On July 13, news came from the Administration Committee of Beijing Daxing International Airport Economic Zone (Daxing) that the latest Interim Measures Regarding Financial Support for the Airport Industrial Development are now applicable to tax-paying financial and similar financial institutions, specifically including banks, insurance, securities, financial leasing, financial companies, public funds and others that are registered in Beijing Daxing International Airport Economic Zone (Airport Economic Zone for short).

Regarding the start-up subsidy, the Measures state that foreign-funded legal person financial institutions and branches with independent settlement functions that are registered in the Airport Economic Zone and other foreign-funded institutions which the Administration Committee of Beijing Daxing International Airport Economic Zone approves are eligible for financial subsidies.

Regarding investment support, the Measures encourage private equity investment funds to support industrial development within the Airport Economic Zone and will provide incentives to fund managers based on their actual investment scale in the Airport Economic Zone. These incentives are classified into 6 levels ranging from CNY 500,000 to CNY 7.5 million according to the actual cumulative scale of the investment.

Regarding operational support, the Measures specify to grant up to 80 percent of comprehensive district-level contributions in the previous year to any financial and similar financial institutions that are newly registered in the Airport Economic Zone and make a total annual district-level contribution of CNY 500,000 and above in any of the 3 years after registration. This financial support will be given for 3 consecutive years starting from the year it is first granted. Natural person partners (or shareholders) of private equity investment funds will be granted financial support equivalent to 80 percent of their total district-level contributions made in the Airport Economic Zone.

Regarding support for cross-border financial business, the Measures encourage enterprises in the Airport Economic Zone to carry out cross-border equity investments including QFLP and QDLP. Qualified institutions are also encouraged to explore innovative business ventures such as domestic and foreign currency capital pools, cross-border bond issuance and cross-border financial asset transactions and to promote international cooperation under innovative funds in an orderly fashion.

As of the end of this June, altogether 1,982 market entities have settled in Daxing Cluster located in the high-end industrial area of China (Beijing) Pilot Free Trade Zone and Beijing Daxing International Airport Area of China (Hebei) Pilot Free Trade Zone, of which 1,139 entities were registered from January to June this year. Looking forward, the Airport Economic Zone will make a concerted effort to become a connection point for global innovative resources and promote opening up at a higher level.

(Note: Content source is from Chinanews.com)