As the deteriorated global financial markets impact economies around the world, Chinese financial experts expressed that Beijing is in a good shape to reinforce its position as a global financial hub.

The Chinese capital is a promising city crowed with talents and industries with the potential for significant development.

Crucial sectors such as financial services, real estate, IT, automobile, retail and hospitality are booming.

In 2007, Beijing’s financial industry with a revenue of 128.6 billion yuan, it accounted for 20.5 percent of local economic growth.

At New York’s Beijing Financial Industry Cooperation Summit on Oct 14, a group of financial service officials from Beijing and experts from New York discussed Beijing’s position and potential of emerging as a global financial center.

Delegates from Bank of Beijing, Huaxia Bank, and Beijing Rural Commercial Bank- three leading banks of Beijing- talked about their plans to forge an improved global network with China’s overseas companies.

Zhou Weimin, deputy division chief of Beijing investment promotion bureau, said:” Our goal is to serve the foreign investors in China a better and more stable environment through more effective communication between the government agencies and foreign financial institutions.”

Seeing the collapse and bailout of a number of US financial institutions, Henry Tang, a founding partner of the Carnegie Towers Group, a global strategic investment advisory organization, when asked what measures Beijing should take under such situation, said:” Don’t go to excess.”

The pressure of saving earnings, according the idea of Tang, was one of the problems leading to the financial crisis in the US. In fact, high-earning mortgage-based derivatives are said to be a catalyst of the recent financial turmoil on Wall Street.

Tang, a financial expert with over 35 years of experience, believed it was the time to rethink derivatives.” It (the current financial collapse) is a nightmare for financial industry,” he said.

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