Xi Zheng Fa [2020] No. 3
To the commissions, offices, bureaus, subdistrict offices, and relevant units of the district government:
Upon approval at the 113th executive meeting of the district government, it has agreed to hereby issue the Measures of Xicheng District for Further Opening up the Financial Sector in the Financial Street to you for your conscientious implementation.
Xicheng District People's Government of Beijing Municipality
Beijing Financial Street Services Bureau
May 9, 2020
Measures of Xicheng District for Further Opening up the Financial Sector in the Financial Street
The following measures have been formulated to serve the following purposes:
- supporting the national initiative of further opening up the financial sector
- implementing the Work Plan for Comprehensively Promoting the Integrated Pilot Program for Further Opening up the Services Sector in Beijing
- strengthening the functions of the National Financial Management Center in the Financial Street
- creating a world-class business environment
- building a pilot area for national financial reform and opening-up policies, and
- continuously enhancing the international influence of the Financial Street.
1. Actively undertake the national financial reform and opening-up tasks.
a) Support foreign-funded institutions in initiating or participating in the establishment of financial institutions in the Financial Street and investment in financial institutions registered in the district.
b) Encourage foreign-funded and export-oriented financial institutions in the district to fully participate in comprehensive pilot projects on further opening up the national financial industry and further opening up the services service sector in Beijing.
c) Ensure the pilot implementation of relevant measures for further opening up the financial industry in the Financial Street.
2. Incentivize international financial institutions to gather in the district.
a) Support the establishment of wealth management subsidiaries of commercial banks, asset management insurance companies, financial asset investment companies, and their specialized subsidiaries.
b) Support overseas financial institutions to participate in the establishment and investment of wealth management subsidiaries of commercial banks.
c) Support foreign asset management institutions in establishing joint ventures with subsidiaries of Chinese banks or insurance companies for the sake of setting up wealth management companies controlled by foreign parties.
d) Support overseas financial institutions in investing in or establishing pension management companies.
e) Support foreign-funded institutions in establishing joint venture or wholly foreign-owned securities companies, fund management companies, and futures companies in the Financial Street.
f) The cap on the proportion of foreign-held shares for life insurance companies will be lifted from 51% to 100%.
g) Support foreign financial institutions in investing in trust companies.
h) Support the establishment of foreign financial institutions specialized in wealth management, non-performing asset disposal, professional factoring, consumer finance, endowment insurance, health insurance and other fields in the Financial Street.
3. Strive for pre-emptive and initial pilot implementation of RMB internationalization and foreign exchange policy.
a) Support financial institutions in the district in applying for pilot policies in terms of RMB international investment and loan funds, overseas investment of Qualified Domestic Limited Partner(QDLP), foreign exchange management facilitation, etc.
b) Support qualified institutions in applying for Qualified Domestic Institutional Investors (QDII) and RMB Qualified Domestic Institutional Investors (RQDII) status.
c) Support multinational companies for centralized operation and management of foreign exchange.
d) Support qualified financial companies, securities companies, and other financial institutions in obtaining the qualification for foreign exchange settlement and sales business, and conducting foreign exchange SPOT trading and derivatives transactions.
e) Support qualified financial companies in dealing with buyer's credit, extended industry chain financial services, and other businesses.
4. Promote the two-way integration of international and domestic financial markets.
a) Support international financial infrastructure institutions in setting up business in the Financial Street.
b) Support the interconnection of financial infrastructures in the district with overseas markets and the expansion of access channels for overseas institutional investors.
c) Support foreign institutions in obtaining the Class A lead underwriter qualification in the inter-bank bond market.
d) Support qualified foreign institutions in carrying out credit rating business for all kinds of bonds in the inter-bank bond market.
e) Support qualified institutions to be quoted by the National Equities Exchange and Quotations (NEEQ) and listed on overseas markets.
f) Qualified Foreign Institutional Investors (QFII) and RMB Qualified Foreign Institutional Investors (RQFII) are encouraged to conduct equity trading on NEEQ.
g) Support overseas QFII in participating in property rights transactions and inter-institutional private equity transactions.
h) Support qualified financial institutions in applying for bank card clearing licenses.
i) Support qualified institutions in carrying out pilot cross-border transfer businesses such as non-performing bank claims and trade financing.
