By Li Xiaokun (China Daily)
Updated: 2007-11-30 07:33

Movsisian Vahagn had a fair idea of what the Financial Street in west Beijing would be like. But the Armenian ambassador was not prepared for what he saw Thursday.

Zhang Xiangxian, an official of China Life Insurance (Group) Company, shows a group of diplomats around the company in Beijing November 29, 2007. [China Daily]

"I am highly impressed by the economic growth here," Vahagn said after seeing the skyline. "I think it's an indication of how much progress China has made. There are many lessons for us to learn from here. I will come here often."

Vahagn was one of the senior diplomats, including ambassadors and counselors of more than 30 countries and the EU, who were invited by the municipal government to visit the Financial Street.

The street has a concentration of exquisite structures and skyscrapers that are home to more than 1,500 financial institutions and enterprises representing over 70 percent of the country's financial assets.

Situated there are headquarters of top Chinese financial institutions such as the Bank of China and the Industrial and Commercial Bank of China, State-owned industrial conglomerates, as well as the financial industry's watchdogs.

"The Financial Street controls 33-trillion-yuan ($4.47 trillion) worth of financial assets, and almost all of China's financial policies are made here," said Wu Xiangyang, director of the development and reform commission of Xicheng District.

Among the more than 30 foreign financial institutions here will be Goldman Sachs, JP Morgan Chase and Swiss Bank.

"After 15 years' efforts, the blueprint of the financial street is nearly finished," said Wu. "This year, we have introduced top luxury hotels, shopping malls and conference centers to make it a financial ecological circle." Its area will be extended from the current 1.03 sq km to 2.59 sq km in future, Wu said.

"The Financial Street is China's Wall Street under construction. We sincerely welcome friends from across the world to join us in developing it," said Huo Xuewen, director of the municipal government's Financial Office.

Simeon Hernandez, the Philippines' commercial counselor to Beijing, said it's a pity no company from his country is investing there. "I'll definitely convey this to the Philippine business community," he said.