Financial street forum to be held in Chengdu

By Zhang Ao (chinadaily.com.cn)
Updated: 2009-07-17 14:23

CHENGDU: The second Chengdu Financial Street Development Forum and West China New Capital Summit will be held in this capital of Sichuan Province on July 23.

The summit is aimed at improving regional economic development and market management by marketing Chengdu – and in particular, the city’s Dongda Street – as the financial heart of western China. Five hundred delegates from financial organizations in China and overseas will attend, including Long Yongtu, Secretary-General of the Bo’ao Forum for Asia (BFA), and representatives from American investment bank JP Morgan.

The second largest city in western China after Xi’an, Chengdu is a vital political, economic, cultural, and transportation hub. In 1993, Chengdu was officially designated Southwest China’s financial center by the State Council, an indication of strong government support for Chengdu’s financial development.

That support has increased in recent years as the central government has moved ahead with plans to develop China’s interior and implemented a series of preferential policies to help the region recover from the 2008 Earthquake in Sichuan.

But Chengdu and Dongda Street also have a long history in finance: the world’s earliest paper money was developed on Dongda Street during the Song Dynasty. Now, Dongda Street is home to more than 70 percent of the city's foreign-funded banks and insurance companies.

The event will be organized by the Chengdu municipal government and the Southwestern University of Finance, and it is supported by the China’s powerful National Development and Reform Committee, the EU-China International Lujiazui Financial Academy, and the Dow Jones Group.