Wen Xian, deputy head of the standing committee of the CPC Shijingshan district, said during the 2013 Chinese Annual Finance Forum that a national-level insurance industrial park is expected to be inaugurated in November this year.

And, though the exact date has not been announced, the China Insurance Regulatory Commission said the park will be inaugurated on the same day as the China Insurance Information Technical Management Ltd, a company founded by the China Insurance Guarantee Fund.

Wen said that the company will become a leading enterprise in the park, with registered capital of 2 billion yuan allocated by the China Insurance Guarantee Fund.

The outgoing chief vice-chairman the China Insurance Regulatory Commission, Li Kemu, is expected to be in charge of the new company. He is the expiring chief vice-chairman of the China Insurance Regulatory Commission.

Additionally, New China Life E-Commerce Ltd, a wholly-owned subsidiary of the New China Life Insurance Company, with registered capital of 100 million yuan, has settled in the new insurance industrial park.

On Aug 1, 2013, the China Insurance Regulatory Commission and the Beijing Municipal People's Government signed a strategic cooperation memorandum to build the national-level insurance industrial park in Shijinghshan district, and turn it into an insurance innovative demonstration zone and an insurance culture guidance zone within a decade.

Shijingshan district officials said that the scientific finance industry in Shijingshan district has a promising future. In the next few years, Shijingshan will become the biggest industrial zone in Beijing.

Shijingshan park is also one of the 16 sub-parks of Zhongguancun Science Park. The Shijingshan government is focusing on the development of the modern finance industry, including the Internet finance industry and the new insurance industry.

Over 100 modern finance service enterprises are located in Shijingshan district, including the national headquarters of Ping An Insurance and innovative finance organizations such as Datang Wealth Investment Management Co Ltd.

During the first half of 2013, the gross income of the finance service industry in Shijingshan district reached 30 billion yuan, a year on year increase of 40 percent - 29 percent higher than the city's average increase rate - and contributed 25 percent of the regional growth in Shijingshan.

Edited by Chen Zhilin and Niva Whyman