Beijing owns 190 trillion yuan (US$26.81 trillion) of financial assets, which account for about half of China’s total, said Wang Ying, deputy director of the municipal bureau of local financial regulation and supervision at a press conference on Wednesday.
The city is also home to more than 900 licensed financial institutes, Wang said.
As China’s financial management center, Beijing has ramped up its efforts to promote innovation of the financial industry in the past two years, Wang said. The city has implemented 96 financial measures and rolled out 76 sets of supportive policies so far. Beijing’s innovative practices including an IP insurance have been promoted nationwide.
In the first half of this year, Beijing’s financial sector contributed to about 20% of the city’s fiscal revenue, with its added value accounting for 19.8% of the capital’s total GDP.
Beijing tops Chinese cities in direct financing, with its companies receiving a record high direct financing of 1.28 trillion yuan in 2021, up 3.75% year on year. In the first eight months, 25 companies in Beijing went public, receiving more than 600 billion yuan of direct financing, said Lu Qian, an official from the city’s securities regulatory bureau.