Shunyi District got off to a good start in the financial sector under the "two zones" initiative. The MCC Great Wall Investment Co., Ltd., a financial platform company invested by a central SOE with a registered capital of 15 billion yuan, officially launched in the Shunyi functional zone of China (Beijing) Pilot Free Trade Zone.

The MCC Great Wall Investment Co., Ltd. is 100% owned by Metallurgical Corporation of China Ltd. (established by China Metallurgical Group Corporation), an A-shares listed corporation, with a registered capital of 15 billion yuan, and affiliated to China Metallurgical Group Corporation, a Fortune Global 500 company and a subsidiary of China Minmetals Corporation.

One of the key tasks of the "two zones" initiative is to attract central SOEs in line with the capital's strategic position to open branch offices or subsidiaries in Beijing. In 2021, Shunyi already attracted 17 quality financial projects invested by central SOEs with new capital under management reaching more than 70 billion yuan, and the amount will exceed 450 billion yuan in the next five years. Shunyi's capital under management has exceeded 2.4 trillion yuan.

Over the past two years, by leveraging the opportunities brought by the "two zones" initiative, Shunyi has attracted a great number of prime financial institutions. In 2021 alone, 36 financial institutions chose to locate in the district with a combined registered capital of nearly 13 billion yuan. The number of foreign investment projects and licensed institutions introduced into Shunyi reached a record high. As the largest functional zone of the "two zones" in terms of construction area, Shunyi developed in the pipeline over 60 foreign investment projects in 2021, with more than 20 projects already signed, including nine in the financial sector, and three first-of-its-kind in China. Allianz Insurance Asset Management from Germany and a third-party payment company under PayPal, which were newly introduced to Shunyi, have been listed among the nine key projects of the "two zones" initiative in 2021.

Allianz Insurance Asset Management, with a registered capital of 100 million yuan, is China's first wholly foreign-owned insurance asset management company and its assets under management will reach 200 billion yuan in the next five years. It will be deeply involved in the development of the Beijing China-Germany Industrial Park and provide unique financial support for the development of enterprises in the park. The third-party payment company under PayPal is also China's first 100% foreign-controlled third-party payment company. Its paid-in registered capital exceeds 2.4 billion yuan. The company will deeply integrate into the eco-system of the cross-border e-commerce industry in Beijing Tianzhu Free Trade Zone and provide strong cross-border payment support for export-oriented enterprises.

Meanwhile, Shunyi District has made many new gains in undertaking the "two zones" tasks. All 17 pilot policies on cross-border finance have been fully implemented, including three policies first released in Beijing and one first released in China. Moving forward, Shunyi will leverage its role as the financial center of the capital's industries and continue to attract more quality financial institutions from home and abroad.

(Reporter: Pan Fuda)