Recently, the Chaoyang District Special Task Force for the development of the "Two Zones" issued the Supporting Policies on Promoting Industrial Development of the Chaoyang Cluster in the International Business Services Area of the China (Beijing) Pilot Free Trade Zone. The document proposes 28 supporting policies, including various types of financial support and subsidies of up to CNY 100 million, for the high-quality development of headquarters-type enterprises, the development of business services and the financial industry, as well as the upgrading of consumption.

To promote the high-quality development of headquarters-type enterprises, Chaoyang District will offer incentives for settlement and recognition, as well as subsidies for office space. A reward of CNY 10 million will be granted to regional headquarters of multinational companies (including Asia-Pacific headquarters) which have been newly recognized by Beijing Municipality. A one-off reward of CNY 20 million will be granted to global headquarters of multinational companies which have been newly recognized by Beijing Municipality. Newly-relocated regional headquarters of multinational companies will enjoy a one-time incentive of up toCNY 10 million. To foster the development of business services, newly established or newly relocated internationally renowned business service enterprises will receive a one-time financial incentive equivalent to 50% of the district's disposable financial resources, up to a maximum of CNY 5 million.

To promote the upgrading of consumption, Chaoyang District will support the renewal of commercial districts. It will support enterprises in renovating commercial districts and special commercial areas for consumption upgrading and environmental improvement. Renovation projects that are evaluated to be in line with the future industrial development of Chaoyang District will be given financial support as per 30 percent of the actual investment, with the award being paid off in three years. The total amount of support provided for a single project will not exceed CNY 30 million.

Chaoyang District will support the transformation and upgrading of shopping malls with poor performance. Renovation projects that are evaluated to be in line with the future industrial development of the district will be given financial support as per 30% of the actual investment. The reward will be paid in three installments of 40 percent, 30 percent, and 30 percent over three years. The total amount of support provided for a single project will not exceed CNY 15 million. Chaoyang District will encourage the holding of consumption promotion activities and support the development of the nighttime economy, late night shopping streets, and the clustering of new commercial activities and models. It will set up corresponding incentives for these activities.

To support the development of the financial industry, Chaoyang District will grant a one-time settlement award for the newly registered or relocated headquarters of financial institutions in the district according to the scale of their paid-in capital. An enterprise will receive a one-time settlement award of up to CNY 50 million. The district will support foreign-funded reinsurance companies in accordance with its positioning as an "international reinsurance center". Chaoyang District will treat the Beijing branches of foreign reinsurance companies which have newly registered in the district and that exercise the functions of Chinese headquarters as legal entities, and provide them with policy support accordingly. For newly registered foreign reinsurance companies headquartered in Chaoyang District, a one-time subsidy for start-up costs will be provided as well, up to a maximum of CNY 100 million.

(Note: Content source is from People's Daily Online.)