According to the news on the website of the people’s Bank of China on December 24, the people’s Bank of China, the national development and Reform Commission, the Ministry of finance, the China Banking and Insurance Regulatory Commission, the CSRC, the State Administration of foreign exchange, the Chongqing Municipal People’s government and the Sichuan Provincial People’s Government jointly issued the plan for Chengdu and Chongqing to jointly build a western financial center, which aims to be initially completed by 2025. The financial system and mechanism have been further optimized, the innovation vitality of financial institutions has been continuously enhanced, the degree of financial openness has been significantly improved, the radiation and agglomeration capacity has been continuously enhanced, the regional strategic position supporting the “going global” of RMB has become more prominent, the financial ecological environment has been significantly optimized, and the financial business environment ranks in the forefront of the country. The modern financial system one is more sound, one belt, one road construction pattern of financial service has initially formed. The characteristic financial service systems such as science and innovation finance, inclusive finance, green finance, consumer finance and supply chain finance have been further improved, and China has basically built a highland for the development of financial science and technology in Western China. By 2035, the position of the western financial center will be more consolidated.
Original text attached:
Chengdu Chongqing joint construction of western financial center planning
In order to implement the spirit of Xi Jinping general secretary’s important speech at the sixth meeting of the central financial and Economic Commission and the decision and deployment of the CPC Central Committee and the State Council on promoting the construction of Chengdu Chongqing dual city economic circle, and give full play to the regional, industrial, resource and ecological advantages of Chengdu Chongqing dual city economic circle, according to the requirements of the planning outline for the construction of Chengdu Chongqing dual city economic circle, One belt, one road, is to build Chengdu Chongqing into a western financial center based on the west, facing East Asia and Southeast Asia, and serving the construction of the “one belt and one way” country and region. It will promote the Chengdu Chongqing region to accelerate the construction of the Shuangcheng economic circle, create an important growth pole for high quality development and a new Beijing Dynamic Power Co.Ltd(600405) , and formulate the plan.
1、 General requirements
（1） Guiding ideology.
Guided by the Xi Jinping thought of socialism with Chinese characteristics in the new era, fully implement the spirit of the 19th CPC National Congress, the second, third, fourth, fifth and sixth plenary sessions of the 19th CPC Central Committee and the sixth meeting of the central financial and Economic Commission, earnestly implement the spirit of the series of important instructions given by the general secretary of Xi Jinping to Chongqing and Sichuan Province, based on the new development stage, implement the new development concept Build a new development pattern, adhere to integration, joint construction and sharing, adhere to the bottom line thinking of risk prevention, take financial support for the high-quality development of Chengdu Chongqing twin city economic circle as the main line, take building a modern financial industry with complementary advantages as the foundation, take financial reform and innovation as the driving force, and take inland financial opening and innovation as the breakthrough, With the guarantee of creating a good financial development environment and preventing and resolving financial risks, deepen the reform of financial system and mechanism, jointly improve and enhance the function of regional financial market, work together to expand financial opening to the outside world, deepen cross-border and cross regional financial cooperation, strengthen the driving role of Chongqing and Chengdu central cities, and promote the rational flow and efficient agglomeration of various financial factor resources, We will support Chongqing in building a western financial center and accelerate the joint construction of a western financial center between Chengdu and Chongqing. Effectively enhancing the capacity one belt, one road, the Yangtze River economic belt and the new western coastal and inland sea in the new era of service development will help to build the Shuangcheng economic circle of Chengdu Chongqing into an important economic center with national influence, a scientific and technological innovation center, a new high level of reform and opening up, and a high quality livable land.
（2） Basic principles.
1。 Overall planning and integrated promotion. We will strengthen top-level design and overall coordination, adhere to the principle of integrated and coordinated development, implement major national development strategies, and make an overall plan for the construction of a western financial center. Realize unified planning, integrated deployment, mutual cooperation, joint implementation, information sharing and joint risk prevention.
