OREANDA-NEWS. November 06, 2012. Mayor Huang Qifan hosted the 137th Executive Meeting of Chongqing Municipal Government. The meeting deliberated and approved in principle Opinions of Chongqing Municipal People's Government on Accelerating Construction of Regional Comprehensive Financial Center in the Upper Reaches of Yangtze River.

The opinions put forward that we should closely adhere to the strategy of "integration of urban and rural regions for harmonious development, promoting industrialization, urbanization and agricultural modernization, and transformation of economic development mode and transformation of governmental functions", insist financial reform, opening-up and innovation, strive to perfect financial organizational system, financial market system and financial service system, boost financial system reform, expand financial opening-up, improve financial development environment, greatly enhance the comprehensive strength and anti-risk capacity of Chongqing financial industry, greatly improve regional integration and influence of Chongqing financial industry, greatly improve economic level of financial service entity, and work hard to basically establish regional comprehensive financial center in the upper reaches of Yangtze River by 2017.

Huang Qifan said that financial industry served for various industries. It is the crucial link to boost development of various industries. Once it becomes prosperous, the other industries will also become prosperous. However, financial industry cannot become a self-contained system or carry out self-sustenance, and it must serve for the real economy, which the Central Government especially emphasized. If the other industries are prosperous, financial industry will be prosperous; if the other industries are in the recession, financial industry will be dead. The global financial crisis triggered by economic virtualization and economic bubbling teaches us a profound lesson. Meanwhile, we should understand that if financial industry becomes prosperous, it can also become a pillar industry. After meticulous cultivation in all the past years, financial industry has now developed into a pillar industry of Chongqing and become one of the leading cities in China. In 2012, when economy in China is confronting downward pressure, the driving force of financial industry in Chongqing economy presents itself further. In the future, we need to make great efforts to boost better development of Chongqing financial industry. In addition, according to China's Financial Industry Development and Reform of Twelfth Five-Year Plan, in order to further boost financial reform, we should especially endeavour to make breakthrough in financial comprehensive operation, financial market system expansion, capital project opening-up and other aspects. In a word, we should strive to improve comprehensive strength of Chongqing financial industry through constant innovation in finance.

Huang Qifan said that in order to create a financial center, Chongqing should pay attention to making its own characteristics stand out. Chongqing has had certain foundation in offshore financial settlement and electronic business settlement with certain characteristics. In the future, during establishing the financial center, Chongqing should strive to enhance characteristics in financial settlement. Meanwhile, during boosting of financial development, risk prevention and control should be emphasized, and we should never draw money at a higher interest rate. In addition, we should encourage development of private financial business.