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Business Elite Gathering on Financial Street
2005-6-20 15:03:08      China Daily
Beijing's sole developer of  Financial Street has experienced five fruitful years.
Beijing's Financial Street Holding Co Ltd, sole developer of the city's business hub, Financial Street, has experienced five fruitful years since it listed in the A-share stock market, say company sources.

"With our focused, and ceaseless, efforts, Financial Street has evolved into a high-quality international financial centre," Wang Gongwei, chairman of Financial Street Holding, tells China Business Weekly.

So far, 1.7 million square metres of developments have been constructed on Financial Street. They are worth a combined 23 billion yuan (US$2.78 billion).

All developments along the street will be finished next year, and put into use by the end of 2007.

The developments on Financial Street are expected to cost, combined, more than 45 billion yuan (US$4.83 billion).

Fast development

Financial Street is a 1-square-kilometre business hub in Xicheng District, which is in downtown Beijing.

Since 1993, when the State Council decided to build a national financial business centre, Financial Street has become a gathering place for major Chinese banks and companies.

More than 1,200 government departments, financial institutions and corporations including the Bank of China, the Industrial and Commercial Bank of China, China Construction Bank, and China Life have established their headquarters on Financial Street.

The hub has also grown into a decision-making centre.

Financial Street is home to the People's Bank of China, the China Securities Regulatory Commission, the China Insurance Regulatory Commission and the China Banking Regulatory Commission.

Other businesses have also been attracted to Financial Street. China Mobile, China Telecom, China Netcom, Datang Power and China Yangtze Power have established their headquarters on Financial Street.


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