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BIZCHINA / News
Beijing to focus on financial services
By Liu Weifeng (China Daily)
Updated: 2007-08-31 09:18
The Beijing municipal government yesterday issued a report, which seeks
to promote the capital as a center for back office operations for the
financial sector.
The report contains a host of measures to lure financial institutions
from home and abroad to set up bases in Beijing and increase the city's
competitive edge in the field.
Back office operations refer to such things as data management,
clearing-house facilities, bank-card administration, research and
development, and emergency centers.
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The new policies include discounts on registration payments, subsidized
housing, support services for senior managers and preferential land use
terms.
Four zones in Chaoyang, Haidian, Tongzhou and Xicheng districts have been
identified as the back office bases, the report said.
"The capital should have a stronger presence in financial services to
match its economic development and international status," vice-mayor Ji
Lin said.
Ji also announced the establishment of Beijing Financial Office to manage
and facilitate the development of the four areas with the help of leading
figures from the fields of human resources, land use, urban planning,
commerce, taxation and financial regulation.
Guo Hao, deputy director of the office, said the move would help improve
the industrial structure of the city.
"Despite a resource deficiency, Beijing has a unique advantage to get
up-close decision-making information," Gao said.
Bringing back office operations together in designated zones is a prelude
to the growth of key businesses in the financial, security and fund
sectors, he said.
Currently, three overseas companies are in talks with the office: Goldman
Sachs Gao Hua Securities, Swiss Bank and Deutsche Bank.
The office is also mulling a plan to use the new centers as a lure for
the nation's top financial talent.
"We must present a package of policies that will encourage our top people
to settle down here," Gao said.
In addition, three back office operations - the clearing center of the
People's Bank of China, database center of the Agricultural Bank of China
and the R&D center affiliated with China Life Insurance Company - signed
contracts yesterday to relocate to the financial zone in Haidian.
At the end of 2006, Beijing was home to 538 financial corporations
comprising 59 banking institutions, 226 security agencies and 199 trust
and fund companies.
(For more biz stories, please visit Industry Updates)
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