Financial Street in Beijing releases policies for opening up

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The Financial Street in Xicheng district released 10 policies on Monday to further open up and pilot national financial reform. 

Qualified enterprises can acquire a subsidy of 50 million yuan, and Xicheng will provide services on medical care, education, housing, and registered permanent residence to attract financial talents, said Sun Shuo, Xicheng district chief, during the ongoing China International Fair for Trade in Services. 

In the first half of the year, the value added by Financial Street amounted to 128.56 billion yuan (US$18.82 billion), according to Sun. That accounted for 54.2% of Xicheng district’s GDP and 37.4% of total value added of the financial industry in Beijing, Sun said.

Under the new policies, newly founded financial institutes in Xicheng can receive a subsidy of up to 50 million yuan, and established ones could get a subsidy of up to 20 million yuan depending on their paid-in capital, Sun added. Subsides and funds are also available for new institutions to buy or rent office space. 

Financial incentives of up to 10 million yuan are provided for financial technology enterprises to innovate in artificial intelligence and block chain, turn technologies into industrial projects, and participate in the development of technical standards. 

Foreign financial institutes engaged in banking, trading of securities and futures, and foundations will receive support for initiating or participating in the establishment of financial institutes on Financial Street, according to Sun. They are also encouraged to boost the opening up of China’s finance industry and Beijing’s service industry.

Meanwhile, high-quality, personalized, and comprehensive services in housing, education, medical care, cultural experience, and business travel are available to financial talents, Sun said.

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