I wonder if you can use it?
Process:
It has been more than 200 years since the emergence of international financial centers, and its development process can be roughly divided into four stages.
The first stage before World War I-London became an international financial center. At that time, 40% of international trade was settled in pounds sterling, and British overseas investment accounted for more than half of the total foreign investment in the West.
In the second stage, between the two world wars, London and new york were heroes. After World War I, the United States resumed the gold standard, and the US dollar began to replace the British pound as the international currency. new york became an important financial center in the world, which was equally divided with London.
In the third stage, after World War II, new york took the lead. After the Bretton Woods system, 90% of the world trade was settled in US dollars, and a large number of international loans and capital raising were concentrated in new york, becoming the largest capital supply center in the world.
The fourth stage since the 1960s.
Diversified and multi-level pattern. Due to the huge trade deficit in the United States, the dollar credit began to waver, and the euro and the Asian dollar appeared one after another. The development of offshore financial business has created conditions for the internationalization and diffusion of financial centers. With the increasing expansion of financial transactions, in addition to the rapid expansion of the original trading centers such as new york, London, Paris and Zurich, Tokyo, Singapore, Hong Kong and Chicago have also become international financial trading centers at different levels.
There are two models for the emergence and development of international financial centers. One is the natural formation mode, and the basic trajectory is economic development-regional financial center-national financial center-international financial center, which is gradual. The other is the government-led model. The basic trajectory of this model is the government-led design-internationalization of financial business-promoting the development of domestic financial industry-functional international financial center, which is very abrupt. In terms of objectives and tasks, the former is accompanied by economic development, while the latter is to promote economic and financial development; Functionally, the former is a passive reaction, while the latter is active and clear. In terms of policy orientation, the former has higher degree of freedom and openness, while the latter has higher degree of intervention; As for the motive force of development, the former is a natural motive force, while the latter is a man-made motive force.
Drawing lessons from international experience, adopting the government-led promotion mode and speeding up the construction of an international financial center are conducive to enhancing China's international economic status, China's active participation in the process of economic and financial globalization and the division of labor in the financial industry, and China's comprehensive national strength.
Beijing has the conditions to build an international financial center.
Beijing's per capita income in 200 1 year has reached US$ 3,070. Beijing proposes to "take the lead in basically realizing modernization" in the whole country in 2008, and move towards a modern international metropolis.
Due to the unique position of the capital as an international exchange center, the conditions for building an international financial center are often superior to those of other cities. At present, there are about 40 global and regional financial centers in the world, of which 2/3 are capitals, 1/2 are regional financial centers, and 4/5 are domestic financial centers. For example, London in Britain, Paris in France and Tokyo in Japan.
After Beijing's GDP became the first province and city in China at 1995, the added value of the tertiary industry increased from 1995 to 200 1 60.5%. In the past seven years, it has increased by 10.4 percentage points, while the primary industry has decreased by 2.5 percentage points and the secondary industry has decreased by 7.9 percentage points, forming a "three-two-one" industrial development pattern. The increase in the proportion of the added value of the tertiary industry to GDP is an important symbol of the improvement of the economic modernization level of the capital city. Among the tertiary industry in Beijing, the financial industry is the fastest growing industry, accounting for 25.6% of the total added value of the tertiary industry. It has become a pillar industry and is the most solid foundation for accelerating the development of Beijing's financial industry.
Beijing's financial industry has formed a multi-level and all-round organizational system, market system and service system, the financial supervision system tends to be sound and perfect, and the financial opening has also taken a solid step.
First, the financial organization system
By the end of last year, the headquarters of four wholly state-owned commercial banks and three policy banks were all located in Beijing, and the headquarters of joint-stock banks such as CITIC, China Everbright, Minsheng and Huaxia were also located in Beijing, plus 32 unincorporated banking institutions whose headquarters were not in Beijing. Beijing is also the headquarters of many national insurance companies, such as China Life Insurance Company, China Property Insurance Company and China Reinsurance Company, which are the largest insurance institutions in China, and there are also 20 unincorporated insurance institutions whose headquarters are not in Beijing. With Galaxy Securities as the representative, nine securities companies are headquartered in Beijing.
As for foreign financial institutions, 18 foreign banks have set up branches in Beijing, and more than 200 foreign financial institutions have set up representative offices in Beijing, including 108 representative offices of foreign banks, 82 representative offices of foreign insurance institutions, 24 representative offices of foreign securities institutions and 14 representative offices of other financial institutions. At the same time, the business volume of foreign-funded financial institutions in Beijing continues to develop, with the scale of working capital reaching 230 million US dollars, deposits of 790 million US dollars and loans of 654.38+250 million US dollars.
In terms of branch construction, by the end of last year, there were 1 734 bank outlets and 1 49 securities business departments in Beijing, 88 companies set up business offices in Beijing, 3 offices of futures exchanges, 8 business offices of futures companies from other provinces, nearly 300 branches of insurance companies, 4 insurance brokerage companies and insurance assessors. It can be said that Beijing has initially formed a financial organization system with various ownership systems.
