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Tianjin creates modern financial service system
enorth.com.cn   2008-10-17 13:24

 

The Financial Street of Tianjin Binhai New Area

 

In March 2008, Tianjin was authorized to establish the Over-the-Counter (OTC) market. In July, the First Futures Brokerage headquarters was moved to Tianjin. Tianjin regards the development of futures as an important aspect of financial reform.

As the financial agglomeration effect in Tianjin appears and a series of innovative reforms have been implemented in the Binhai New Area, a modern financial service system is rapidly being established in Tianjin.

As early as December 2005, when China had no clear laws about industrial funds, the State Council approved the Binhai New Area to run pilot industrial investment fund projects. In December 2006, the first Chinese-funded private equity fund - Bohai Industrial Investment Fund - was founded in Tianjin.

In March 2008, the State Council approved the general scheme of comprehensive reform and experimental development in Tianjin, focusing on the Binhai New Area.

The OTC market of nationwide non-listed public companies will be based in Tianjin Binhai New Area, which is a significant exploration of Chinese multi-level capital markets and the OTC markets.

In June 2008, the second China International Private Equity Forum was held in Tianjin when nearly 2,000 excellent enterprises from China and more than 500 private equity investment funds from all over the world taking part. This forum will be an annual meeting in Tianjin.

In addition to all these efforts, Tianjin still has lots of projects to be completed to achieve the overall aim of financial reform and innovation, such as the pilot reform of foreign exchange management, intensifying foreign exchange management reform in special economic regions like Tianjin bonded zone and Dongjiang Bonded Port Area; establishing TEDA International Financial Holding Group, developing comprehensive pilot business and planning the building of a financial town and a financial service area of international level in Tianjin.

 

This series of measures shows that a modern financial service system is being built in Tianjin.

In June 2006, the State Council's Opinions on Questions Concerning the Promotion of Development and Opening of Tianjin Binhai New Area clearly points out that financial reform and innovation in Tianjin Binhai New area is encouraged.

Major reforms in financial enterprises, financial business, financial markets and financial opening can first be launched and tested in Tianjin.

In March 2008, the State Council officially approved the general scheme of comprehensive reform and experimental development in Tianjin Binhai New Area and required that "using five to 10 years to basically finish establishing a sound socialist market economic system in the Binhai New Area, to improve its comprehensive strength, creative ability, service ability and international competitiveness".

Thus the Binhai new area can play a more vital role in promoting the development of Tianjin, the economic revitalization of Beijing-Tianjin-Hebei area and Bohai Bay-rim region, the interaction of eastern, central and western China, and the coordination of the national economic development, and provide the experience and demonstration for the development and reform of the whole nation, the scheme said.


Editor:
 

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Editor: Zhang Jialu

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