Xicheng district to become fintech zone

Beijing's largest clothes wholesale market, located in the Xicheng district, will be transformed into the capital's financial technology and service zone, a sector of new growth for the city's industrial development in 2020, according to a plan released by the government on Saturday.

About 13,000 clothes shops at the wholesale market were asked to move out by the end of this year.

The government will introduce financial technology, security and risk management service providers into the zone.

It will also encourage large-scale financial institutions and internet companies to set up offices in the zone to form an whole industrial chain, supported by policies such as rent cuts.