Dongcheng District has released a set of targeted measures that are tailored to its specific needs. These measures aim to promote the adoption of new technologies, encourage the emergence of new business forms, models, and industries, and drive the growth of high-quality economic development in the district. Based on the leading role of unicorns in various sectors, these measures are designed to provide a strong impetus to the development of the district's economy.

I. Establishing Mechanisms for Cultivating and Attracting Unicorns

1. Establishment of unicorn cultivation pools. The district aims to establish a multi-level framework for unicorn cultivation pools, which would encompass unicorns, potential unicorns, and seed-stage unicorns. By adopting this approach, the district can pool resources and render support services that effectively expedite the growth of enterprises in the unicorn cultivation pools.

(1) Unicorns. Enterprises categorized under this scheme comprise those that have been accredited as unicorns by reputable domestic or international lists, or high-growth enterprises that have been operating for a maximum of ten years and have received multiple rounds of equity investments despite not being publicly listed, with a valuation exceeding USD 1 billion.

(2) Potential unicorns. Enterprises categorized under this scheme are either unicorn-to-be companies or potential unicorn companies that have been accredited by reputable domestic or international lists. Besides, they could also be high-growth enterprises that have been operating for a maximum of five years, with a post-money valuation of at least USD 100 million, or unlisted high-growth enterprises that have been operating for between five to nine years, with a post-money valuation reaching USD 500 million.

(3) Seed-stage unicorns. Enterprises categorized under this scheme are those that have been operating for a maximum of five years and have gained angel investments or series A financing, with a post-money valuation reaching CNY 100 million. These fast-growing enterprises boast enormous potential for development and are characterized by their affiliation with emerging sectors such as new technologies, industries, business forms, and models. The district aims to provide targeted and follow-up services for high-growth enterprises and prioritize their inclusion in the unicorn cultivation pools once they are deemed eligible. The high-growth enterprises encompass specialized, high-end, and innovation-driven "little giants" that provide distinctive products or services accredited by the Ministry of Industry and Information Technology, specialized, high-end, and innovation-driven small and medium-sized businesses that provide distinctive products or services in Beijing Municipality, "gazelle enterprises" and "hidden champions" accredited by Zhongguancun, and "Nezha enterprises" identified by the Greatwall Strategy Consultants.

Responsible entities: Dongcheng District Development and Reform Commission, Dongcheng District Bureau of Science, Technology, and Informatization, and Management Committee of Dongcheng Park of Zhongguancun Science Park

2. Rewards for enterprises selected in reputable domestic or international lists. Unicorns or potential unicorns that are featured in reputable domestic or international lists, such as those compiled by the Greatwall Strategy Consultants and the Hurun Research Institute, will be entitled to a one-off reward of CNY 3 million or CNY 1 million.

Responsible entities: Dongcheng District Development and Reform Commission, Dongcheng District Bureau of Science, Technology, and Informatization, and Management Committee of Dongcheng Park of Zhongguancun Science Park

3. Rewards for entities responsible for enterprise cultivation and incubation. Property owners or operational organizations of commercial buildings, industrial parks, incubators, or accelerators who cultivate or introduce a unicorn or potential unicorn, or their wholly-owned or holding subsidiaries, will be entitled to a one-off reward of either CNY 300,000 or CNY 100,000, based on their overall contribution to the achievement.

Responsible entities: Dongcheng District Development and Reform Commission, Dongcheng District Investment Promotion Center

4. Rewards for intermediary service agencies responsible for investment attraction. According to Beijing's prescribed standards for establishing market-oriented incentive mechanisms to promote investment, intermediary service agencies that provide valuable project information and support for introducing unicorns or potential unicorns, and also aid in conducting negotiations throughout the process will be rewarded based on their overall contributions.

牵头单位：区投促中心
Responsible entities: Dongcheng District Investment Promotion Center

II. Establishing Steward-like Service Mechanisms for Unicorns 

5. Unicorns, potential unicorns, or seed-stage unicorns who are accepted into the unicorn cultivation pools will become part of the "Zijin Service" system designed for key enterprises in the district. While the Dongcheng District Development and Reform Commission oversees the functioning of the steward-like service mechanisms, the competent departments of the industry are responsible for offering targeted services. Additionally, designated service specialists will cater to the common demands of enterprises, providing precise and tailored solutions as per the unique needs of enterprises.

