Beijing’s Daxing district looks to attract foreign financial institutions

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Daxing district will implement a string of new measures to advance the construction of its “three zones” — the international airport economic zone, free trade zone (FTZ), and comprehensive bonded zone — according to the Publicity Department of the CPC Daxing District Committee. It will also work to attract world-renowned foreign-funded financial institutions to settle in the district.

Daxing FTZ will provide these enterprises with custom workplaces according to their particular features and needs. At present, the Financial Innovation Center project of Daxing FTZ is underway and will focus on introducing more financial companies.

In terms of policy support, Daxing FTZ has announced its first batch of institutional innovation lists and implementation plans. Of the 81 innovation policies, 22 are related to finance. Meanwhile, the second batch of policies is currently being declared. Under the Plan for Implementing the Comprehensive Pilot Program of Further Opening up the Service Sector of Beijing, companies within the zones can enjoy such special policies as “expanding the scope of qualifications for qualified domestic institutional investors to investment management institutions initiated and established by domestic and foreign institutions in Beijing.”

At the same time, the Beijing Foreign Exchange Administration Department of the State Administration of Foreign Exchange issued detailed rules for the implementation of the pilot foreign exchange administration reform of Daxing FTZ. These rules contain nine innovative policy initiatives, composed of two current projects, five capital projects and two foreign exchange market businesses. The measures are aimed at providing more policy incentives to companies within the zone as well as improving the business environment, and facilitating trade and investment in the pilot zones.

Daxing district is also providing various policy support such as housing subsidies and cash bonuses to attract foreign financial institutions. Companies can receive a special funding award of up to 50 million yuan according to their paid-in capital scale.

In the future, Daxing will foster the pharmaceutical and health industry as its leading industry, and work to develop three major industries – new energy smart vehicles, new generation information technology, and technology services.

At present, the expansion of Zhongguancun Science and Technology Park’s Daxing Biomedicine Industrial Base involving an area of 9.1 square kilometers has started. Within the next three to five years, two industrial zones each worth a hundred billion yuan will begin to take shape.

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