2。 Government guidance and policy sharing. Give full play to the guiding and promoting role of local governments and central financial management departments, break down administrative barriers, and optimize the policy environment for financial innovation and development in Chengdu and Chongqing. The financial reform and innovation measures and support policies granted by the state to one place shall be equally applicable to the other place on the premise of matching the risk control ability.
3。 Market selection and optimal allocation. Adhere to the principles of marketization and rule of law, give full play to the decisive role of the market in resource allocation, improve the market allocation efficiency of financial factors through marketization mechanisms and means, promote the rational flow and efficient agglomeration of industries, talents, technology, capital, data and other factors, and strengthen the function of financial services to the real economy.
4。 Coordinated development, mutual benefit and win-win results. Relying on the resource endowment and comparative advantages of Chengdu and Chongqing, strengthen regional collaborative innovation and policy coordination, and optimize the layout of regional functions. Support Chengdu and Chongqing to explore the appropriate separation of economic and administrative regions, establish and improve the cross regional cooperation mechanism, improve the level of financial integration between Chengdu and Chongqing, and effectively promote the coordinated development of regional economy and finance.
（3） Strategic objectives.
By 2025, the western financial center will be preliminarily completed. The financial system and mechanism have been further optimized, the innovation vitality of financial institutions has been continuously enhanced, the degree of financial openness has been significantly improved, the radiation and agglomeration capacity has been continuously enhanced, the regional strategic position supporting the “going global” of RMB has become more prominent, the financial ecological environment has been significantly optimized, and the financial business environment ranks in the forefront of the country. The modern financial system one is more sound, one belt, one road construction pattern of financial service has initially formed. The characteristic financial service systems such as science and innovation finance, inclusive finance, green finance, consumer finance and supply chain finance have been further improved, and China has basically built a highland for the development of financial science and technology in Western China.
By 2035, the position of the western financial center will be more consolidated. One belt, one road and one more channel, will be established to support the development of regional industry, lead the whole country’s high quality development, the western land trade and China’s international double circulation. The financial services will be more perfect and the international influence of western financial centers will be enhanced.
2、 Main tasks
（1） We will accelerate the formation of a competitive organizational system of financial institutions and enhance the vitality of financial innovation and comprehensive service capacity.
1。 Accelerate the cultivation of legal person financial institutions. Support qualified entities to initiate and establish securities companies, wealth management companies, insurance asset management companies, public fund management companies and other legal person financial institutions in accordance with laws and regulations. Support qualified legal person financial institutions in Chengdu and Chongqing to supplement their capital by means of perpetual bonds. We will promote the reform of rural financial institutions.
2。 Introduce domestic and foreign financial institutions. Support the development of domestic and foreign financial holding groups, banks and insurance institutions in Chengdu and Chongqing. Support domestic and foreign financial institutions to set up back office service centers in Chengdu and Chongqing. Support foreign-funded financial institutions to initiate and establish, participate in and hold shares in banks, securities and other legal person financial institutions in Chengdu and Chongqing in an orderly manner according to law, and set up branches in accordance with laws and regulations. One belt, one road, one of the two sides, the other is the central business development center and operation management center. Encourage international financial organizations, overseas exchanges and the Central Bank of the ASEAN region to establish representative offices in China.
3。 Standardize the development of local financial organizations. Support Chongqing and Sichuan Province to improve the supervision system of local financial organizations. Local financial supervision departments strengthen the supervision of local financial organizations in accordance with the relevant rules formulated by the central financial management department, improve the relevant supervision rules, and guide the standardized development of small loan companies, commercial factoring companies, financial leasing companies, financing guarantee companies, etc. We will support the improvement of the government financing guarantee system and optimize the risk sharing mechanism.