Responsible entities: Dongcheng District Development and Reform Commission

III. Meeting the Space Needs of Unicorns

6. Coordination of industrial space resources. The district aims to strictly adhere to the regulatory plan of core areas and relevant municipal and district regulations on land utilization in high-end, precision, and sophisticated industries while promoting the use of land left after the demolition and space development. Moreover, the district seeks to establish partnerships and collaboration mechanisms with enterprises in the cultivation pools to jointly advance urban renewal and innovative integration in the region. The district aims to streamline its land resource management by utilizing the space left after demolition and repurposing commercial buildings such as old plants, trading markets, and hotels. This comprehensive approach serves to meet the diverse space requirements of the district's enterprises. The district will provide guidance to municipal and district state-owned enterprises to improve overall space resource management and create suitable space for new businesses. This strategy aims to ensure the availability of adequate spatial resources for emerging enterprises in the region. The district plans to implement customized land supply strategies for enterprises located in the Dongcheng Park of Zhongguancun Science Park. These methods will comprise a set of options such as long-term leasing, leasing before land-use right transfer, a blend of leasing and land-use right transfer, and a variable term for land-use right transfer providing maximum flexibility for enterprises.

Responsible entities: Dongcheng District Development and Reform Commission, Dongcheng District Investment Promotion Center, Dongcheng Branch of the State-owned Assets Supervision and Administration Commission, Dongcheng District Commission of Planning and Natural Resources, and Management Committee of Dongcheng Park of Zhongguancun Science Park

7. Rental subsidies for newly established or relocated unicorns, potential unicorns, or their wholly-owned or holding subsidiaries in Dongcheng District renting office spaces in Beijing, the district offers rental subsidies of up to 50 percent of the annual rent based on their overall contributions. Eligible enterprises can avail of this support for up to three consecutive years, with an annual cap of CNY 3 million. Seed-stage unicorns are eligible for subsidies according to the same criteria, with the district offering half the amount of subsidies provided to the aforementioned enterprises.

Responsible entities: Dongcheng District Development and Reform Commission, Dongcheng District Bureau of Science, Technology, and Informatization, and Management Committee of Dongcheng Park of Zhongguancun Science Park

IV. Empowering Unicorns' Rapid Growth 

8. Rewards for achieving revenue milestones. Unicorns, potential unicorns, or their wholly-owned or holding subsidiaries in the cultivation pools with annual revenues surpassing CNY 5 billion, CNY 2 billion, CNY 1 billion, or CNY 500 million for the first time are entitled to rewards of up to CNY 5 million, CNY 3 million, CNY 1.5 million, or CNY 500,000, respectively. Seed-stage unicorns are eligible for subsidies according to the same criteria, with the district offering half the amount of subsidies provided to the aforementioned enterprises.

Responsible entities: Dongcheng District Development and Reform Commission, Dongcheng District Bureau of Science, Technology, and Informatization, and Management Committee of Dongcheng Park of Zhongguancun Science Park

V. Encouraging Unicorns' Independent Innovation Capacities

9. The district aims to bolster research and development investments among enterprises, with targeted support for unicorns, potential unicorns, or their wholly-owned or holding subsidiaries accredited as national-level high-tech enterprises. This support comes in the form of a subsidy of 20 percent of the research and development investment beyond the standard required for national-level high-tech enterprise identification for three years following their identification. The annual subsidy for a single enterprise will not exceed CNY 2 million. Seed-stage unicorns are eligible for subsidies according to the same criteria, with the district offering half the amount of subsidies provided to the aforementioned enterprises.

Responsible entities: Dongcheng District Development and Reform Commission, Dongcheng District Bureau of Science, Technology, and Informatization, and Management Committee of Dongcheng Park of Zhongguancun Science Park

VI. Amplifying Talent Services for Unicorns

10. The district aims to facilitate unicorns and potential unicorns in attracting top talent from across the world and recruit senior executives and technical experts aligned with the municipal or district standards for talent acquisition through green channels. Additionally, the district will streamline the allocation and adjustment of settlement requirements and work and residence permits for new graduates, taking into consideration different factors such as the comprehensive contributions or development potential of enterprises.

Responsible entities: Organization Department of the CPC Dongcheng District Committee and Dongcheng Branch of the Beijing Municipal Human Resources and Social Security Bureau

11. The district will fortify support services for talent by integrating public resources such as healthcare, education, and housing in the region and rendering top-tier and accessible services to eligible individuals from unicorns or potential unicorns.

