Billions pour into financial sector

Dalian boasts a comprehensive financial services network, and the city's reputation as an economic hub is set to grow even further.

Official figures show there are at least 71 branch-level finance institutes and 1,768 consumer finance-outlets in the city with more than 40,000 staff, worth an estimated 51.9 billion yuan ($7.2 billion).

Banks in Dalian have established partnership with more than 4,000 banks in 150 countries around the world. By the end of last year, the deposits amounted to about 397.5 billion yuan ($52 billion) and the loans totaled 297.5 billion yuan ($39 billion).

The Bank of Dalian, approved to operate in other parts of the country, plans to establish a branch in the northern Tianjin municipality.

As the country's first testing field for insurance innovation, Dalian attracted 6.49 billion yuan ($854 million) in insurance investment last year.

The Dalian Commodity Exchange is the largest agricultural futures exchange in Asia and the second largest in the world. Its trade volume and turnover account for 54 percent and 25 percent respectively of the country's total.

Dalian is among the first group of cities to open up to foreign finance. So far, 23 foreign banks and other finance institutes have established branches or offices in Dalian. Sompo Japan Insurance Inc and ING Capital Life Insurance Company Limited set up their headquarters in the city, and about a dozen Chinese finance institutes such as the Bank of China and the Export-Import Bank of China established their provincial headquarters in Dalian.

The International Monetary Fund (IMF) established its fourth training center, also the only one in China, in Dalian.

Dalian is also a foreign exchange clearing center in northern China. Its trade volume and clearing amount make up about two-thirds of the total in Liaoning Province.

With a sound financial environment, Dalian has been granted the title of "Top 10 Chinese Cities in Financial Ecology" and the "Most Internationalized City in Financial Ecology".

To fasten the pace to become the financial center in the region, Dalian has planned to construct a 500,000 sq m financial district in the city. The district will enjoy favorable policies and planners hope it could one day become one of the biggest financial commercial centers in Northeastern Asia.

(China Daily 09/07/2007 page41)