BIZCHINA / Center
Binhai heading for reforms
By Song Hongmei (chinadaily.com.cn)
Updated: 2007-05-25 14:37
Tianjin's Binhai New Area will accelerate its financial reforms to make
breakthroughs in major issues such as the financial system, said Dai
Xianglong, mayor of Tianjin and former president of the People's Bank of
China, or the central bank.
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Dai said at a municipal financial work conference Tuesday that Tianjin
will pilot key reforms related to financial services and the capital
market in its Binhai industrial area and he is confident that experiences
gained here will be of great value to the entire country.
Tianjin will continue to widen its fundraising channels. Based on a
successful pilot of the Bohai Industrial Fund, the municipal government
will encourage to pilot the launch of more funds like a venture capital
fund for people to start their own business, real estate investment trust
and the trust of integrating funds to build the city into an issuing,
managing, trading, training and researching center for China's industrial
funds, he said.
Tianjin will widen the scope of financial institutions' businesses,
allowing commercial banks to set up outlets in the city and offer
securities, insurance and financial leasing services, and insurance group
companies to set up branches developing their banking and asset
management businesses.
The city will also integrate its local financial institutions to forge a
diversified financial holding company to purchase stakes in banks,
insurance companies and asset management firms, Dai added.
Tianjin will establish a complete financial services and innovation
system, in which financial institutions coexist, be they Chinese and
foreign-funded banks, investment banks, currency brokers, insurers and
reinsurers, trust and investment companies as well as those offering new
services such as Sino-German Bausparkasse, the first China-German
mortgage savings bank in China, according to Dai.
More experiments will be made in reforming control of the foreign
exchange at Binhai New Area after being approved by the State
Administration of Foreign Exchange to meet the rising and diversified
demands of consumers, he said.
Last September, the forex watchdog approved Binhai New Area as a center
for new foreign exchange reforms. The reforms include the loosening of
controls over foreign exchange in capital accounts and exploring ways of
making renminbi capital accounts convertible under certain circumstances
and up to certain amounts.
(For more biz stories, please visit Industry Updates)
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