Yin Hejun (M), deputy mayor of Beijing municipality, at the launching ceremony in Beijing, on May 29.

Zhongguancun Science Park (Z-Park), commonly known as China's Silicon Valley, will contribute to a fintech zone in Beijing's Xicheng district.

During the 2018 Annual Conference of Financial Street Forum on May 29, the administrative committee of Z-Park and the government of Beijing's Xicheng district inked a deal to build a pilot zone featuring fintech regulations and innovative services.

"Financial technology is already part and parcel of a country's financial security," Yin Hejun, deputy head of Beijing municipality, noted in his keynote speech. "Not only can fintech add new momentum to innovation-oriented development, but it will pave the way for a stable economic system."

According to Yin, the municipal government will formulate a detailed plan to shape an industrial cluster centering on innovative financial technologies and services.

Via five innovative mechanisms and 16 supportive projects, Zhongguancun Science Park and Xicheng district will make a global center for fintech innovation, financial services and risk containment.

Resorting to big data, artificial intelligence and cloud computing, the pilot zone will offer high-quality services concerning technology innovation, investment financing, intellectual property, credit evaluation, human resources, legal protection, professional training and beyond.

The pilot zone, in the future, will be the first choice for finance-related companies and talents, said the deputy mayor.

Zhai Lixin (L), head of the Zhongguancun administrative committee, and Wang Shaofeng (R), head of the Xicheng district government, sign the cooperation agreement on May 29. [Photo/zgc.gov.cn]