4。 We will improve the system of financial intermediary services and professional services. Support the development of intermediary service institutions such as accounting audit, legal consultation and asset evaluation. Encourage the development of service outsourcing industries such as financial data processing and financial software development. Support financial professional service institutions to innovate business models and service formats and carry out diversified operation under the specified conditions. We will support Chinese and foreign credit rating agencies, national credit enhancement companies and credit evaluation companies to set up branches in Chengdu and Chongqing, support the establishment of legal person institutions such as market-oriented credit investigation, credit rating and credit enhancement, promote the “Xinyi loan” model, promote the innovation of credit financing products and services, and develop credit products suitable for the western region.
（2） Build a financial market system with regional radiation and enhance the ability and influence of financial resource allocation.
5。 Promote the integration of financial markets. Promote cross regional cooperation in guarantee, disposal of non-performing assets, venture capital and private equity investment. Promote the construction of regional financial markets under the framework of overall planning, construction and supervision of financial infrastructure. Explore the construction of a data asset trading place in the west, and establish a big data property right trading and industry self-discipline mechanism on the basis of improving the basic systems, standards and norms such as data resource property rights. Explore upgrading the existing relevant trading venues into Chengdu Chongqing integrated intellectual property and technology transfer trading center. Under the premise of law and compliance, explore the construction of cross regional government, bank and enterprise information platform. Carry out strategic cooperation with Shanghai Gold Exchange and Shanghai bill exchange, and actively explore business implementation and product promotion.
6。 Deepen the interconnection of domestic and foreign financial markets. Under the framework of one belt, one road, the Sino Japanese joint development demonstration zone, we have studied the establishment of a mechanism for capital exchange, and studied and launched bilateral investment and financing with Singapore and Japan, and gradually expanded to build a “one belt and one road” country and region. Explore the bond, fund, financial management, bill and other business cooperation between Chengdu Chongqing region, Singapore and Japan. Support qualified non-financial enterprises in Singapore, Japan and other countries to carry out equity, debt and other financing in Chengdu and Chongqing. Support the docking of Chengdu Chongqing financing roadshow platform with Singapore Stock Exchange and Hong Kong stock exchange to realize the exchange and sharing of cross-border investment and financing information. We support the one belt, one road financial service.
7。 Optimize regional multi-level capital market services. Support the Shanghai Stock Exchange, Shenzhen Stock Exchange and the National SME share transfer system to build a comprehensive service window for the central and western regions in Chengdu and Chongqing, and give full play to their functions of training, examination, local government bond bidding, technology development and some regulatory functions. Support the western base of Shanghai Stock Exchange and Shenzhen Stock Exchange to undertake the roadshow of securities issued by central and western regions in Shanghai Stock Exchange and Shenzhen Stock Exchange. Support the southwest base of the national small and medium-sized enterprise share transfer system to give full play to the comprehensive functions of market publicity, enterprise cultivation, resource docking, training exchange and information sharing, and vigorously promote the listing of small and medium-sized innovative enterprises in central and Western China on the new third board. Support Chongqing to carry out regional equity market system and business innovation, and simultaneously explore the docking mechanism with the new third board market. Support the equity trading platform in Chengdu and Chongqing to carry out business innovation such as registration, custody and trading varieties according to law, and study and explore the feasibility of venture capital and private equity investment fund share transfer. We should establish a one level cooperation mechanism for one western region and one belt, one road, and the other, we should study and support the foreign investors who are qualified to invest in the regional equity market. Explore the construction of a market-oriented debt to equity asset trading platform. On the premise of effectively preventing risks, the public welfare construction projects of the new international land and sea trade channel will be included in the scope of special bond support of local governments according to procedures. One belt, one road, the other is to provide financing services for the related enterprises and projects to build a “one belt and one road” country and region, a Sino European train and a new channel for the western mainland and sea. Support qualified local legal person financial institutions to obtain the qualification of lead underwriter in China’s bond market, and support qualified funds, securities companies and other institutions to apply for the qualification of fund investment adviser according to law. Support qualified local legal person banking financial institutions to provide Bond Custody and settlement services for various entities to participate in the over-the-counter bond market in accordance with laws and regulations.
