In the first half of the year, the added value of Beijing’s financial industry accounted for about 20% of GDP.

On October 19, in an exclusive interview, Nie Jieying, Deputy Director of the Beijing Municipal Financial Office and Director of the Beijing Local Financial Supervision and Administration Bureau, shared insights into Beijing’s commitment to advancing high-quality financial development.

Last year, the financial sector in Beijing achieved a value-added output of 866.31 billion yuan (approximately $133 billion), reflecting a year-on-year growth of 6.7%. In the first half of this year, the sector generated a value-added output of 438.03 billion yuan, with a growth of 5.8% compared to the same period last year. This sector has maintained a contribution of about 20% to both the regional GDP and fiscal revenue.

Nie made these remarks during the “Financial Street Release” event at the 2024 Financial Street Forum Annual Conference. The event highlighted the release of the “Financial Street Development Report (2024)”, co-authored by the Beijing Financial Street Service Bureau and the China Economic Information Service.

The report indicates that in 2023, the value-added output of the financial sector in Financial Street reached 322.75 billion yuan, achieving a year-on-year increase of 6.8%. By the end of 2023, the financial institutions located in Financial Street had amassed assets totaling 151.2 trillion yuan, a 10.2% increase from the previous year, representing approximately one-third of the national total, showcasing significant aggregation effects.

To further enhance high-quality development, the report suggests accelerating the improvement of the modern financial industry system and promoting innovative financial business models. It recommends advancing the quality and capacity of the Beijing Stock Exchange, strengthening financial market and ecosystem development, embracing the wave of digital economy, and enhancing the integration of finance, data, and industry. The report also emphasizes the importance of increasing the level of international development to establish a new landmark for international financial exchange and cooperation.