Second, the financial market system
1. Money Market The banking business in Beijing has developed from the traditional single field of deposit, loan and foreign exchange to the fields of deposit, loan, foreign exchange, bill acceptance and discount, repurchase, large negotiable certificates of deposit, treasury bond trading and asset custody. By the end of last year, the balance of deposits of financial institutions in Beijing reached 65.438+53.927 billion yuan, and the balance of loans reached 923.9 billion yuan.
2. Bond Market The bond market in Beijing, especially the OTC bond market, has developed rapidly. By the end of last year, the national treasury bonds and policy financial bonds entrusted by the state in the Beijing interbank bond market reached 2.8 trillion yuan, the Ministry of Finance issued 278.6 billion yuan in the Beijing interbank bond market and 34 billion yuan in the two markets. In 2002, the transaction settlement in the inter-bank bond market was 10 trillion yuan. Beijing is a veritable bond issuance center.
3. Insurance Market In 2002, insurance companies and branches in Beijing realized a total premium of 23.299 billion yuan, accounting for 7.6% of the country, which was 265.438+0 percentage points higher than the national average. Among them, property insurance income was 4.479 billion yuan, and personal insurance income was 65.438+08.820 billion yuan. In 2002, the insurance depth (that is, the proportion of insurance premium to GDP) in Beijing was 7.29%, and the insurance density (that is, per capita insurance premium) was 1780 yuan/person, which was much higher than the national insurance depth of 3% and the average level of 237 yuan/person in the same period.
4. Securities Market By the end of June 2002, there were 67 listed companies in Beijing (registered in Beijing), including 63 A-share companies, AB-share companies 1 company and 3 AH-share companies. The issuance of A shares raised 56.3 billion yuan, and B shares raised 654.38+0 billion yuan. There are 63 overseas listed companies in Beijing. Beijing has become one of the regions with the largest number of securities institutions in China, with 9 securities companies registered in Beijing alone. At the same time, almost all national or regional securities companies have Beijing headquarters, R&D centers, branches and several securities business departments.
5. Fund Market Beijing, as the center of national financial decision-making, supervision and fund allocation, naturally becomes the concentrated area of fund industry.
6. Financial service system Knowledge-based service industry is a major advantage of Beijing. In 2000, the added value of seven knowledge services in Beijing was 60.59 billion yuan, of which the output value of modern financial industry and financial-related industries accounted for 64%.
Third, financial infrastructure.
As the capital of Beijing, the level of informatization ranks first in the country.
According to the data released by the Ministry of Information Industry, among the six sub-elements of the total informatization index, Beijing ranks in the top two in China, becoming the most important information export, distribution and circulation place in China, laying a technical foundation for the further development of the financial industry.
Fourth, intensive financial talents.
The number of universities and research institutes in Beijing ranks first in the country, with academicians of the two academies accounting for more than 50% of the country and the largest number of financial talents in the country. At present, there are more than 30,000 people who directly serve the financial street area, and a large number of outstanding overseas financial talents have also joined them.
As the core area of national financial management and the center of fund settlement, Financial Street has begun to take shape. As an international central business district, CBD has basically taken shape, and some international financial consortia have settled in; Zhongguancun, as the Silicon Valley of China's high-tech industry, is one step at a time. Now, Beijing has become a national fund settlement center, a national financial R&D center, a national financial card center and a national financial management center.
Policy Suggestions on Building Beijing into an International Financial Center
At the same time, there is not only one financial center in a country, such as new york and Chicago in the United States, London and Manchester in the United Kingdom, and Tokyo and Osaka in Japan. China has great potential for economic development and can form several regional or international financial centers. Beijing has the favorable conditions to build an international financial center, and should clearly put forward the strategic goal of financial development of "building an international financial center"
In order to achieve this goal, it is imperative to optimize the financial development environment of the capital, so the research group puts forward the following policy suggestions.
Establish policies and objectives
Clearly put forward the strategic policy of economic development of "financial market"; Clearly put forward the strategic goal of financial development of "building an international financial center".
Optimize the policy environment
Create an open, fair and just financial development environment; Strengthen the government's awareness of financial services; Strengthen financial propaganda; Give tax relief to financial institutions and individuals; Fees for the construction land of financial institutions shall be reduced or exempted.
Optimize the market environment
Accelerate the construction of high-standard financial functional zones; Constantly improve the function of capital market; Accelerate the development of Beijing Commercial Bank; Promote the transformation of commercial banks of Beijing rural credit cooperatives; Build the largest property rights trading center and technology financing center in China.
Optimize the innovation environment
Promote the development of financial e-commerce, information research and development and wholesale business; Strengthen the status of the capital as a center for bond issuance, capital lending and liquidation; Construction of the capital foreign exchange and gold trading sub-center; Provide conditions for financial innovation in the capital.
Optimize the talent environment
Formulate a talent strategy suitable for the development of international financial centers; Reform the personnel management system of financial talents; Formulate preferential policies to attract financial talents; Establish a national first-class financial industry training center and Beijing International Finance Forum.
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