China to build financial centre in western region by 2025, central bank says

BEIJING – China is planning to build a financial centre in the western region by 2025, the central bank said on Friday, in a bid to support economic growth in the Chengdu-Chongqing area.

In an inter-agency document outlining the plans, the People’s Bank of China said the government will study and set up a mechanism of capital exchanges with Singapore and Japan, and carry out bilateral investment and financing projects.

(Reporting by Stella Qiu, Cheng Leng and Ryan Woo; Editing by Andrew Heavens)