Chongqing boosts offshore finance

The 2012 Golden Phoenix Financial Ceremony was held on February 28 in Beijing. Over 300 financial leaders, experts and scholars attend the ceremony including Liu Mingkang, ex-president of China Banking Regulatory Commission (CBRC), and Huang Qifan, mayor of Chongqing, who points out in a theme speech that offshore finance is the big service on which Chongqing will exert great effort in 2012.

Chongqing has made the first achievement on offshore financial business, leaving the following three aspects to be resolved.

According to Huang that Chongqing is working on the building of inland financial center, which includes offshore financial settlement as a serious part.

Moreover, development of e-commerce international settlement: Chongqing has a joint venture with Paypal, the world-largest e-commerce company, to deal with international settlement business.

The third is the development of international settlement for commercial wholesale.

Zhang Yingling