Beijing Financial Street
Encyclopedia
Beijing
Financial Street, or BFS , is a 35 block area which offers a collaborative environment for foreign and domestic financial institutions and Chinese regulatory agencies. It is part of the city's strategic plan to position Beijing as a domestic center for business
and finance
. Located inside Beijing's innermost 2nd Ring Road
, the area is gaining prominence as an internationally influential business and financial district.
Beijing Financial Street is China's most important financial regulation
center, often called China's Wall Street, although it does not include a stock exchange. Mainland China's major stock exchanges are located in Shanghai and Shenzhen. The central bank
and all three national regulatory commissions of the central government are located here. They are People's Bank of China
(PBOC), China Banking Regulatory Commission
(CBRC), China Securities Regulatory Commission
(CSRC), and China Insurance Regulatory Commission
(CIRC). The financial asset of Beijing Financial Street accounts for 60% of that of the entire country with over 10 billion RMB cash flow each day and over 13 trillion RMB total asset. It controls 90% of national loans and 65% of national insurance premiums, which makes Beijing the country's largest monetary and financial market.
As Beijing is emerging as a rival to Shanghai to become the domestic financial center of China, Beijing Financial Street was recently positioned as the core of the financial center of Beijing according to Beijing International Financial Center Development strategic plan announced in May, 2008.
Over 1000 financial institutions reside inside the district including People's Bank of China
, The People's Insurance Company of China, Commercial and Industrial Bank of China, China Construction Bank
, Communication Bank of China, China Securities Regulatory Commission, China Banking Regulatory Commission, and CITIC Industrial Bank. In addition, many foreign investment conglomerates; such as UBS, Royal Bank of Canada
, Goldman Sachs
, JP Morgan, and Bank of America
. Along with its powerful commercial allure its location and offerings make Beijing Finance Street a coveted location for tourists
and residents. The area provides luxury residential units, five-star hotel accommodations, a wide-range of upscale retail and cultural amenities and a vibrant community atmosphere.
Beijing Finance street is being developed by Beijing Street Holding Company, Ltd. The architectural firm of Skidmore, Owings & Merrill; along with SWA landscape architect
s prepared the urban plan, landscape and the building design guidelines for Finance Street's Central Park District currently in construction with build-out scheduled for 2008. The building facilities are designed around interior courtyards, a design concept which typifies the ancient Hutong
neighborhoods surrounding the Forbidden City
.
Beijing
Beijing , also known as Peking , is the capital of the People's Republic of China and one of the most populous cities in the world, with a population of 19,612,368 as of 2010. The city is the country's political, cultural, and educational center, and home to the headquarters for most of China's...
Financial Street, or BFS , is a 35 block area which offers a collaborative environment for foreign and domestic financial institutions and Chinese regulatory agencies. It is part of the city's strategic plan to position Beijing as a domestic center for business
Business
A business is an organization engaged in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit...
and finance
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
. Located inside Beijing's innermost 2nd Ring Road
2nd Ring Road (Beijing)
Encircling the centre of Beijing, the 2nd Ring Road is just a few kilometres away from the city centre and is a convenient alternative road to avoid congestion there. One can divide the road into two parts: the original ring road , and the newly extended ring road...
, the area is gaining prominence as an internationally influential business and financial district.
Beijing Financial Street is China's most important financial regulation
Financial regulation
Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system...
center, often called China's Wall Street, although it does not include a stock exchange. Mainland China's major stock exchanges are located in Shanghai and Shenzhen. The central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
and all three national regulatory commissions of the central government are located here. They are People's Bank of China
People's Bank of China
The People's Bank of China is the central bank of the People's Republic of China with the power to control monetary policy and regulate financial institutions in mainland China...
(PBOC), China Banking Regulatory Commission
China Banking Regulatory Commission
The China Banking Regulatory Commission is an agency of the People's Republic of China authorised by the State Council to regulate the banking sector of the PRC except the territories of Hong Kong and Macau, both of which are special administrative regions...
(CBRC), China Securities Regulatory Commission
China Securities Regulatory Commission
The China Securities Regulatory Commission is an institution of the State Council of the People's Republic of China , with ministry-level rank...
(CSRC), and China Insurance Regulatory Commission
China Insurance Regulatory Commission
The China Insurance Regulatory Commission is an agency of China authorized by the State Council to regulate the Chinese insurance products and services market and maintain legal and stable operations of insurance industry...
(CIRC). The financial asset of Beijing Financial Street accounts for 60% of that of the entire country with over 10 billion RMB cash flow each day and over 13 trillion RMB total asset. It controls 90% of national loans and 65% of national insurance premiums, which makes Beijing the country's largest monetary and financial market.
As Beijing is emerging as a rival to Shanghai to become the domestic financial center of China, Beijing Financial Street was recently positioned as the core of the financial center of Beijing according to Beijing International Financial Center Development strategic plan announced in May, 2008.
Over 1000 financial institutions reside inside the district including People's Bank of China
People's Bank of China
The People's Bank of China is the central bank of the People's Republic of China with the power to control monetary policy and regulate financial institutions in mainland China...
, The People's Insurance Company of China, Commercial and Industrial Bank of China, China Construction Bank
China Construction Bank
China Construction Bank is one of the 'big four' banks in the People's Republic of China. To date, it is ranked as the nation's second largest and the second largest bank in the world by market capitalization and 12th largest company in the world. The bank has approximately 13,629 domestic branches...
, Communication Bank of China, China Securities Regulatory Commission, China Banking Regulatory Commission, and CITIC Industrial Bank. In addition, many foreign investment conglomerates; such as UBS, Royal Bank of Canada
Royal Bank of Canada
The Royal Bank of Canada or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Toronto,...
, Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
, JP Morgan, and Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
. Along with its powerful commercial allure its location and offerings make Beijing Finance Street a coveted location for tourists
Tourism in China
Tourism in China has greatly expanded over the last few decades since the beginning of reform and opening. The emergence of a newly rich middle class and an easing of restrictions on movement by the Chinese authorities are both fueling this travel boom. China has become one of the world's...
and residents. The area provides luxury residential units, five-star hotel accommodations, a wide-range of upscale retail and cultural amenities and a vibrant community atmosphere.
Beijing Finance street is being developed by Beijing Street Holding Company, Ltd. The architectural firm of Skidmore, Owings & Merrill; along with SWA landscape architect
Landscape architect
A landscape architect is a person involved in the planning, design and sometimes direction of a landscape, garden, or distinct space. The professional practice is known as landscape architecture....
s prepared the urban plan, landscape and the building design guidelines for Finance Street's Central Park District currently in construction with build-out scheduled for 2008. The building facilities are designed around interior courtyards, a design concept which typifies the ancient Hutong
Hutong
Hutongs are a type of narrow streets or alleys, most commonly associated with Beijing, China.In Beijing, hutongs are alleys formed by lines of siheyuan, traditional courtyard residences. Many neighbourhoods were formed by joining one siheyuan to another to form a hutong, and then joining one...
neighborhoods surrounding the Forbidden City
Forbidden City
The Forbidden City was the Chinese imperial palace from the Ming Dynasty to the end of the Qing Dynasty. It is located in the middle of Beijing, China, and now houses the Palace Museum...
.
See also
- Beijing central business district
- List of economic and technological development zones in Beijing