Xiamen sets out its stall for becoming 'financial powerhouse'

Xiamen, a city of Fujian province on China's southeastern coast, is committed to developing itself into a regional financial center, the city's senior official has said.

A meeting with financial institutions, held in Beijing on Saturday, heard that the city is accelerating efforts to build itself into a regional financial hub, extend its reach to Southeast Asia, link up with the 21st Century Maritime Silk Road and serve global markets.

"Finance is the core of the modern economy. The financial sector has now become a key pillar industry in Xiamen, accounting for about 10 percent of the city's gross regional product," Party chief Cui Yonghui explained at the meeting.

Cui said that Xiamen is striving to build itself into a financial powerhouse, leveraging its strengths in opening-up, port shipping and business and trade supply chains, adding that local government is committed to "deepening financial reform and opening-up, fostering a sound financial ecosystem, continuously scaling up the financial sector while improving its quality and extending its influence and driving force".

Cui said it would be mutually beneficial and a boost for innovation for domestic and foreign financial institutions to establish operations in Xiamen.

On the one hand, financial pilot programs conducted by institutions in Xiamen can help facilitate policy refinement and upgrading, generating economies of scale, he added. On the other hand, drawing on the experience gained from its comprehensive reform pilot initiative, Xiamen will provide high-quality services and create favorable conditions for the development of financial institutions in the city.