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Experts say Beijing may become a global financial hub

By Zhang Yuwei (China Daily)
Updated: 2008-10-18 10:23

NEW YORK: With the meltdown of global financial markets impacting economies around the world, Chinese financial experts said Beijing is well positioned to secure its place as a global financial hub.

The Chinese capital is a city full of talents and industries with the potential for substantial development.

Key sectors such as financial services, real estate, IT, automobile, retail and hospitality are flourishing.

In 2007, Beijing's financial industry contributed 20.5 percent to local economic growth, generating a revenue of 128.6 billion yuan.

At New York's Beijing Financial Industry Cooperation Summit on Oct 14, a panel of financial service officials from Beijing and experts from New York discussed Beijing's role and potential in becoming a global financial center.

Representatives from Bank of Beijing, Huaxia Bank, and Beijing Rural Commercial Bank - three of Beijing's leading banks - spoke of their plans to establish an improved global network with foreign companies that do business in China.

Zhou Weimin, deputy division chief of Beijing investment promotion bureau, said: "Our goal is to provide a better and more stable environment for foreign investors in China through more effective communication between the government agencies and foreign financial institutions."

The past few weeks have seen the collapse and bailout of a number of US financial institutions. When asked what measures Beijing should employ under the current circumstances, Henry Tang, a founding partner of the Carnegie Towers Group, a global strategic investment advisory organization, said: "Don't go to excess."

The pressure to deliver earnings, according to Tang, was one of the problems that triggered the financial crisis in the US. In fact, high-earning mortgage-based derivatives have been recognized as a catalyst of the recent financial turmoil on Wall Street.

Tang, a financial expert with over 35 years of experience, said it was time to rethink derivatives. "It (the current financial meltdown) is a nightmare in financial industry," he said.