Over 100 representatives from leading international financial institutions and enterprises gathered at Beijing Financial Street on June 28 for a roundtable on jointly developing the Cross-Strait Regional Financial Center in Xiamen, a southeastern coastal city.     

This year sees the 15th anniversary of the cross-Strait regional financial center initiative, which has driven financial reform and opening-up, attracted investment, and advanced key projects, providing strong momentum for building a competitive financial city.     

"The city of Xiamen is building on its strengths in openness, port logistics and trade supply chains to become a vital hub in China’s new high-quality development paradigm. In that effort, finance will serve as a key driver and strategic force," said Cui Yonghui, Secretary of the Communist Party of China Xiamen Municipal Committee, at the event    

The financial industry has become a key pillar of Xiamen’s economy, accounting for around 10 percent of its GDP.     

Cui called on leading financial institutions from home and abroad to invest and establish a presence in Xiamen, encouraging them to pilot innovative financial initiatives in the city.     

He also invited their expertise in diagnosing challenges and refining policy, with the goal of jointly building a well-integrated, high-functioning urban "financial reception hall."    

Fan Wenzhong, Vice Dean of the Beijing Academy of Social Sciences, reflected on his early involvement in planning the cross-Strait regional financial center. He said that its establishment created a vital platform for cross-Strait financial innovation and cooperation, helping to optimize the allocation of financial resources and promote integration between the two markets—ultimately generating strong clustering effects in the financial sector.    

Chen Xingdong, Chief China Economist of BNP Paribas, emphasized the challenges of building a financial center and praised Xiamen’s persistence and enterprising spirit. He highlighted the abundance of financial capital in Taiwan and the vast potential for it to flow into the mainland. He suggested in-depth research into the needs of Taiwan investors, especially those in the financial sector.   

Wu Weijun, Vice Chairman of Deloitte China, stressed that creditworthiness is the cornerstone of any financial center. He said Xiamen’s superior business environment and high level of urban credit system provide a solid foundation for building the cross-Strait financial hub.   

After 15 years of steady progress, the center has delivered impressive results. It has secured approvals for several landmark cross-Strait joint venture licenses, including Xiamen Bank, Jinyuan Unified Securities and Jinmeixin Consumer Finance. Eight Taiwan-funded enterprises based in Xiamen have gone public on the mainland, and the city has taken the lead in establishing a cluster area for Taiwan-invested funds.    

Adam Yu, Chairman of Winland Group, drew on his experience developing Beijing Financial Street to underline the importance of financial centers as "habitats" for the financial industry. He also offered specific suggestions for advancing the cross-Strait financial center project.   

"The planning and development of the cross-Strait financial center is truly inspiring," said Malone Ma, Global Vice President and Chief Representative in China for MetLife, Inc. "After over more than a decade of dedicated effort, Xiamen has built a financial platform that serves both sides of the Strait and connects to the world, showcasing the city’s resilience and commitment to a long-term vision."    

Ma expressed confidence that Xiamen is well on its way to becoming a new stronghold for regional financial openness and innovation.    

Copyedited by Elsbeth van Paridon 

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