APAC Issue 1 2018

26 APAC / Issue 1 2018 , Qingdao is substantially lowering the barrier to market entry, opening its service sector even wider to the outside world, and protecting the lawful rights and interests of foreign investors who invest there, as the city’s government recognizes the importance of building a world- class business environment. The city’s ability to attract and utilize foreign investment has been significantly improved since the inauguration of the Wealth Management Financial Comprehensive Reform Pilot Area. To date, Qingdao has become home to 34 foreign-invested Chinese Bank Goes Global Proving Region’s Solid Financial Credentials As We Move into 2018 Qingdao attracts foreign investors with a world-class business environment. financial institutions. In addition, 134 of the world’s top 500 companies have collectively invested in 264 projects in the city and 140 of China’s top 500 companies have 230 investment projects there. Together, they play a part in transforming Qingdao into a modern financial hub. In attracting foreign banks to set up operations here, Qingdao shows its international flair “Building a nest, to attract a phoenix.” Qingdao has constantly been at the forefront of innovation in the way the seaside city utilizes foreign investment, and is leveraging the favorable policies put in place for the Wealth Management Financial Comprehensive Reform Pilot Area to make it attractive for foreign financial institutions and equity investment firms to set up operations here. Since the establishment of the Pilot Area, eight foreign banks including Australia and New Zealand Bank (China) Company Limited (“ANZ”) have established operations in Qingdao, bringing the total number of foreign banks with a presence in the city to 17, accounting for 75 percent of the total in Shandong province. Qingdao won the The World Bank Group’s “Golden Medal City” honor. In September 2015, ANZ established a branch in Qingdao, becoming the first commercial bank from the other side of the Pacific that has established a presence in the city. Joint-venture insurers entering the market are a testament to Qingdao’s world-class attractiveness In addition to foreign-invested banks, several joint-venture insurers, among them Allianz China Life Insurance Co., Ltd., have also recognized the huge growth potential in Qingdao and established a presence. Allianz China Life is the first Sino-European joint-venture insurance company to receive approval allowing them to set up operations in China. Qingdao, already well-established as a regional financial hub,