All commissions, offices and bureaus of the district people's government, all sub-districts and entities concerned, 

Upon approval at the 54th executive meeting of the People's Government of Xicheng District, the Opinions of Xicheng District of Beijing Municipality on Accelerating the Development of the Modern Financial Industry are hereby issued to you for your conscientious implementation.

Beijing Financial Street Services Bureau

The People's Government of Xicheng District of Beijing Municipality

September 15, 2018

(The document is available to the public.)

Opinions of Xicheng District of Beijing Municipality on Accelerating the Development of the Modern Financial Industry

These opinions hereafter are formulated in line with the strategic positioning of the capital city and in light of the actual situation of Xicheng district. They are aimed to promote the development of the modern financial industry, further improve the industry landscape, facilitate the high-quality growth of the capital's economy, and be conducive to the building of the Financial Street into a national financial management center.

Article 1. Identifying the overarching goal of building a full-fledged national financial management center. We, the government of Xicheng District, will give support to the development of the licensed financial institutions, financial holding companies, large-scale capital holding companies, corporate funds, international financial organizations, national-level financial industry associations, financial infrastructure platforms, bank-card clearing institutions, key factor markets that are accredited or approved to establish and registered with Xicheng District and assume the functions of a national financial management center. We will also give support to the growth of the examined and recorded angel investors, venture capital institutions, and equity investors that serve the high-end, high-precision and sophisticated industries. Other financial institutions that play a positive role in facilitating the building of the national financial management center will likewise gain such support upon the approval of the district government.

Article 2. Increasing support for the whole process of establishing and developing financial institutions. For the financial institutions newly established in Xicheng District, we will grant a one-off start-up subsidy, with the amount depending on their paid-in capital. For those with a paid-in capital more than RMB 100 million(inclusive) and less than RMB 500 million, a subsidy of RMB 5 million will be granted; For those with a paid-in capital more than RMB 500 million(inclusive) and less than RMB 1 billion, a subsidy of RMB 10 million will be granted; For those with a paid-in capital more than RMB 1 billion(inclusive) and less than RMB 3billion, a subsidy of RMB 20 million will be granted; For those with a paid-in capital more than RMB 3 billion(inclusive), a subsidy of RMB 50 million will be granted. For the financial institutions that have been established, where the increase of their paid-in capital is more than RMB 1 billion (inclusive)and less than RMB 10 billion, a one-time subsidy of RMB10 million will be granted; For those where the increase of their paid-in capital is more than RMB 10 billon, a one-time subsidy of RMB20 million will be granted.

The measures for the start-up subsidy in Article 1 are applicable to the financial institutions recently relocated to Beijing Municipality and registered with Xicheng District.

We will support the cross-regional M&A and market-oriented restructuring of financial institutions where conditions were met. For those who conduct M&A or restructuring of financial institutions outside Xicheng District, and the restructured institution is registered and operated mainly in the District, a subsidy which in reference to the subsidy for the paid-in capital increase prescribed in Article 1 will be granted. 

Article 3. Guiding participation of angel capital, venture capital, and equity investment in the construction of high-grade, precision and advanced economy structure. For the investment institutions such as angel investment, venture investment and equity investment that are newly established or recorded by fund managers and the funds they manage in Xicheng District, where they invested in the service sectors such as high-tech, finance, culture creativity, or invested in high-tech and emerging industries such as integrated circuit, new energy, the fund managers will be rewarded in light of their actual investment size. For the cumulative scale of actual investment more than RMB 3 billion(inclusive) and less than RMB5 billion, a one-time reward of RMB 5 million will be granted; For the cumulative scale of actual investment more than RMB5 billion, a one-time reward of RMB 7.5 million will be granted.

For those who successfully withdraw from the investee and support the investee to be listed on the market, in addition to the aforesaid financial support, an additional fund support will be granted in light of the cumulative scale of actual investment. For the investment more than RMB 3 billion (inclusive) and less than RMB 5 billion, an additional one-time financial support of RMB 5 million will be granted; For the investment more than RMB5 billion, an additional one-time financial support of RMB7.5 million will be granted.

Article 4. Reducing the operating cost of the financial institutions newly established in or newly relocated to the District. Financial institutions newly established or relocated in Xicheng District will be given financial subsidies for the purchase or lease of office buildings for their own use. For the purchase of office space, the subsidy is RMB1500 per square meter; For those who rent office space for their own use, a subsidy equivalent to 50% of the current rent of the year will be granted annually for the first three years.