8。 Build a highland for the development of equity investment funds in the West. Support the pilot innovation of private equity fund management mode, and give priority to building a private equity investment fund service platform in the western region when conditions are ripe. Encourage the establishment of private equity investment funds, especially venture capital funds, in a market-oriented manner, and guide venture capital funds and angel investors to focus on supporting start-ups and growth enterprises. Explore and improve the exit mechanism of venture capital and private equity investment, and allow qualified asset management products to invest in venture capital funds or private equity funds on the premise of legal compliance, commercial voluntariness and controllable risk. Support the establishment of domestic and foreign private placement parallel funds, RMB overseas investment and loan funds and technology M & a funds serving the real economy in a market-oriented manner, so as to improve the quality and efficiency of foreign investment. Under the framework of provincial and municipal industrial development investment guidance fund, study and establish investment promotion sub fund clusters to invest in major projects to be introduced. Support the market-oriented establishment of the western (International) land and sea new channel (private placement) fund, and increase investment in major infrastructure. Under the framework of the long-term mechanism of real estate, we will support the innovation and standardized development of Housing leasing financial business.
9。 Promote the coordinated development of insurance industry in Chengdu and Chongqing. Establish and improve the insurance regulatory coordination mechanism and insurance industry self-discipline coordination mechanism in Chengdu and Chongqing, and comprehensively promote the insurance regulatory coordination, industry cooperation and market cooperation between Chengdu and Chongqing. Explore and establish the system of all claims and all payments for insurance claims in Chengdu and Chongqing, improve the process of accident claims in different places, and optimize the Mutual Entrustment and result mutual recognition of claim survey. Actively introduce social forces such as commercial insurance institutions to participate in the handling services of basic medical insurance. Support insurance institutions to invest in medical and health industries in Chengdu and Chongqing. We will support Chengdu and Chongqing to carry out the pilot of inclusive health insurance integrating social and business, and accelerate the development of all kinds of accident insurance and liability insurance.
（3） Build a modern financial service system that supports high-quality development and boost the implementation of major national development strategies.
10。 Promote financial services and Rural Revitalization. We will thoroughly implement the strategy of financial support for Rural Revitalization. We will expand the scope of agricultural and rural mortgages and pledges according to law, increase medium – and long-term credit for agricultural and rural infrastructure construction, and encourage innovative development of financial products that meet agricultural and rural development and farmers’ needs. Focusing on the construction of modern high-efficiency characteristic agricultural belt in Chengdu Chongqing area, steadily promote agricultural insurance products such as price index and meteorological index. Support the futures exchange to study the feasibility of listing futures varieties with advantageous characteristics Shenzhen Agricultural Products Group Co.Ltd(000061) in Chengdu and Chongqing. Accelerate the popularization and application of agricultural related financial service platforms such as “nongdaitong” in Chengdu and Chongqing. We will improve the rural property rights trading service platform and build a unified rural property rights trading market. On the premise of effectively preventing risks, qualified public welfare construction projects in the field of Rural Revitalization and rural industrial integration will be included in the support scope of special bonds of local governments according to procedures.