5. Serve the construction of the National Fintech Demonstration Zone.
a) Support domestic and foreign financial institutions and large-scale technology companies in setting up Fintech companies and gathering a group of internally renowned and influential Fintech market players.
b) Accelerate the construction of the Beijing Financial Technology (Fintech) and Professional Service Innovation Demonstration Zone to gather Fintech business patterns, hold global Fintech activities, raise the level of internationalization, and improve the Fintech ecosystem incorporating the resources of government, industry, institute, application and capital.
c) Support institutions in the district to actively participate in national Fintech innovation supervision pilot programs.
d) Promote the formation of an open, cooperative, and mutually beneficial Fintech industry ecosystem.
6. Accelerate the cultivation of the international industrial and life-business ecologies in the Financial Street.
a) Deepen the construction of a gathering area for outstanding international financial talents in the Financial Street.
b) Reward and support outstanding overseas talents. Foreign talents who are employed by qualified financial institutions to engage in high-end, precision and sophisticated industries or are urgently needed shall be provided with facilitation measures and "green channel" services regarding the application for work permit, permanent residence permit in Beijing, entry-exit and other certificates as well as social security facilitation enrollment.
c) Stay in line with first-class international standards to construct international buildings, comprehensively improve the quality of supporting services and business service environment of the Financial Street, and effectively improve the quality and international level of services in education, medical care, housing, elderly care, housekeeping, and other areas.
7. Improve the provision of international professional services.
a) Introduce world-class professional service institutions in legal, consulting, credit, and human resource areas to provide more international professional services to financial institutions.
b) Support the improvement of financial justice and arbitration mechanism leverage the role of the “Belt and Road” International Commercial Mediation Center and the Financial Street Court, provide legal dispute resolution mechanisms to financial institutions as well as domestic and foreign investors, and optimize the regional judicial environment.
8. Strengthen exchanges and cooperation between domestic and overseas stakeholders.
a) Rely on the Cooperation and Development Council of Financial Street to build a platform for exchanges for foreign-funded institutions, regulatory authorities, and institutions of the same trade, and provide special services to the development of foreign-funded institutions.
b) Hold the annual meeting of the Financial Street Forum, the Global Fintech Summit, and a series of other activities, highlighting high-end, international, professional and diversified features of such events.
c) Various institutions are encouraged to hold various forms of international exchanges in the Financial Street.
d) Continue to promote international exchanges and cooperation of the Beijing Financial Street and the International Financial Center, and enable a wide range of exchanges between domestic and foreign financial institutions.
9. Apply particular policies to individual enterprises and promote the further implementation of opening-up projects in the financial industry.
a) Formulate special policy service packages to invite key foreign-funded institutions to develop in the Financial Street, and encourage financial institutions in the district to undertake pilot projects to further open up the financial industry. These packages will be formulated in consideration of the influence of foreign-funded institutions and the comprehensive contribution of financial institutions in the district towards the further opening-up of the financial industry, as specified in the Guidelines on Accelerating the Development of Modern Financial Industry in Xicheng District (hereinafter referred to as "Ten Articles of Financial Services"), Measures on Supporting the Construction of Beijing Fintech and Professional Services Innovation Demonstration Zone (Xicheng District) (hereinafter referred to as "Ten Articles of Fintech") and incentive policies for financial talents in Xicheng District.
b) Provide facilitation measures and "green channel" service in education, medical care, housing and other areas for outstanding financial talents in key foreign-funded institutions and key projects.
10. Provide full life cycle services to financial institutions.
a) Provide high-quality butler service to foreign-funded institutions in the district as well as those who intend to develop in the Financial Street, and deliver quality government service and market-oriented services.
b) Provide useful services in the aspects of regulatory policy consultation, partnership contracting, office site selection, registration agencies, operation assistance, etc.
The Measures shall be interpreted by Beijing Financial Street Service Bureau and implemented as of the date of issuance.