According to the commitments made by the Chinese government to
the WTO, foreign banks will be permitted to participate in
RMB-denominated business in some Chinese cities, including Beijing,
beginning December 11 this year. The change is widely viewed as the
advent of a new era for China's financial industry.
Beijing's gross domestic product (GDP) was 361.1 billion yuan
(US$43.7 billion) in 2003, a rise of 10.7 percent year-on-year. The
added value of the city's financial sector reached 51.4 billion
yuan (US$6.2 billion), accounting for 14.2 percent of the city's
GDP for the year.
The figures indicate the vital role the financial sector plays
in the city's economic growth as well as its potential for
development, said Beijing Mayor Wang
Qishan at the Beijing International Financial Forum on
Wednesday. He added that the Beijing government would continue to
improve the local development environment by stepping up
infrastructure construction and upgrading local transportation and
production facilities.
The one-day forum was sponsored jointly by the ,
China Banking Regulatory
Commission, China
Securities Regulatory Commission, China
Insurance Regulatory Commission and Beijing Municipal People's
Government.
It was attended by 28 financial magnates from China and abroad,
and more than 400 top personnel from the China operations of
foreign financial institutions.
(Xinhua News Agency May 20, 2004)