Source: Beijing Daily
Original title: The first wholly foreign-owned currency brokerage company landed and more than 300 financial institutions gathered in the city’s sub-center
In Tongzhou District, at the intersection of the Five Rivers, a “Canal Business District” is being constructed at an accelerated pace in a green space intertwined with forests and waters.
In July 2021, a piece of news that occurred on this planned area of 20.38 square kilometers caused a sensation in the national financial circle. Ueda Yagi Currency Brokerage (China) Co., Ltd. officially opened in the city’s sub-central Canal Business District, becoming the sixth currency brokerage company in China and the country’s first wholly foreign-owned currency brokerage company. Prior to this, the China Banking and Insurance Regulatory Commission had not issued a currency brokerage license for ten years. “This is a fruitful result of my country’s financial reform and development, and it is also an important progress in the construction of Beijing’s “two districts”.” The relevant person in charge of the Beijing Banking and Insurance Regulatory Bureau said.
A currency brokerage company refers to a non-bank financial institution established within the territory of China approved by the China Banking and Insurance Regulatory Commission, through electronic technology or other means, specializing in the promotion of inter-financial institution financing and foreign exchange transactions and other brokerage services, and collecting commissions from them , Is an indispensable part of financial infrastructure. With such a precious currency brokerage license in hand, why did Ueda Yagi choose to settle in the city’s sub-center? Huang Hong, the head of the company’s China region, said, “I have full confidence in the governance capabilities and efficiency of the local government and in China’s financial development. We finally chose to settle in the city’s sub-center, and the company is confident that it will succeed here.”
In July 2019, the Office of the Financial Stability and Development Commission of the State Council launched 11 financial opening-up measures, including “supporting foreign-funded wholly-owned establishments or equity participation in currency brokerage companies.” After Ueda Yagi learned of this information, he actively built a team and made every effort to apply for the establishment of a Chinese subsidiary of currency brokerage.
In September 2020, the China Banking and Insurance Regulatory Commission formally approved Japan’s Ueda Yagi Short Capital Co., Ltd. to establish a currency brokerage company in the city’s sub-center. In May 2021, the city sub-center issued the “Measures for Beijing City Sub-center to Promote the Development of the Financial Industry”. Among them, financial enterprises such as Ueda Yagi and other financial companies settled in the city’s sub-centers are given special subsidies and office housing subsidies. For high-level financial talents, incentives are given with reference to the best domestic policies in the Lingang area of the Shanghai Pilot Free Trade Zone and the Guangdong-Hong Kong-Macao Greater Bay Area. In addition, the sub-center of the city also provides high-quality services for enterprises in settlement indicators, housing for talents, transportation, career development, children’s education, and medical services.
In addition to Ueda Yagi Currency Brokerage Company, in May 2021, PricewaterhouseCoopers, one of the four largest international accounting firms, successfully settled in the Beijing City Sub-center; in June, the Three Gorges Group, a listed company with a market value of 100 billion A shares in new energy , Has brought its 15 subsidiaries to the city’s sub-central Canal Business District…Data shows that in the first half of 2021, the city’s sub-center financial industry tax revenue has doubled, accounting for 11.2% of the tertiary industry tax revenue, an increase of 3.8 percentage point. There are more than 300 registered financial enterprises in the region, and more than half of the banking institutions have newly established or upgraded to legal person banks or first- and second-tier branches. They have introduced 4 local exchanges, including cotton and redwood, and gathered a group of top-notch banks in the industry. Financial institutions, think tank institutions, and financial professional service institutions, and the three major industrial ecosystems of wealth management, green finance, and financial technology are accelerating the construction.
With the help of the “two districts” pilot policy, the city’s sub-center is steadily moving towards the goal of high-quality development. It is estimated that by the end of 2023, the city’s sub-center will create a world-class business environment, with a cluster of international financial institutions, complete high-end service expertise, active design industry ecology, vigorous development of cultural tourism, rich and diverse application scenarios, strong innovation and entrepreneurial atmosphere, and livable A business-friendly living environment has initially taken shape.
“Two Districts” Construction Transcript
Over the past year, as the only pilot zone in the comprehensive pilot project of expanding the opening up of the service industry in Beijing and an important part of the international business service area of the Pilot Free Trade Zone, the construction of the “two zones” in Tongzhou District focuses on wealth management, green finance, financial technology, and urban planning. , Cultural and creative design, cultural tourism, business services and other fields, explore reforms and innovations, strengthen service functions and guarantee systems, deepen the coordinated demonstration of Beijing-Tianjin-Hebei, and show a good momentum of open development and vigorous progress.
From January to July 2021, there were 13,304 newly established market entities in Tongzhou District, an increase of 42.74% year-on-year, of which 13,213 were newly established enterprises, ranking second in the city. Financial service formats are becoming more and more complete. Wealth management, green finance, financial technology and other companies are accelerating the gathering, and headquarters companies and cultural and technological industries are constantly gathering. In addition, foreign investment is steadily improving. From January to July, the actual use of foreign capital in the region was 276,756,500 US dollars. The consumer market is also accelerating its recovery. From January to June, the total retail sales of consumer goods in the region reached 27.52 billion yuan, a year-on-year increase of 15.4%. (Sun Yunke Chen Qiang)
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