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Beijing's wholesale market transforms into dynamic financial innovation hub

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      China

      China

      Beijing's wholesale market transforms into dynamic financial innovation hub

      2024-10-13 17:27 Last Updated At:20:27

      Beijing's wholesale market has dramatically evolved from a bustling center of vendors into a modern financial innovation hub, symbolizing the city's high-quality development and strategic urban planning.

      Once a bustling wholesale market located in Xicheng District with over 11,000 vendors, the area was known for its congestion and logistical difficulties. In 2014, it began relocating vendors to make way for the development of a modern financial district.

      According to management authorities, the most challenging issue during the large-scale relocation process was disputes over property rights.

      Through a series of mergers, restructuring, and financing efforts, Xicheng District, once home to a bustling wholesale trade network, now boasts sleek office buildings filled with startups and financial enterprises. Despite an obvious reduction in its workforce - now just a quarter of what it was decade ago - the district's GDP has more than doubled.

      A striking sculpture made from 1,000 hangers and 2,000 welding points now stands as a tribute to the vendors who once thrived here. Shaped like a mythological creature, this art work symbolizes both the district's past and its bright future as a hub for financial technology (fintech) and innovation.

      Today, the area has become a magnet for tech startups and financial companies, offering rent discounts, tax incentives, and robust support for new projects. In 2021, Beijing Interstella Glory Space Technology, a commercial rocket company, established its headquarters here for the district's attractive business environment.

      "In fact, the business environment is extremely important for companies. Additionally, for businesses that have plans for future listings, aspects such as specialized training and guidance for financing, as well as talent acquisition, are also crucial," said Cai Jingqi, a representative from the company.

      To phase out non-essential industries and promote coordinated development across the Beijing-Tianjin-Hebei region, China's top economic planner introduced a three-year action plan recently, with 19 measures aimed at improving the business environment and supporting key sectors such as advanced manufacturing, cybersecurity, and financial services.

      Beijing's wholesale market transforms into dynamic financial innovation hub

      Beijing's wholesale market transforms into dynamic financial innovation hub

      Next Article

      Plane crash in South Sudan kills 20, rescue efforts underway

      2025-01-30 23:19 Last Updated At:01-31 00:27

      A small aircraft crashed on Wednesday morning in South Sudan's Unity State, killing 20 people, with rescue work and investigation underway.

      The aircraft, heading for the South Sudanese capital Juba, crashed shortly after taking off near an oil field. It was chartered by the Greater Pioneer Operating Company and operated by Light Air Services Aviation Company.

      A total of 21 people were on board. Among the 20 killed were South Sudanese, two Chinese nationals and one Indian.

      The lone survivor, whose nationality has yet to be determined, is in critical condition, Unity State Minister of Information and Communication Gatwech Bipal said.

      South Sudanese President Salva Kiir has ordered an investigation into the crash, Xinhua News Agency reported on Thursday.

      Plane crash in South Sudan kills 20, rescue efforts underway

      Plane crash in South Sudan kills 20, rescue efforts underway

      Plane crash in South Sudan kills 20, rescue efforts underway

      Plane crash in South Sudan kills 20, rescue efforts underway

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