for “establishing a range of major projects including the Ant Group headquarters, and focusing on forefront areas such as artificial intelligence, blockchain, big data and cloud computing.

“[Zhejiang] will support qualified commercial banks in launching wealth management subsidiaries in Zhejiang; the stable development of investment funds, wealth management products, trusts and other diversified financial products; vigorous development of publicly offered REIT’s and other wealth management products, and clearing out investment channels for bonds, futures and commodities.”

The Plan also calls for “exploring cross-border wealth management channels for residents, and better satisfying the asset allocation and diversified investment and wealth management needs of residents.”

The Zhejiang province government has also set the goal of transforming Hangzhou into a “100 billion yuan fintech industry hub” by 2025, as well as “further consolidating and raising the status of Hangzhou as a national wealth management hub.