Major event expected to boost city’s financial sector

Authors: China Daily

2016-07-29

The third 2016 G20 Finance Ministers and Central Bank Governors Meeting held in Chengdu on July 23-24 is expected to boost the development of the city’s financial sector and help it achieve its goal of becoming a financial center in western China.
The third 2016 G20 Finance Ministers and Central Bank Governors Meeting held in Chengdu on July 23-24 is expected to boost the development of the city's financial sector and help it achieve its goal of becoming a financial center in western China.
The G20 event drew finance ministers and central bank governors from the G20 members and guest countries, as well as the principals of international financial organizations such as the World Bank, IMF and OECD. Delegates discussed the world's current economic trends and issues and shared their views and insights about future economic growth prospects.
As one of the most important global events, the G20 Finance Ministers and Central Bank Governors Meeting is generally held in either the capitals or economic centers of G20 members. This was the first time the meeting had been held in western China.
Yan Xing, deputy director of the Chengdu Academy of Social Sciences, said Chengdu was chosen as host city for the G20 meeting thanks to its well-developed financial industry, as well as its growing economic strength and international reputation.
As the birthplace of Jiaozi, the world's earliest form of paper currency, which appeared in the city in the Northern Song Dynasty (960-1127), Chengdu has a prominent place in China's financial history.
Since being designated by the State Council as the financial center of the southwestern region in the 1990s, Chengdu has been upgrading its financial sector. It is planning to build itself into a financial center in China's western region by 2020 and regain its glory in history.
Yan said the city's development is backed by the central government's strategy to develop key projects including the Belt and Road Initiative, national comprehensive reform pilot zones, and Tianfu New Area.
By the end of May, Chengdu was home to more than 400 financial institutions, including 16 foreign banks and 17 foreign insurance companies, according to the Chengdu Financial Office.
A number of foreign financial institutions, including Citibank, HSBC, Standard Chartered Bank, Royal Bank of Scotland and JP Morgan Chase, have opened branches in the city.
The number of foreign financial institutions in Chengdu ranks ahead of other cities in central and western China.
Last year, the added value of the city's financial sector was 125.4 billion yuan ($20.5 billion), a 15.5 percent increase on the previous year.
The financial sector accounts for 11.6 percent of Chengdu's GDP.
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