Hangzhou lays out plans to build intl financial center

Jianggan district in Hangzhou, Zhejiang province recently unveiled blueprints to build a word-class financial center within the next five years, local media reported on June 27.

According to the guidelines, the district plans to turn the 17-square-kilometer center into a leading financial technology industry cluster with international influence.

It will gather over 10 financial technology companies, more than 500 high-end science and technology financial talents, and build three to five national level financial technology research institutions, laboratories and technical service platforms within the next five years.

Home to internet finance giants such as Ant Finance and market intelligence provider Tonghuashun, Hangzhou's financial technology industry is ushering in a new era, said Sheng Shenglin, director of the Academy of Internet Finance at Zhejiang University.

Hangzhou began prioritizing the financial services industry in its 12th Five-Year Plan in 2011 when it proposed the construction of a financial city in Hangzhou CBD.

The time is right for Hangzhou to develop a financial center, as the eastern metropolis is among the top financial cities in the world, alongside Shanghai.

Hangzhou will strive to become a global hub for financial technology by drawing lessons from world-renowned financial institutions, including Shanghai's Lujiazui Financial City and the UK's City of London, said Wang Hongbin, an official from Jianggan district.