Finance and insurance

Finance and insurance
The financial industry plays a significant role in Beijing's economy. In 2005, the financial assets in Beijing totaled 14.1 trillion yuan, with an added value of 79.28 billion yuan in the financial sector. Under a relatively sound financial organization system, branches of financial institutions in the banking system amounted to 161, insurance companies totaled 44
and intermediary agencies specializing in insurance reached 227.

Substantial progress has been achieved in the opening up of the financial sector in Beijing. Since RMB business was opened to foreign funded banks on 1st of December, 2004, 10 foreign funded banks have of?cially launched RMB services. By 2005, altogether
25 branches, four sub-branches, 78 agencies of foreign funded banks and 17 solely-foreign funded and joint stock insurance companies have been established in Beijing.