Sub-district offices, commissions, offices and bureaus of the District Government, and District-affiliated organizations,

Reviewed and approved by the Standing Committee of the CPC Dongcheng District Committee and the special meeting of District Government, the Several Opinions of Dongcheng District on Supporting the Development of Financial Industry is hereby issued for your implementation in view of actual situations.

Dongcheng District People’s Government of Beijing Municipality

December 27, 2018

(For public release)

Several Opinions of Dongcheng District on Supporting the Development of Financial Industry

The Several Opinions of Dongcheng District on Supporting the Development of Financial Industry (hereinafter referred to as the Opinions) is formulated to implement the Several Opinions on Accelerating the Cultivation and Development of Modern Financial Service Industry in the Capital City (Jing Jin Rong [2018] No.110),  accelerate the cultivation and development of financial industry of Dongcheng District, well exert the leading and supportive role of finance in building the high-grade, precision and advanced  economic structure, encourage the development of foreign-funded finance, and promote the construction of the national culture and financial cooperation demonstration zone.

Article 1 This Opinions applies to financial institutions which are established with the approval of the State Council and national financial supervision departments, with their industrial and commercial registration, taxation and statistics all based in Dongcheng District.

Article 2 Strengthening the cultivation and support for financial institutions at early stage of their establishment. A financial institution with legal person status that is newly established in or moving to Dongcheng District shall be granted a lump-sum subsidy for opening expenses according to its overall contribution: a subsidy of RMB5 million for the paid-in capital of RMB100 million (inclusive)-RMB500 million; a subsidy of RMB10 million for the paid-in capital of RMB500 million (inclusive)-RMB1 billion; a subsidy of RMB20 million for the paid-in capital of RMB1 billion (inclusive)-RMB3 billion; and a subsidy of RMB50 million for the paid-in capital of RMB3 billion (inclusive) and more. A financial institution which has increased the paid-in capital shall be granted the reward for the increase in paid-in capital. The financial institution which has increased the paid-in capital for RMB1 billion (inclusive) shall be granted a lump-sum subsidy of RMB10 million according to its overall contribution.

Article 3 Encouraging financial institutions to settle in and develop in Dongcheng District. The financial institutions with legal person status, branches or subsidiaries that are newly established in or moving to Dongcheng District and that have purchased or leased office building in the Dongcheng District shall be subsidized according to their overall contribution. It shall be granted a lump-sum subsidy of RMB1,500 per square meter for the purchase of office building, and be subsidized with 50% of the annual rent in the first 3 years for the lease of office building. The area of the newly purchased or leased office building for self use shall meet the actual needs, and no external leasing or change of use purpose shall be made. All policy supports shall be terminated if the said provisions are violated.

Article 4 Supporting the development of cultures and finance. A cultural and financial institution with legal person status that is newly established in or moving to Dongcheng District shall be granted a 15% lump-sum subsidy in addition to the reward which is stated in Article 2. A cultural and financial institution without legal person status that is newly established in or moving to Dongcheng District, such as a cultural sub-branch, shall be granted a lump-sum subsidy of RMB500,000. A financial institution in Dongcheng District, such as a bank, insurance company or trust company, shall be rewarded in view of its annual scale of  financing services to cultural enterprises in the District, e.g. a reward of 1% for the financing scale of RMB200 million (inclusive). The maximum annual reward for a single financial institution shall not exceed RMB5 million.

Article 5 Encouraging foreign-funded finance. A legal person entity in Dongcheng District deriving from the representative office of a foreign-funded financial institution shall be subsidized according to its overall contribution. A foreign-funded financial branch that is newly established in or moving to Dongcheng District and expected to make outstanding contributions to the District’s economic and social development shall be granted a lump-sum subsidy for opening expenses of RMB5 million. The reward in this clause and Article 2 shall not be granted in parallel. Such foreign-funded financial institution may choose between the two.

Article 6 Strengthening reward for financial talents. Senior managers and business backbone employees in financial institutions with legal person status and branches that have made considerable economic contributions shall be included into the range of policy supports for high-grade, precision and advanced talents of Dongcheng District, and granted certain financial incentives.

Article 7 Optimizing the environment for financial business. Dongcheng District will establish the “customized, individualized, and professional” service mode, set up the service commissioners for key financial institutions, realize the “one-to-one” precision services, effectively solve the demands of financial institutions in talent introduction, medical services, children education, work/residence permit, etc.; perfect the supporting service facilities of commerce, living, cultures, etc., strengthen the resource carrying capacity of regional high-end financial factors; and hold high-standard thematic events such as cultural and financial summits and salons, and create the cultural and financial brands of Dongcheng District.

Article 8 Enterprises enjoying the support herein shall not be entitled to other favorable policies of Dongcheng District. Enterprises may choose the preferred policies independently.

Article 9 The Office of Financial Service of Dongcheng District shall be responsible for the interpretation of this Opinions, which shall come into force on January 1, 2019.