Jinjialing adds policies to draw more finance firms

Updated: 2015-11-02 23:08

(China Watch)

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Thirty-five policies on wealth management services have been implemented in Jinjialing Financial Cluster Area since its establishment last year, putting the zone in Qingdao on track to meet its 2015 growth target.

The policies included giving permission to open U.S. dollar margin accounts for commodity trading and allowing joint ventures to carry out cross-border investment and finance businesses, which helped improve the real economy and gained attention from global markets.

Xia Zhengqi, standing executive director-general of the area, said Jinjialing would position itself as a regional wealth management center and build more infrastructure facilities, such as roads, ecological parks, commercial buildings, and parking lots to consolidate the service function.

As an important part of Qingdao Wealth Management Financial Comprehensive Reform Pilot Area, an efficient financial industry chain that incorporates banking, insurance, securities, trust funds, and financial institutions offering a range of services for private investors has been created in Jinjialing. The area has lured 291 financial service and related enterprises.

With the aim of attracting 100 finance enterprises and head offices to sign up for office space this year, construction work on more office buildings is due to start and will cover 0.7 square miles. Landmark buildings are expected to include the Qingdao Global Financial Center and the St. Petersburg Wealth Management Building.

The area's financial sector achieved profits worth 1.38 billion yuan ($217 million) during this year's first quarter, up 15 percent year-on-year.

"Foreign companies can benefit from the reforms, as foreign direct investment can now be processed in local banks instead of applying to the State Administration of Foreign Exchange," Xia said. "They're allowed to carry out two-way, cross-border renminbi cash pooling and centralized renminbi payments and settlements."