Integration of financial industry accelerates coordinate development

2017 Financial Street Forum was held in Beijing. [Photo: Baidu.com]

Efforts to coordinate development of the greater Beijing-Tianjin-Hebei region are continuing on many levels. Some of the latest planning has been detailed at the 6^th Financial Street Forum in Beijing. Currently, authorities are soliciting opinions on the Region's development, ahead of the final stage of signing cooperation agreements.

Huo Xuewen, head of the Beijing Municipal Bureau of Financial Work delivered a speech during the Financial Street Forum this year. [Photo: Baidu.com]

"The financial industry is a significant sector of a nation's real economy," said Huo Xuewen, head of the Beijing Municipal Bureau of Financial Work. "It plays an important role in coordinating development in the Beijing-Tianjin-Hebei region regarding construction of the financial infrastructure and expansion of the financial cooperation across the region."

Wang Shaofeng, deputy secretary of the Xicheng District of Beijing Municipality delivered a speech during the Financial Street Forum this year. [Photo: Baidu.com]

Wang Shaofeng, deputy secretary of the Xicheng District of Beijing Municipality, said, "the Financial Street has contributed vividly to support the coordinate development of Beijing, Tianjin and Heibei by emphasizing the importance of integrated development of the financial industry in these areas and by helping construction of the Xiong'an New Area and Tongzhou District."

The Xiong'an New Area in Hebei province and the Tongzhou District in Beijing are allocated to receive non-essential functions from the capital, like small commodity wholesale markets, in order to release pressure from Beijing so that it has the freedom to perform its role as a center for politics, culture, international exchange and new technology.

Wang Wengang, a senior official of Tianjin Banking Regulatory Commission delivered a speech during the Financial Street Forum this year. [Photo: Baidu.com]

"To successfully achieve the coordinate development of Beijing, Tianjin and Hebei, China must draw a blueprint from the perspectives of the nation, as well as from the whole world," said Wang Wengang, a senior official of Tianjin Banking Regulatory Commission.

Sun Hu, deputy major from Tangshan in Hebei province delivered a speech during the Financial Street Forum this year. [Photo: Baidu.com]

Sun Hu, deputy major from Tangshan in Hebei province, said, "thanks to the financing cooperation memorandum signed by a few banks located in Beijing, Tianjin and Hebei, financial resources have flowed to Tangshan, and the process of unifying financial policies in these three regions has been accelerating." Sun added that it is very difficult for Tangshan's financial industry to develop without support from Beijing and Tianjin. He also expressed his hope that Beijing and Tianjin would continuously attract more financial companies to set up their offices or branches in Tangshan and distribute more financial resources in the region. He said this will effectively achieve the integration of financial institutions and financial markets in these three regions.

Reputed as "a guideline for China's financial development and renovation," the 2017 Financial Street Forum was held on September 14 and 15 in Beijing. This year's forum was carried out with a theme of "financial renovation and risk prevention under the dynastic global economic atmosphere." During the two-day forum, topics included deepening reform, risk prevention, optimizing financial services in the real economy, supporting construction of the 'Belt and Road' initiative, accelerate financial cooperation and more.