Over the past five years, Beijing's Xicheng District has emerged as a powerful engine of financial reform and opening, driving the city's “Two Zones” initiative—referring to national service industry expansion and pilot free trade zones. As of mid-2025, Xicheng has attracted 945 projects with a total contractual value of ¥768.2 billion (approximately $106 billion). Notably, finance accounts for over 80% of the total, underscoring the district's role as China's financial capital within a capital.

A Magnet for Financial Firsts

Xicheng's financial credentials are hard-earned. The district is home to a string of national “firsts” that reflect China's ongoing recalibration of its financial sector. UBS Securities became the country's first foreign-controlled securities firm here; Daiwa Securities was approved as the city's first newly established foreign-controlled brokerage; Huatai Insurance converted from a domestic to foreign-controlled group. Goldman Sachs Gao Hua became one of Beijing's first wholly foreign-owned securities firms.

In insurance asset management, Prudential received approval to establish China's first foreign-funded insurance asset management company. Meanwhile, China National Chemical Corporation (Sinochem) piloted the nation's first integrated domestic-foreign currency cash pool from Xicheng, and Beijing Financial Assets Exchange facilitated China's first cross-border transfer of non-performing assets from the district.

In another milestone, Xicheng became home to the country's first grassroots legislative liaison point focused on economic and financial matters. Major cross-border investment deals have also taken root here—most notably China Post Life Insurance's ¥12 billion capital increase involving strategic investment from AIA Group, marking a record in China's insurance industry.

Policy Architecture: Tailored to the Financial Sector

While capital is key, confidence often follows clarity. Xicheng has responded with an institutional framework designed to support and accelerate financial reform. The district pioneered the “dual concierge + four innovation” service model to support investors through complex administrative procedures.

It introduced three cornerstone policies—“Ten Measures on Financial Opening,” “Ten Measures on Fintech,” and “Ten Measures on Financial Services”—that form what local officials call the “Golden Triangle” for policy support. It also became the first district in Beijing to release a local-level policy specifically backing the Beijing Stock Exchange: “Ten Services for the BSE.”

Several strategic roadmaps have followed, including guidelines on developing the Financial Street area into a national financial management center and a three-year action plan (2022–2024) focused on high-quality development. Additional policies aim to strengthen asset management capabilities and improve the capital markets ecosystem, including support for local listings and investment platforms.

Measurable Gains: Growth in Value and Volume

These policies have translated into tangible growth. Between 2020 and 2024, the district's financial added value grew at an annual average of 6.9%, reaching ¥279.7 billion in 2024—roughly 34.3% of Beijing's total. The asset size of financial institutions headquartered in Xicheng rose by 6% annually to ¥156.05 trillion in 2024, accounting for 70.3% of the city's financial assets.

Financial sector tax revenue in 2024 reached ¥402.3 billion, contributing nearly 68% of Beijing's financial tax base. Xicheng's efforts have also turned it into a national hub for asset management: the district is now home to institutions managing ¥20 trillion in assets, representing half of Beijing's total and one-eighth of the national figure.

Expanding Influence: Financial Street on the Global Stage

Perhaps nothing illustrates Xicheng's growing international stature better than the evolution of the Financial Street Forum. Since 2020, it has been co-hosted by the Beijing Municipal Government and China's top financial regulatory bodies, serving as a key venue for the release of national financial policy, dialogue between finance and industry, and global financial governance.

In 2024, the forum ran under the theme: “Trust and Confidence—Open Financial Cooperation for Stable Economic Growth.” The event featured 45 sessions, including overseas venues in Hong Kong, Tokyo, and Luxembourg. The new “1+N” model—linking the Beijing main forum with international satellite events—demonstrates the district's ambition to become not just China's financial heart, but an integral part of the global financial architecture.

Agreements with global financial centers such as London, Hong Kong, Abu Dhabi, and Casablanca have further anchored Xicheng's place in international financial cooperation networks.

Looking Ahead: A Vision Anchored in Openness

With the motto “China's Financial Street, the World's Financial Street,” Xicheng is not resting on five years of success. The district plans to continue refining its regulatory frameworks, deepening reform, and expanding its international reach—building on the “Two Zones” initiative to deliver a world-class financial ecosystem with local commitment and global ambition.