Chongqing aims to become financial hub

The Jiangbeizui Financial Center in Chongqing. [Photo provided to english.liangjiang.gov.cn]

The sixth Jiangbeizui New Financial Conference was held on Dec 28 in Chongqing Liangjiang New Area, attracting more than 500 industry experts and business leaders from around the world.

The conference underscored the significant progress and strategic initiatives between Chengdu and Chongqing to establish a Western Financial Center, as envisioned in the Chengdu-Chongqing Economic Circle Development Plan.

Chongqing is utilizing its strong manufacturing base and transportation advantages to create a synergistic cycle among technology, industry, and finance. Recent statistics show that the city's financial assets exceed 9.5 trillion yuan ($1.36 trillion), with local and foreign deposit and loan balances totaling 12.3 trillion yuan.

The city is home to over 1,800 financial institutions, and its financial sector added value exceeded 180 billion yuan in the first three quarters of this year, with year-on-year growth of 6.6 percent.

A major announcement at the conference was the launch of the Liangjiang New Area Private Equity Fund Cluster, designed to support emerging industries and cultivate new quality productive forces.

Liangjiang has introduced 12 private equity funds this year focused on advanced manufacturing, semiconductors, aerospace information, and technology commercialization, with total pledged capital exceeding 10 billion yuan.

Another highlight was the unveiling of the Jiangbeizui Financial Service Base for the New International Land-Sea Trade Corridor, which will become a central hub for financial service provision, demand aggregation, and reform innovation, offering "one-stop" financial services and showcasing the achievements of corridor finance.

The conference featured a signing ceremony for technology-finance cooperation, in which local tech companies, including Chongqing Optel Telecom Technology Co, signed agreements with financial institutions such as Chongqing Rural Commercial Bank.

These agreements span sectors, including optical networks, IoT, data governance, transportation, and energy, and aim to build a new tech-finance ecosystem that fosters mutual growth between financial institutions and innovation entities.

The conference also hosted parallel forums on topics including "AI + Finance" and "Patient Capital Enters Liangjiang", as well as roundtable discussions showcasing achievements in the construction of the Western Financial Center.

Liangjiang serves as a pivotal platform for implementing national strategies, expanding high-level openness, and nurturing new productivity, making it the core area for Chongqing's Western Financial Center development.

With a solid industrial foundation and a comprehensive financial services system, the area hosts 153 regional and functional financial headquarters and manages industrial funds totaling more than 70 billion yuan, presenting vast opportunities for business growth.