Chongqing municipality said it would spend Rmb30bn to become a financial centre in the upper reaches of the Yangtze River by 2015. The claim was made by Luo Guang, deputy secretary-general of Chongqing government at a ceremony to lay the foundation stone for the construction of the Chongqing Financial Centre in Jiangbeizui central business district.

Lu said the plan to build Chongqing into a financial centre is based on the city’s strong industrial base.

According to Chongqing Mayor Wang Hongju, the city will seek balanced development of banking, securities and insurance. However, it faces completion from the likes of Chengdu and Wuhan, which also want to become financial hubs in western and central China respectively.