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E-mail China.org.cn, July 4, 2024
Beijing will proactively advance digital financial reforms and accelerate innovation in digital financial mechanisms, aiming to build a modern financial industry that aligns with the city's status, according to a digital finance forum held in Shijingshan district on July 3 during the Global Digital Economy Conference 2024.
Participants at the forum emphasized that Beijing has been prioritizing the development of digital finance, leveraging its strengths in finance and information services to build a modern financial industry.
In the field of sci-tech finance, relevant departments have established a bank-enterprise alignment system, utilizing technologies such as big data, cloud computing, and artificial intelligence to improve financing availability for Beijing's sci-tech enterprises.
Beijing has consistently regarded establishing itself as a global leader in the digital economy as a strategic move to gain new competitive advantages in the future. The city is actively promoting digital financial reforms and harnessing the multiplier effect of digital development. These efforts are designed to enable the financial industry to better serve and support the high-quality growth of the capital city.
In 2023, Beijing's digital economy generated an added value of 1.8 trillion yuan ($247 billion), contributing 43% to the city's GDP, according to official data. As China's financial management hub, Beijing-based financial institutions hold total assets of nearly 220 trillion yuan, which account for approximately 50% of the country's total.
At the forum, Beijing announced its plan to improve the efficiency of fiscal and financial services, optimize the role of positive fiscal policies, coordinate the use of government investment funds, support key reform and development tasks, encourage social capital to establish venture capital funds, and guide more financial resources to support the development of science and technology companies and the real economy.
The city will also support the Beijing Stock Exchange in deepening reforms and pursuing high-quality development, promote the linkage of regional equity market reforms, and expand the scope of the application of digital RMB.
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