In order to promote the high-quality development of the Financial Street in Beijing’s Xicheng district, which has been dubbed the National Financial Management Center, it is suggested to accelerate the pace of opening up the financial sector at a higher level and establish a new global financial landmark, as revealed in a report on Thursday.

The Financial Street Development Report 2023 was released at the ongoing 2023 Annual Conference of Financial Street Forum, which kicked off in Beijing on Wednesday. The report puts forth six key recommendations to help promote the high-quality development of the street.

The Financial Street could also continue to drive the financial sector back to its core functions, anchoring its services to the development of the real economy. It should further focus on the field of financial innovation to amplify its role as a leading and exemplary force.

Strengthening the development of financial infrastructure is also advised to fortify the foundation for national financial growth. The establishment of a sound financial standards system should be a priority to elevate the level of professional services. Additionally, continuous efforts to optimize the business environment are essential for solidifying and enhancing regional development advantages, according to the report.

In recent years, the functional positioning of the Financial Street as the National Financial Management Center has been further consolidated, leading to increased concentration, contribution, and influence, as stated by Yang Mu, deputy president of China Economic Information Service (CEIS), at the forum while releasing the report.

By advancing multi-level international exchanges and cooperation, enhancing an all-round information exchange system, and establishing authoritative platforms such as the Financial Street Forum and Financial Street Release, the Financial Street has evolved into one of China's most significant stages for international financial interactions, Yang said.

By the end of 2022, the Financial Street had attracted over 1,900 various financial institutions, including 175 corporate headquarters, 16 of which are Fortune Global 500 companies. These institutions span various sectors, including banking, securities, insurance, and have numerous financial infrastructure facilities, such as bond issuance and payment settlement systems, as revealed in the report.

The total assets of financial institutions in the area have reached 138.7 trillion yuan ($19.04 trillion), accounting for one-third of the national financial assets, according to the report.

The report highlights that in recent years, the Financial Street has achieved significant results in serving national strategies, facilitating financial reform and opening up, and supporting the development of the “Four Centers” of the capital – the functions of the capital as the national political center, cultural center, international exchange center, and technological innovation center.