Responsible entities: Dongcheng District Development and Reform Commission, Dongcheng Branch of the Beijing Municipal Health Commission, and Dongcheng Branch of the Beijing Municipal Commission of Housing and Urban-Rural Development

12. The district aims to add unicorns, potential unicorns, and seed-stage unicorns identified in cultivation pools to the list of high-end, precision, and sophisticated enterprises in Dongcheng District, thereby enabling their comprehensive evaluation of development endeavors. Additionally, senior executives or key technical teams from enterprises with annual operating revenue exceeding CNY 500 million and profit exceeding CNY 100 million are eligible for a graded reward of CNY 1.5 million and CNY 2.1 million according to the overall contributions of enterprises.

Responsible entities: Dongcheng District Development and Reform Commission, Dongcheng District Bureau of Science, Technology, and Informatization, and Administrative Committee of Dongcheng Park of Zhongguancun Science Park

VII. Enhancing Financial Assistance for Unicorns

13. The district aims to foster collaborations between banks and enterprises, encourage banks to furnish unicorns with convenient financing channels, launch groundbreaking and adaptable financial products, and reinforce loan and credit assistance. The district is set to include high-quality unicorns in the listed company resource pool, leveraging the municipal or district comprehensive platform for enterprise listing and delivering several channels for collaborations. This move aims to provide businesses with expeditious listing services. The district's government will encourage the industry guidance fund to invest in unicorns and potential unicorns, facilitate mergers and acquisitions and industrial upgrades for upstream and downstream entities, and hence create an all-encompassing and strong enterprise development ecosystem.

Responsible entities: Dongcheng District Financial Service Office Office, Dongcheng District Culture Promotion Center, and Dongcheng District Bureau of Science, Technology, and Informatization

14. The district aims to harness the power of the local investment and financing alliance, pledging to provide unicorns, potential unicorns, or seed-stage unicorns that have been included in cultivation pools with increased financial support that aligns with their levels. The district intends to proactively guide and incentivize top-notch investment and financing institutions in the area to invest in unicorns, potential unicorns, and seed-stage unicorns. In addition, the district aims to extend one-stop, tailor-made, and all-encompassing services designed to help forge partnerships between enterprises and the capital market. To encourage the members of the local investment and financing alliance, the district plans to offer a one-off reward equivalent to 0.5 percent of their total investment or a maximum of CNY 1 million to those investing over CNY 50 million in unicorns, potential unicorns, or seed-stage unicorns included in the cultivation pools. The district also plans to offer unicorns, potential unicorns, or seed-stage unicorns included in the cultivation pools a one-off reward of 1 percent of the cumulative financing amount or a maximum of CNY 1 million if they raise more than CNY 50 million in equity financing from investment institutions.

Responsible entities: Dongcheng District Financial Service Office, Dongcheng District Development and Reform Commission, Dongcheng Branch of the Beijing Municipal Finance Bureau

15. The district aims to provide seed-stage unicorns included in the cultivation pools with subsidies if they obtain working capital loans or innovative product loans from banks. They will receive an interest subsidy of 50 percent of the benchmark interest rate stipulated by the People's Bank of China, with a maximum of CNY 500,000 per year for each enterprise.

Responsible entities: Dongcheng District Development and Reform Commission, Dongcheng District Bureau of Science, Technology, and Informatization, and Administrative Committee of Dongcheng Park of Zhongguancun Science Park

VIII. Optimizing Development Environment for Unicorns

16. Implementing city-wide inclusive and prudential supervision policies, the district aims to propose pilot initiatives and plans to address industry-related regulatory concerns raised by enterprises. By promoting innovation, offering ample chances for development, and sticking to the principles of quality, policy, and lawful practices, the district aims to foster a flexible and inclusive supervisory framework based on the principles of agile governance, with customized management solutions.

Responsible entities: relevant district departments

IX. Supplementary Articles

17. Enterprises eligible for the above-mentioned incentives must be registered and tax-paying entities located in Dongcheng District, Beijing. Moreover, they should align with the city's industrial development policies and functional positioning within the key capital region, with a firm focus on driving regional economic and social progress through their contributions. Enterprises forming groups and their wholly-owned and holding subsidiaries can participate as an entire entity in the identification of national-level high-tech enterprises.

18. Enterprises cannot simultaneously enjoy similar supportive directions and provisions in other policies issued by Dongcheng District while taking advantage of the benefits outlined in this document. In full adherence to the principle that the more preferable policy will prevail without any repetition, relevant support will be provided.

19. The Measures will officially take effect 30 days after its issuance and will be executed with the guidance of the Dongcheng District Development and Reform Commission. The implementation of these measures will be organized by the Dongcheng District Bureau of Science, Technology, and Informatization, the Administrative Committee of Dongcheng Park of Zhongguancun Science Park, as well as the corresponding departments. In case of any necessary revisions depending on the implementation status, applications will be submitted for approval from the district government.