11。 Promote the reform and innovation of green finance. Jointly promote the reform and innovation of green finance. Deepen inter provincial and municipal environmental rights and interests trading cooperation. Relying on the green enterprise (project) library of Chengdu and Chongqing, build a digital development platform of green finance. Support Chongqing and Chengdu to become pilot cities for the recognition and application of China EU green finance standards, and strengthen cooperation with the EU in carbon emission measurement and certification, zero carbon technology incubation and application. Promote green finance cooperation with Singapore, build platforms related to environmental equity transactions and green financial services connecting Chongqing, Chengdu and Singapore, and explore effective ways of cross-border cooperation in low-carbon field. Financial institutions are encouraged to incorporate environmental, social and corporate governance (ESG) and environmental credit rating and environmental credit information of enterprises and institutions into investment and financing decisions. Promote the application of mature carbon accounting methods and achievements in the financial system. Promote financial institutions, listed companies and bond issuing enterprises to do a good job in the mandatory disclosure of environmental information as required. Promote financial institutions to support the R & D and practical application of technologies such as carbon capture, utilization and storage (CCUs), and create a highland of green technology innovation. Support the exploration of cross-border green project loans. On the premise of compliance with the policy, support local legal person financial institutions to raise funds abroad for green enterprises and green projects in Chengdu and Chongqing. Encourage green enterprises to raise funds by issuing bonds and listing. Relevant enterprises are encouraged to take out environmental pollution liability insurance.
12。 Promote the innovative development of supply chain finance and trade finance. Support financial institutions to develop shipping financial products in accordance with laws and regulations, and carry out warehouse receipts, accounts receivable pledge loans and other businesses. We will deepen the pilot of “one document system” for railway waybills and rail sea combined transport, study and explore ways to solve the problem of real right certificates of railway waybills, expand the application of railway waybills in trade settlement financing business, and carry out document financing innovation. Support insurance institutions to carry out logistics related insurance, and vigorously develop export credit insurance and China trade credit insurance. Support the construction of cross regional logistics financial database and interconnection with public information service platform, logistics trade information platform and “single window” of international trade. Explore the construction of a “one-stop” comprehensive financial service platform integrating domestic and foreign goods Internet of things supervision, investment and financing docking and market-oriented financing credit enhancement services, and support the docking with the unified registration and publicity system of chattel financing of the credit investigation center of the people’s Bank of China if conditions are met. Connect with the supply chain bill platform of Shanghai bill exchange, and carry out business innovation such as accounts receivable bill, standardized bill, Bill brokerage and bill payment. Relying on the existing trading venues, carry out cross-border commodity transactions, logistics transactions and investment and financing docking, and study and explore relevant policy innovation, standardized connection and model innovation.
13。 Explore characteristic financial services. We will standardize the development of consumer finance, improve online consumer credit scenarios, give full play to the functions of direct banks, consumer finance companies, microfinance companies and other institutions, and develop financial products and services that adapt to new consumption trends. Support consumer finance companies to raise funds through multiple channels under the premise of controllable risks, and cooperate with overseas financial institutions in accordance with laws and regulations. Explore non bank payment institutions, steadily expand the application field of non cash payment, and facilitate cross-border payment of real and compliant current account transactions. We will support Chengdu and Chongqing to carry out innovative pilot projects for the combination of culture and finance, strengthen financial support for the construction of Bashu cultural tourism corridor, and explore and broaden the scope of mortgages and pledges of cultural and tourism enterprises. Financial institutions are encouraged to provide banking and insurance services for the development of the elderly care, childcare and housekeeping industries. Support qualified domestic and foreign financial institutions to establish exclusive inclusive financial institutions in Chengdu and Chongqing and innovate inclusive financial products and services. Build an inclusive financial index system in Chengdu and Chongqing, and vigorously develop digital Inclusive Finance.
（4） Build a financial innovation system that serves high-quality development and create a new engine of innovation driven development.
14。 We will deepen innovation in scientific and innovative financial products and services. Promote the western (Chongqing) Science City, western (Chengdu) Science City and China (Mianyang) science and technology city to carry out the first trial of science, innovation and finance, and support qualified cities in Chengdu and Chongqing to build a pilot zone for science, innovation and financial reform. Explore the establishment of intellectual property financial ecological demonstration area. Standardize and explore intellectual property securitization in Chengdu and Chongqing. Encourage banking financial institutions in Chengdu and Chongqing to set up science and technology sub branches or specialized institutions of science and technology finance. Support insurance institutions to innovate science and technology insurance products and services, explore the establishment of science and technology insurance reward and compensation mechanism, and promote the pilot of patent insurance. Support Chengdu to accelerate the construction of intellectual property financing service platform based on blockchain technology. Establish an information sharing platform for science and innovation enterprises covering the western region, and build a public service center for science and innovation project evaluation. Optimize the financing guarantee service of Kechuang finance, appropriately improve the risk tolerance of business losses of government financing guarantee institutions, establish a due diligence exemption system, implement the requirements of performance evaluation guidelines, and improve the positive incentive mechanism of Kechuang financing guarantee business with policy benefits, operating capacity, risk control and system construction as positive indicators.
