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Beijing Financial Street [Photo by Li Shengli] |
Beijing Financial Street is the city’s first large-scale financial functional area and an influential area for China's financial industry.
Beijing has formed a "one center, one sub-center, three new zones and four backup platforms" financial development pattern. "One center" is the Financial Street, which recruit the headquarters of national-level financial institutions to improve financial clustering and its influence.
Beijing Financial Street is home to the highest national financial decision-making institutions and financial regulators, including the People's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission; headquarters of nationwide commercial banks, including the Industrial and Commercial Bank of China Limited, Bank of China, China Construction Bank, China Development Bank and Agricultural Bank of China; numerous foreign financial organizations, including the Royal Bank of Canada, JP Morgan Chase & Company and UBC; and many domestic and international large-scale financial organizations and State-owned enterprise headquarters, including China Telecom, China Mobile, China Datang Corporation and Goldman Sachs Gao Hua Securities Company Limited.
Beijing Financial Street has become an area with a high density of capital, technology and knowledge, and one of the areas with the most rapid tax-generating growth in the city, as well as the highest high-end industrial density and maximized-value creation per square kilometer in the city.
By the end of 2011, more than 150 headquarters and regional headquarters of enterprises had settled in the Beijing Financial Street area, along with 12 financial headquarters of Fortune 500 corporations that had set up affiliated organizations. More than 70 world’s top foreign financial institutions and international organizations, such as Goldman Sachs, JP Morgan Chase, the Société Générale Group and UBS Securities, were developing here.
The financial assets scale in the area exceeds 40 trillion yuan ($6.19 trillion), accounting for more than 80 percent of Beijing's financial assets and more than 47 percent of the nation's financial assets.
Incomes, profits and taxes paid by the above-designated-size financial industry accounted for 67.9 percent, 74.5 percent and 93.9 percent of those generated in the Financial Street area, up by 3.6, 7.9 and 1.6 percentage points year on year, which accounted for 42.9 percent and 32.6 percent of Beijing's financial industry, up by 3.3 and 10 percentage points year on year.
