Central Planning: Hebei Turns From Steel to Private Banking

FT: Hebei targets private banking future as steel industry wanes

Hebei province has launched a campaign to attract private banking talent and investment, joining other manufacturing regions in the country striving to upgrade from heavy industry to higher-growth areas such as internet technology and wealth management.

But the push into high finance also risks spurring a build-up of unnecessary office space and dormant central business districts, a trend already emerging in cities across the country.

The government is working with the Swiss government, a plus.

However, the province has no clear advantages in private banking over other finance centres in China such as Beijing and Shanghai.