Beijing's Xicheng district is now on a fast track to build its national-level fin-tech new area into a world-class demonstrative one, a district official said.

According to Sun Junmin, secretary of the CPC Xicheng District Committee, the district has released the work plan and white paper on further opening up its service sector. It has also combed its policies, building resources and target companies, and designated leadership team and service managers to serve companies in an all-round manner.

So far, buildings with a total floor area of nearly 150,000 square meters in the district have been renovated to this end. Five of Beijing's 18 groundbreaking and signature projects for boosting service sector and free trade are in Xicheng.

Next, the district will facilitate the financial standard research institute and the financial certification authority under China's central bank to move in, while attracting more flagship international financial institutions.

It will also bring in and cultivate leading fin-tech companies with international influence, and formulate an action plan for upgrading residential communities for international talents.

In addition, it plans to develop the digital economy, support the application of smart education and medical care in new scenarios, upgrade the supporting service sector in Beijing Financial Street, and renovate relocated market spaces and the Xidan business area.

In 2020, Xicheng brought in 114 Chinese and overseas companies in the fields of finance, fin-tech, and foreign investment. They had a combined registered capital of 168.78 billion yuan, making Xicheng the top district in Beijing in terms of the growth rate of foreign capital.

So far this year, the district has seen a new contractual foreign investment of US$206 million, a year-on-year increase of 194.02%; its actual use of foreign capital registered US$44.05 million, which has already exceeded the amount of foreign investment in the first half of last year.

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