China News Service, Beijing, July 23 (Reporter Du Yan) Under the new crown pneumonia epidemic, the pace of foreign financial institutions entering the Chinese market, especially the Beijing market, has not slowed down. In the first half of this year, MasterCard was approved to enter the bank card clearing market. Oaktree Capital, a world-renowned investment management company, set up a wholly-owned subsidiary in Beijing, and the UK's largest life insurance company Prudential Group joint venture asset management company landed in Beijing, etc., Beijing has become a foreign capital The first choice for financial institutions to enter China.
This was introduced by the relevant person in charge of the Beijing Municipal Local Financial Supervision and Administration Bureau when he interpreted the relevant measures in the financial field of the "Beijing Action Plan for the Implementation of New Opening Measures."
The person in charge said that the financial industry has always been an important area of exploration and practice for the comprehensive pilot project of expanding the opening up of the service industry in Beijing. In 6 months, Beijing officially released the "Beijing City's Action Plan for Implementing New Opening-up Measures" (hereinafter referred to as the "Plan"), focusing on creating open "new heights, new engines, new platforms, and new mechanisms", in which the financial sector focuses on development In terms of global wealth management, promoting the orderly flow of cross-border capital, improving the level of international professional services in the financial market, strengthening international cooperation in financial technology innovation, and building overseas venture capital fund clusters, it has proposed practical measures to further expand the opening up of the financial industry. mainly includes:
——Develop global wealth management. Emerging markets continue to grow at a high level, and China’s asset management and wealth management industries have huge development potential. Beijing is an ideal strategic choice for foreign asset management institutions to deploy in China. The "Plan" proposes to support the establishment of foreign-owned asset management institutions, support qualified asset management institutions to participate in pilot projects such as QFLP, QDLP, and RMB international investment and loan funds, and promote their application for QDII qualifications and quotas; support foreign investment in cross-border equity investment and Asset management, apply to become a private equity fund manager, support qualified foreign private equity fund management institutions to apply for public equity fund management business qualifications; support non-investment foreign-funded enterprises to make domestic equity investments with capital in accordance with the law.
-Promote the orderly flow of cross-border capital. As China continues to open up to the outside world, companies have a strong demand for cross-border capital flows and foreign exchange management facilitation. The "Plan" proposes to carry out a pilot bank account system for the integration of domestic and foreign currencies, support qualified multinational companies to carry out cross-border capital centralized operation and management business, and support qualified institutions to participate in cross-border asset transfers such as non-performing assets and trade financing.
——Enhance the level of international professional services in the financial market. The "Plan" proposes to support the development of well-known international credit rating, bank card clearing and other institutions in Beijing and obtain corresponding business licenses, and support foreign institutions to obtain payment business licenses in accordance with prescribed conditions and procedures; support securities companies, fund management companies, and futures companies , Personal insurance companies hold 100% foreign shares, support foreign insurance institutions to establish health insurance and pension insurance companies in Beijing; accelerate the reform of the new third board, and actively explore foreign investment institutions to invest in the new third board market in accordance with relevant national policies; strive to establish a private equity transfer platform, Broaden the exit channels for international venture capital; support the launch of international green finance initiatives and international organizations in Beijing, and support the establishment of international green financial institutions and investment funds.
——Strengthening international cooperation in financial technology innovation. In the field of financial technology, Beijing is in a leading position in the world, ranking first in the world in the 26th Global Financial Center Index (GFCI). Beijing's financial technology development has unique advantages in technology and finance. The "Plan" proposes to support foreign financial institutions and foreign technology companies to enter the Beijing Financial Technology and Professional Service Innovation Demonstration Zone to undertake international financial technology project incubation and industrial application; support international financial institutions and financial technology companies in Beijing to deepen strategic and equity cooperation and apply Obtain financial licenses; support international financial technology companies to cooperate with institutions in Beijing to explore the creation of international financial technology industry self-discipline norms and standards.
In addition, the "Plan" also proposes to "improve the global venture capital service system, introduce a group of venture capital funds, M&A funds, and patient capital, and build overseas venture capital fund gathering areas", and "hold a high-level financial street forum to build a national financial Policy authoritative release platform, China's financial industry reform and opening up publicity display platform, dialogue and exchange platform serving global financial governance" and other initiatives.
The person in charge pointed out that it can be said that the "Plan" firmly grasps the dual opportunities of the new round of national financial opening and the expansion of the service industry's comprehensive pilot program, and strives to build a new open economic system with Beijing characteristics, and promotes the capital's financial industry with the highest standards and high standards. Open, policy measures are full of gold. In the next step, Beijing will promote the implementation of these measures to help the capital's high-quality economic development.
She pointed out that the country's financial industry is opening up very strongly. Many foreign financial institutions have entered China to develop, either increase the shareholding ratio of joint venture companies in China, or set up holding institutions.
She said that under the epidemic, MasterCard was approved to enter the bank card clearing market in the first half of this year. Fitch became the second international rating company to enter the Chinese market after S&P. Goldman Sachs and Credit Suisse realized their joint venture securities companies in China. The holdings of the world’s leading investment management company Oaktree Capital set up a wholly-owned subsidiary in Beijing, and the UK’s largest life insurance company Prudential Group joint venture asset management company landed in Beijing, etc. Beijing has become the first choice for foreign financial institutions to enter China. (Finish)