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Financial Service Sector: A 60-year Glory

The local financial service sector well represents the development of that of the whole country. The deposit balance of all financial institutions of the municipality was only RMB 120 million when the People’s Republic of China was established while the figure was RMB 1,119 million, or 10 times that of 1949. The figure in the 60th anniversary of the People’s Republic of China is RMB 1050.77 billion, or about 10,000 times that of 1949.

Chongqing Financial Chronicles

 

1949

The Chongqing Branch of the People’s Bank of China was established, and Renminbi was declared the sole fiat currency in Announcement No. 1 issued by Chongqing Municipal Military Control Commission on 10 December.

1950

The takeover of the financial sector was substantially completed on 21 January.

1972

China Construction Bank Chongqing Branch was re-established in September.

1979

China Agricultural Bank Chongqing Branch was re-established in September.

1981

The Chongqing Branch of the State Administration of Foreign Exchange was founded on 1 April.

1983

Chongqing was chosen as the first pilot area where a package for economic reform had been carried out throughout the whole country.

1983

The Chongqing Branch of Bank of China was upgraded to a branch handling port (export and import) affairs in April.

1984

The Chongqing Branch of the Industrial and Commercial Bank of China was set up on 1 July.

1984

The People’s Bank of China Chongqing Branch was authorized to execute functions of Central Bank in October.

1987

Chongqing was chosen as one of the pilot areas for financial reform.

1992

Chongqing was listed in the Open Cities along the Yangtze River in May.

1997

In June, Chongqing was approved to be the forth municipality directly under the central government.

1997

Chongqing Securities Regulatory Office that was the predecessor of Chongqing Securities Regulatory Bureau was established on 22 October.

1997

Bank of Nova Scotia landed its branch in Chongqing and the branch was the first foreign one established in the city on 27 November.

1998

The Chongqing Branch of the People’s Bank of China was renamed to the Chongqing Business Management Department of the People’s Bank of China on 16 December.

1999

Southwest Securities Co. Ltd. started operation on 23 December.

2000

The Chongqing Insurance Regulatory Office under China Insurance Regulatory Committee, which was the predecessor of Chongqing Insurance Regulatory Bureau, was established on 19 September.

2002

New Century Fund Management Co., Ltd., the first fund management entity in western China, was approved to be registered on 10 October.

2003

Chongqing Banking Regulatory Bureau under China Banking Regulatory Commission was established on 11 October.

2003

Liberty Mutual Insurance Company set its branch in Chongqing in November and it was the first foreign insurance company established in western China.

2004

The Financial Affairs Office of Chongqing Municipal People's Government was established on 16 May.

2005

G20 Finance and Central Bank Deputies Meeting was successfully held in Chongqing on 14 to 15 March.

2005

The Economic Growth and Financial Service Forum in the Three-gorge Reservoir Areas (Chongqing) was held with great success in Chongqing on 15 November.

2006

The National Financial Knowledge Circuit in Chongqing was closed with success.

2008

The State Council Research Group for Financial Affairs came to Chongqing on 22 June and spent 8 days for research and investigation, which helped the approval of the Initiative to Build the Financial Center in the Upper Reaches of the Yangtze River and the Document No. 3 of the State Council in 2009.

2009

The proposal that Chongqing would be constructed as the financial center in the Upper Reaches of the Yangtze River was contained in Various Opinions of the State Council on Promoting Reform and Development of Urban-Rural Integration in Chongqing Municipality issued in January.

   

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