Chengdu hot on the SAR's finance trail

Authors: China Daily

2017-08-25

Chengdu is banking on and taking a leaf from Hong Kong's rich expertise and experience in the SAR's robust finance services industry, as well as its sound capital base.
Chengdu's 13th five-year plan unveiled in May 2017 calls for its financial services sector to increase the industry-wide added value from 138.6 billion yuan ($20.8 billion) to no less than 220 billion yuan, and the proportion of its added value to more than 12 percent of the city's gross domestic product by 2020.
At the heart of the goal comes the on-going establishment of "Chengdu Financial City", which aims to join the likes and replicate the success of London, New York, Hong Kong, Shanghai's financial district Lujiazui and Beijing Financial Street.
"As we forge ahead with this goal in a progressive manner, the bilateral relationship between Chengdu and Hong Kong will take on a new significance," Fan Ruiping, a member of the Standing Committee of the Sichuan Provincial Party Committee, told the "Chengdu Building a National Finance Center in Western China" forum in Hong Kong on Tuesday.
The forum was held on the second day of the "Sichuan-Hong Kong-Macao Cooperation Week", with Sichuan Governor Yin Li heading a delegation of his top aides to the SAR to boost economic and trade links between the two regions.
Up to 16 investment and trade deals worth $15.7 billion were signed between Hong Kong and mainland enterprises at the forum.
Chengdu, with a population of nearly 16 million and covering an area of more than 14,000 square kilometers, has what it takes to become a predominant financial center in the country's central and western regions, said Liang Qizhou, director of the Chengdu municipal finance office.
According to the 8th edition of the China Financial Center Index released by the China Development Institute last year, Chengdu ranked first in the central and western regions and fifth nationwide in terms of competitiveness as a financial powerhouse.
"Banking on a long and fruitful track record of cross-boundary collaboration with Hong Kong, Chengdu seeks to polish its brand as a magnet for Hong Kong's well-established financial institutions and professional talents to set up businesses and carve out their careers," Liang said.
"Hailed as a world-renowned financial hub, the largest offshore renminbi center, and a pivot city along the Belt and Road route, Hong Kong has a wealth of good expertise, particularly in the areas of wealth management and venture capital investment, to share with Chengdu in its quest for a regional leading edge in the financial sector," said James Henry Lau, Hong Kong's secretary for financial services and the treasury.
(source: www.chinadaily.com.cn, August 23, 2017)

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