Chongqing's Jiangbeizui to Forge Stronger London Ties with Green Finance Focus

Chongqing—Chongqing's Jiangbeizui Financial City will strengthen ties with the City of London at the Fifth Jiangbeizui New Financial Conference on November 27-28, announced at a recent press briefing. Both sides will sign a memorandum to boost collaboration in green finance and beyond.

The 5th Jiangbeizui New Financial Conference will be held at the Chongqing Financial Exhibition Center from November 27-28, 2024. (Photo/Jiangbei District)

This year's summit will focus on key issues, including the development of the Chengdu-Chongqing economic circle, the advancement of the New International Land-Sea Trade Corridor (ILSTC), and the enhancement of new, high-quality productive forces in the region.

A central theme of the conference will be the financial sector's role in supporting Chongqing's growth as a strategic inland hub, emphasizing its importance in driving western China's economic development.

The 4th Jiangbeizui New Financial Summit. (Photo/Jiangbei District)

Prominent speakers at the summit include Xiao Gang, former Chairman of the China Securities Regulatory Commission, Wang Yongli, former vice president of the Bank of China, Chen Wenling, Chief Economist of the China Center for International Economic Exchanges, and John McLean OBE, Chair for the Institute of Directors (IoD) for the City of London and Chair of China UK Business Development Centre.

McLean will present the City of London's experience as a global financial center. At the same time, Jiangbeizui Financial City will sign a memorandum of cooperation with the City of London, further deepening collaboration in areas such as green finance and financial innovation.

Gong Rongjie, deputy director of the Chongqing Local Financial Supervision and Administration Bureau, emphasized the vital role of the city's financial sector in advancing the ILSTC. By the end of September 2024, Chongqing banks had provided 598.6 billion yuan (about USD 86.25 billion) in financing for ILSTC infrastructure, logistics, and trade projects, representing a 17.6% increase year-on-year. Additionally, the ILSTC has facilitated $5.3 billion in enterprise financing and settlement.

Jiangbei District, the conference venue, has made significant strides in becoming a major financial hub in western China. The district attracted ten key projects this year, including China South Industries Group financial leasing. With over 98 financial headquarters and more than 500 financial institutions, the district now boasts financial assets totaling over 3.5 trillion yuan and a deposit-loan balance of 1.9 trillion yuan.

The view from Jiangbeizui. (Photo/ Jiangbei District)