Kangbashi forum maps out financial development

The 2022 Kangbashi Financial and Economic Forum is held on Aug 24. [Photo/Kangbashi Release]

The 2022 Kangbashi Financial and Economic Forum – which was held on Aug 24 in the Kangbashi district of the city of Ordos, in North China's Inner Mongolia autonomous region – mapped out its future financial development.

This year's forum was jointly sponsored by the Kangbashi district people's government and the financial work office of the Ordos municipal people's government.

It was attended by government officials, academics, experts and business representatives.

They conducted in-depth discussions on the opportunities and challenges facing Ordos under the changing global economy. They also talked about how finance could empower local economic transformation and innovation and how they could harness digital opportunities and green development under China's dual carbon goals – peak carbon emissions by 2030 and carbon neutrality by 2060.

During the conference, Wang Xuefeng, head of Kangbashi district, said in a speech that the forum had been held for three sessions. He said this had created opportunities for exchanges and dialogues for financial academia and industry and the event was committed to promoting the development of the regional financial economy.

Wang Xuefeng, head of Kangbashi district, delivers a speech to the forum. [Photo/Kangbashi Release]

During this period, the Action Plans for Financial Empowerment in Ordos City (2022-2024) were officially issued, and the Incentive Measures for Accelerating the High-Quality Development of the Modern Financial Service Industry in Kangbashi District was implemented.

As the seat of the CPC Ordos municipal committee and the Ordos municipal government, Kangbashi will explore the application of blockchain, cloud computing, big data, and the internet of things technologies in the financial field – based on the new urban positioning and development goals of the digital economy integration and development pilot zone.

Plans are for the district to cultivate the digital financial industry and strengthen the R&D and innovation of digital financial technology. It will also expand the application of digital financial scenarios, build and improve the supervision system for digital finance and optimize the industrial layout for digital finance.

Kangbashi will go all out to build itself into a growth hub for the development of the digital financial industry in the western region – so it becomes a source of institutional standards, a new highland for applications scenarios and a gathering area for innovative people.

Additionally, plans on pushing forward the construction of Ordos as a city with strong financial competitiveness – which were aired during the 2021 Kangbashi Financial and Economic Forum – are being implemented.

As a result, Ordos is currently home to 44 banking institutions, 38 insurance institutions, eight securities companies and 86 local finance organizations.

In the first half of the year, the added value of the finance industry in the city was 7.79 billion yuan ($1.17 billion), an increase of 8.6 percent on the previous corresponding period. In addition, the loan balance reached 349.31 billion yuan and green credit expanded by 10.4 percent.