Tianjin wants to bring home the money

The local government in Tianjin plans to accelerate the development of the financial sector in the city and rebuild its position as an influential financial hub in North China.

Tianjin's financial industry reached its peak in the 1940s. At that time, the city was home to seven bank headquarters, 33 bank branches, 17 foreign-invested banks, more than 50 insurance companies, 88 pawn shops and 228 foreign-invested insurance institutions.

The city then ranked the second among all Chinese cities in terms of the total capital of foreign banks, as well as its Chinese banks having the most capital among all the cities in North China. It also held the top position in terms of the number of foreign-invested insurance institutions.