15。 Broaden financing channels for science and innovation enterprises. Strengthen the linkage between regional equity market and science and innovation fund. Explore and study the listing and trading rules suitable for scientific and technological innovation enterprises and scientific and technological achievement transformation enterprises, and promote the market-oriented valuation and transformation financing of scientific and technological achievements. Support high-tech enterprises in Chengdu and Chongqing to carry out pledge financing by using equity and intellectual property rights. Eligible financial institutions and enterprises are encouraged to issue venture capital fund bonds, innovative and innovative debt financing instruments, innovative and innovative financial bonds and innovative and entrepreneurial corporate bonds in the bond market. Explore the targeted issuance of high-yield bonds by science and technology-based small and medium-sized enterprises. Improve the facilitation level of cross-border investment and financing of science and innovation enterprises. Explore and improve the foreign debt facilitation level of science and technology-based small and medium-sized enterprises. Support overseas private equity funds to participate in the financing of science and innovation enterprises in Chengdu and Chongqing. Support the cross-border capital flow of venture capital funds and facilitate the cross-border exchange of income from scientific and technological innovation industries.
16。 Build a highland of financial science and technology development in China (West). Promote the integration and sharing of government data and financial data. Promote the leading development of financial technology research, carry out the research and development of basic, common and key technologies and major application pilot demonstration in the field of financial technology, and promote the first implementation and application of research achievements in the field of financial technology such as artificial intelligence, big data, cloud computing and blockchain in Chengdu and Chongqing. Support Chengdu to steadily promote the pilot of digital RMB, carry out research on digital RMB and innovative application of mobile payment, and expand the application scenarios of digital RMB. Support the construction of the national financial technology certification center in Chongqing. Explore the construction of Chongqing regional financial technology supervision information platform. It plans to build a demonstration zone for China Singapore Financial Science and technology cooperation, and implement the national pilot of financial science and technology application and financial standardization innovation.
（5） Build an inland financial open system that supports global capital allocation and improve China’s ability to serve the international double cycle.
17。 Steadily promote the cross-border use of RMB. We encourage one belt, one road, to build up the “one belt and one way” country and region. Support banking financial institutions in Chengdu and Chongqing to issue RMB loans to qualified overseas enterprises and projects in accordance with current policies and regulations, and support the use of RMB bank settlement account (NRA account) of overseas institutions to handle RMB loans for overseas projects. Support the linkage between financial institutions in Chengdu and Chongqing and domestic and foreign financial institutions, develop and launch RMB financial products for the international market according to law, and explore the pilot of domestic and foreign currency integrated cross-border capital pool of multinational enterprise groups. Support foreign investors to make direct investment in RMB and participate in equity, creditor’s rights and bulk commodity transactions of domestic enterprises. Explore a higher level of RMB financial services for non resident individuals and non resident enterprises.
18。 Steady and innovative management of cross-border capital flows. Under the premise of controllable risk, explore and implement a higher level of trade investment and financing facilitation pilot, and actively promote the financial pilot of Sichuan Chongqing pilot free trade zone. In the process of cross-border direct investment transactions, simplify the management according to the mode of national treatment before admission plus negative list, and improve the convenience of registration and exchange in the exchange process. Explore new forms of cross-border investment management to meet market demand, and carr
