With the theme of “New Beijing and Further Opening-up”, activities for foreign-funded banks in Beijing were held in the capital from September 24 to 25, 2020. Representatives from government departments, industry associations, and 32 foreign-funded banks gathered to share their insights on how foreign-funded banks can play a more active role in China's financial opening-up and the development of the capital city.

Pan Guangwei, Executive Vice President of China Banking Association, highlighted Beijing's status as the country's financial management center and a pacesetter for high-quality economic development and comprehensive opening-up of the financial sector. The activities aim to further familiarize foreign-funded banks with various policies in Beijing and help get their business on the fast track. Meanwhile, the activities enable government departments and institutions in Beijing to get a deeper understanding of the development of foreign-funded banks so that they can provide better services to attract foreign-funded banks to operate in Beijing, promote the building of bank-government and bank-enterprise cooperation platforms, and further advancing Beijing's opening-up.

Sui Zhenjiang, Vice Mayor of Beijing, encouraged foreign-funded banks to seize the tremendous opportunities brought by the endeavor of the municipal administrative center of the capital to strengthen the opening-up of the services sector, grasp the strong financial needs of major projects in the municipal administrative center, and actively participate in the building of a sound financial ecosystem in the area. 

Sui introduced that the administrative center is bolstering the development of wealth management, fintech, green finance and other related industries. In the first half of 2020, the administrative center attracted over 30 new financial institutions with a total registered capital of nearly RMB10 billion, and the value added of the financial sector grew by 30.3% despite the epidemic.

“For foreign-funded banks, it is the right time to set foot in the administrative center,” said Zhao Lei, mayor of Tongzhou District. The district government will further streamline administration and delegate power, push forward reform and innovation in market access, and formulate investment attraction policies based on the World Bank's Ease of Doing Business Index. It will also set up permit service points for foreigners and take the lead in the city in establishing a centralized service system to facilitate the operation of foreign-funded financial institutions.

The event was co-hosted by China Banking Association and Beijing Local Financial Supervision and Administration. The chairpersons and presidents of 32 foreign-funded banks from over 10 countries and regions gave an overview of their operation in Beijing and shared their views on how to further participate in financial opening-up and the city's economic development.