Article 5. Supporting the building of the Financial Street as a clustering area for global outstanding financial talents. Taking into account the overall contributions of the financial institutions, especially their business scale, market standing, and innovation capacity to the financial industry development of Xicheng District, we will give financial rewards and comprehensive service support to the senior executives and core business backbones of the key domestic financial institutions that have been accredited. We will award the high-caliber financial talents working for renowned foreign financial agencies in the District to gather the international financial talents to play their part in the District.

We will integrate the district-based healthcare, education, housing and other public resources, build public service platforms and professional teams, and provide high-quality and efficient services for the high-end financial talents working in the financial institutions with the District in terms of medical treatment, children's enrollment and residence.

For the eligible senior executives and core business backbones of the financial institutions and equity investment institutions, We will speed up procedures for the talent introduction and residence permit.

Article 6. Stepping up efforts to provide guidance and training for enterprises to go public, and support enterprises in the District to go public in well-known capital markets at home and abroad and to be listed on the NEEQ of National Equities Exchange and Quotations Co., Ltd. For those who are eligible for support, a certain amount of special support funds will be granted. For those who have been listed on the stock exchange or on the NEEQ and relocated to the District, a certain amount of subsidies will be granted in reference to the standard of the special support fund. The specific subsidies shall be subject to the relevant provisions separately formulated.

Article 7. Enhancing the capability in serving the building of the Financial Street into a national financial management center. We will press ahead with the reform of the service system of the Financial Street, stay committed to the principle of extensive consultation, joint contribution, co-governance, and shared benefits, and build a diversified, multi-level and all-dimensional service support system integrated the coordination of Beijing Financial Street Cooperation and Development Council, Beijing Financial Street Service Bureau and Beijing Financial Street Service Center Co., Ltd. under the framework of "government authorization + cross-border co-governance + professional operation + market mechanism", to foster an enabling working and living environment for the employees at the state financial administration departments and the financial institutions in the District.

We will strengthen the coordinated and interconnected development between the Financial Street and the surrounding areas, improve the supporting service facilities for business, life and culture, and enhance the carrying capacity of the regional high-end financial factors.

We will make the most of the role of the Financial Street Forum and other globally renowned high-end financial dialogue platforms, enhance the international influence of brand activities and foster a sound atmosphere of financial culture.

Article 8. Foster an open environment for financial development. We will implement the preferential policies for the comprehensive trial project to expand the opening-up of Beijing's service sector, and promote the trial project of financial opening-up.

In accordance with the country's unified arrangement of expanding the opening-up of financial sectors, we will give full play to the brand aggregation effect of the Financial Street and support foreign-funded financial institutions with global influence to set up wholly-owned or joint-venture institutions in the Financial Street, so as to build a clustering center for international financial institutions.

We will support the develop0ment of international financial organizations engaging in the services such as payment and settlement, and credit rating in the Financial Street, and provide high-quality and efficient services for foreign financial institutions to enter the domestic market.

As an effort to turn the Chinese yuan into an international currency, we will support the extensive cooperation among banks, insurers, equity investors, and central enterprises to build an industrial ecology that serves the Belt and Road Initiative.

We will improve the quality and internationalization of education and medical services for the international financial professionals and the foreign financial professionals and their families, and actively implement policies and measures to facilitate their entry and exit, permanent residence in Beijing, and employment permits.

Article 9. Building a world-class business environment. We will innovate the service model, implement the service system of "one enterprise, one service staff ", and provide specialist services to the key institutions in the District. We will set up the Financial Street government service agent platform to provide one-stop agent service for financial institutions.

We will support the financial authorities and the industry associations in formulating and promoting standards for the financial industry, and promote the development of information infrastructure. We will support the development of enterprise credit agencies, credit rating agencies and other credit service agencies, and facilitate the development of a social credit system. 

We will support the improvement of financial judicial and arbitration mechanisms, give full play to the functions and roles of the Financial Street court, and provide legal dispute resolution mechanisms for various financial institutions and domestic and foreign investors, so as to optimize the judicial environment in the District. We will resolutely guard against regional and systemic risks and foster a stable environment for development.

Article 10. Where an institution applying for financial support is involved in providing false materials, violating relevant commitments or defrauding policy subsidies, the relevant personnel will be held accountable according to the law, the support funds granted will be recovered, and a bad credit information of the enterprise will be recorded 

Article 11. These opinions are interpreted by Beijing Financial Street Services Bureau and shall be implemented as of the date of publication.