Qingdao financial district to further expand opening-up

The Jinjialing Financial district of Qingdao. [Photo provided to chinadaily.com.cn]

Jinjialing Financial district of Qingdao officially unveiled "Measures to Further Expand Opening-Up" and initiated a new round of opening-up in the financial sector on Sept 13.

The Jinjialing Financial district issued 20 specific measures targeted at institute assembly, business innovation and environment optimization to further expand opening-up in its financial sector in scale, areas and level, in order to fully implement a new round of opening-up in its financial sector, advance a high-level opening-up and innovation of the district, and further assemble world-class financial resources of wealth management.

The measures should deepen foreign exchanges and cooperation, speed up building the district into a wealth management hub, financial technology pilot zone and financial security demonstration zone, and make it a favorable city for finance, the environment and growth.

The 20 measures mainly fall into three types. 

The first measures support the cluster development of foreign-funded financial organizations in Jinjialing Financial district. 

The district is favorable for the establishment of foreign-funded banks, branches and subsidiaries, foreign-owned financial organizations setting up assets management companies without foreign ownership limits, and tsectors concerning trust, consumer finance, financial leasing, auto finance and family offices attracting foreign capital. 

It also supports the set-up of foreign-funded security companies, security investment fund companies and futures companies, and representative offices of foreign-funded insurance companies, foreign-invested Internet insurance companies and joint-ventured life insurance companies, as well as foreign-funded insurance agencies and assessment companies.

The second measures support China and foreign-invested companies in expanding their business innovation and opening-up.

An aerial photo of the Jinjialing Financial district. [Photo provided to chinadaily.com.cn]  

The district provides a supportive environment for banking institutions to carry out cross-border financial innovative business, for foreign-invested organizations to get involved in QDLP and QFLP pilots, and for open and innovative wealth management policies to pioneer. 

They are also favorable for building a financial demonstration zone for China-SCO local economic and trade cooperation, playing an active role in building a Qingdao free trade port, and fully integrating into the Belt and Road Initiative. 

Additionally, they promote Qingdao Blue Ocean Equity Exchange to carry out innovative cross-border business in compliance with law.

The third measures further optimize an international and fair business environment in the Jinjialing Financial district. 

Specifically, they further improve international supporting services, enhance the internationalization of the district, and establish a multi-level international conference system on wealth management. 

Moreover, they extensively promote international cooperation on wealth management, strengthen exchanges with international financial think tanks, and build a world-class financial talent team. 

Furthermore, the district aims through them to enrich brand connotations of international conferences and festivals, upgrade advertising and enhance publicity around the world.

In celebration of the 40th anniversary of China's reform and opening-up, Jinjialing Financial district of Qingdao unveiled such favorable policies and significant measures to fully implement the new round of opening-up in financial sectors and to further realize a higher-level opening-up and innovation. 

The Jinjialing Financial district in Qingdao, Shandong province. [Photo provided to chinadaily.com.cn]

With an eye to the 20 specific measures, Jinjialing Financial district boosts a new round of opening-up not only in the financial sector but also in all areas and in an all-round way. It expands opening-up on both hardware facilities and soft power and targets both increments and stocks. 

With respect to the establishment of foreign-funded financial institutions, the innovation of financial services and the building of international business environment, Jinjialing Financial district is likely to be the first in China to achieve great breakthroughs.

Qingdao, with the consent of the State Council, became in 2014 the first and only national pilot financial reform zone of China centering on wealth management, and ranked 33rd in the 2018 global financial centers index 23 (GFCI23). 

Jinjialing Financial district, playing a core role in the pilot zone, undertook the significant mission of exploring new models and new ways of wealth management, and building Chinese characteristic wealth management system. 

Thanks to constant exploration and innovation, the district worked out the idea of industry-finance integration and established the three-pronged approach of focusing on carrier construction and scale expansion, optimizing financial ecology and controlling financial risks, and building a financial technology system. The added value of the financial sector has accounted for 16.1 percent high of regional GDP. 

Furthermore, it has already become a crucial driver for the financial industry of Qingdao. Jinjialing Financial district of Qingdao has held a variety of high-profile forums and conferences including the China (Qingdao) Wealth Forum, the Global Financial Centers Index 23 Launch Conference, the Jinjialing Wealth Management Forum and the Hong Kong-Macao Banking Industry Wealth Management Forum. Today, it is a gathering place for exchanging wealth management ideas.