The city of Chengdu in Western China has launched a financial industry innovation center with an aim to become China's fourth financial pillar, after Beijing, Shanghai, Guangzhou and Shenzhen.
The Financial Dreamworks Chengdu, which claims to be the first space dedicated to innovation in the financial industry in China, began recruitment in Chengdu yesterday, says an announcement.
The center was supported by the Chengdu Municipal Government and the Chengdu Finance Office. It will create an innovative financial ecosystem, gathering financial research centers, financial institutions, and service providers.
Companies in the center will enjoy preferential policies to help improve competitiveness in capital markets, wealth management, venture capital financing, clearance centers and emerging financial industries.
"Financial Dreamworks Chengdu, by creating R&D and innovation centers, will bring together talent and entrepreneurs, and drive advanced thinking around economics, finance, technology, and capital, all underpinned with the core principles of innovation and entrepreneurship," says Miao Wei, General Manager of Chengdu Financial City.
Financial Dreamworks Chengdu was launched by Chengdu Financial City Investment and Development Co., Ltd., the biggest financial industry-focused development in western China, covering an area of 5.1 square kilometers.
It is home to over 350 financial institutions, including China Minsheng Banking Chengdu and HSBC, emerging financial enterprises focusing on microcredit and financial leasing, and regulatory bodies, such as the China Banking Regulatory Commission Sichuan.
It also hosts the regional headquarters of multinationals such as Federal Express and Oracle Software Systems, and major Chinese companies including China Unicom, Xinhua News Agency, State Grid and Anbang Insurance Group.