The National Financial Information Building is set to become the tallest in Beijing, extending 360 m and edging past the capital's highest structure - the 74-story China World Trade Center III - by some 30 m.

Xinhua News Agency, owner of the building that started construction at the weekend, said it will serve as a center for the collection of information, as a data center and as a site for research and development and be used by Xinhua 08, a computer terminal-based financial information service.

"The National Financial Information Building will reach a height of 360 meters and be the landmark building in Lize business district," Qiu Ming, director of the finance office in Fengtai district, was quoted as saying in Beijing Evening News.

However, officials from the Xinhua News Agency declined to confirm the information and details of such things as the cost of the building and its completion date remains unknown.

The building will stand in the Lize Financial Business District in southwestern Beijing. The 8.09 sq km Lize area is the newest business district in the city. Construction in the area began last year.

Xinhua 08 began work on the China Financial Information Building in Shanghai's Pudong area last May.

Li Congjun, president of Xinhua, said Xinhua News Agency has evolved from being a simple news agency into an "all media group" with the agency establishing a multimedia and multi-language information service system.

"Xinhua 08 went into operation in September 2007 and is used by major financial institutions and companies throughout the country," Li said. "They recognize our service."

The system provides up-to-date news and information about domestic and overseas currencies, capital, foreign exchange, gold and futures markets as well as various industries, including metals, energy and real estate.

Guo Jinlong, mayor of Beijing, said he wishes Xinhua 08 well in becoming a leading financial information provider in China.

"The service ended the monopoly of China's high-end market for financial information and trading by foreign financial information service providers," Guo said during the groundbreaking ceremony for the National Financial Information Building on Saturday.

"It has significant strategic meaning in protecting China's finance and information security."

According to Li, Xinhua's news-collecting network covers 120 countries and regions and all major media around world can receive its information.