FINANCIAL SERVICES INDUSTRY
As a pillar industry in Chaoyang District, Beijing, financial services have skyrocketed
in recent years.
INDUSTRY OVERVIEW
As the "main clusters of International financial institutions in Beijing", "International Reinsurance Center" and "International Venture Capital Agglomeration Area", Chaoyang District has been adhering to the concept of high-quality, complete license and internationalization of the financial industry, and has formed a unique advantage in the entire city and even among the developed financial cities in China.
In recent years, the financial industry in Chaoyang District has focused on international finance, cultural finance, sci-tech innovative finance, green finance, inclusive finance and other fields. Abiding by the international standards, and docking with the international finance resources, it has vigorously developed emerging financial businesses, and continued to build a diversified financial system. The global headquarters of AIIB, the Representative Office of the World Bank, the International Monetary Fund, the Asian Development Bank and other international financial organizations, the three major rating agencies, Standard & Poor's, Moody's and Fitch, are all located in Chaoyang District. In recent years, the regional contribution of financial industry in Chaoyang District has continuesd to rise with financial industry becoming the largest industry in Chaoyang District.
THE SETTLEMENT OF PROMINENT INSTITUTIONS GIVES CHAOYANG GROWING GLOBAL INFLUENCE
At present, Chaoyang District has fundamentally formed a financial system led by CBD international finance, supported by the cluster of international financial organizations in the Olympic functional area and the integrated development of financial technology in Wangjing. There are more than 1600 licensed financial institutions, including nearly 400 foreign financial institutions, accounting for more than two-thirds of the total number of foreign-funded financial institutions in the city. It gathers 100% of the auto financing companies and the foreign reinsurance companies in the whole city, 80% of the foreign corporate banks, 80% of the foreign-funded and joint venture insurance companies, 70% of Representatives of the International Stock Exchanges. In addition, Chaoyang District is home to nearly 300 listed companies and more than 3,000 private equity funds, ranking among the top in terms of volume and variety in China.
Internal Services
In Beijing, Chaoyang took the lead in launching "service package" program to provide butler services for key institutions located in Chaoyang. Based on the needs of key financial institutions in Chaoyang, "one enterprise, one file" mechanism is established to provide them with comprehensive services such as building site selection, industrial and commercial registration, tax registration, funds, talent services, and business development.
GOING FORWARD
After the completion of CBD construction, Chaoyang will develop a Grade-A office cluster with a total construction area of tens of millions of square metres. The Asian Investment Bank will locate its office in the Olympic functional area, which will exert a driving effect on international financial organizations and related service institutions. Dawangjing Technology Park and Jinzhan Dongba Financial Business Park have enormous growth potential and are capable of catering the multi-level development needs of financial institutions. Going forward, Chaoyang District will focus on further opening up two-way financial services, promote precision services, and create a world-class business environment for international financial institutions and talents.
GOING FORWARD
Becoming increasingly international with the spectacular growth of foreign investment
SEVERAL MEASURES OF CHAOYANG DISTRICT FOR SUPPORTING DEVELOPMENT OF THE FINANCIAL INDUSTRY
The following measures have been formulated in light of the unique advantage of Chaoyang District in internationalization terms in a bid to facilitate the development of “Four Centers (i.e. political centre, cultural centre, international exchange centre and sci-tech innovation centre)” in Beijing, step up construction of the key concentration area of international financial institutions in Beijing, build the “international insurance and reinsurance centre” in Chaoyang District, further execute the early and pilot implementation policy for opening-up of the financial industry, accelerate easing market access for financial institutions, improve the financial support policy system and promote high quality development of the financial sector across this district:
I. Encouraging Newly Established Organizations to Locate in Chaoyang District
(1) Giving a lump-sum financial reward for financial institutions’ headquarters newly registered or relocated in Chaoyang District in view of the size of their paid-in capital
(2) Supporting the development of clusters of foreign-funded financial holding (or group) companies covering the Asia-Pacific or greater China region and of foreign-funded financial institutions
(3) Providing support for foreign-funded reinsurance companies in view of the positioning of Chaoyang District as “an international reinsurance centre”
(4) Supporting the headquarters of equity investment enterprises and equity investment management enterprises to locate in Chaoyang District
(5) Incentivizing financial institutions to set up specialized agencies or subsidiaries
(6) Promoting the development of clusters of financial sci-tech enterprises in Chaoyang District
(7) Supporting the development of insurance intermediary service providers
(8) Promoting the clustering of level 1 branches of financial institutions
II. Supporting Financial Institutions to Develop in Chaoyang District as Residents
(9) Granting subsidy to resident financial institutions for an increase of the paid-in capital
(10) Providing support in terms of siting, land transfer and development funds for financial institutions’ headquarters newly incorporated or relocated in Chaoyang District in the case that they need to purchase land for the purpose of developing office buildings for self-use
(11) Granting housing purchase subsidy for financial institutions
(12) Providing financial institutions with housing rent subsidies
(13) Encouraging financial institutions to conduct inclusive financial business to support the development of small- and micro-sized enterprises
III. Encouraging the Conduct of Financial Business
(14) Supporting financial institutions resident in Chaoyang District and with favorable conditions to engage in cross-regional M&A and market-oriented restructuring
(15) Giving financial support to enterprises of Chaoyang District that use the capital market to finance their development
(16) Accelerating the development of the financing lease industry, supporting integrated development of that industry with the advanced manufacturing and high-tech industries, and thereby assisting transformation and upgrading of the real economy
(17) Encouraging financial institutions to support the construction of a “high-level, precision and advanced” industrial system in Chaoyang District
IV. Accelerating the Pooling of Financial Talents
(18) Deepening and expanding the service mechanism for foreign talents
(19) Providing financial talents with convenient life amenities and sound quality services
SERVICES AND MEASURES
Chaoyang District rewards financial institutions for being headquartered in this district, supports financial professional subsidiaries, financial technology companies, equity investment companies and equity investment management companies to locate in the district, and provides subsidies for internal financial institutions with increased investment and for purchasing and renting offices. The district also supports cross-regional mergers and acquisitions and market restructuring of financial institutions, provides policy support to companies that use capital market financing for development, and encourages companies to pursue listing and mergers and acquisitions. Efforts are made to deepen and expand the service mechanism for foreign talent so as to provide financial talent with convenient life and high-quality services.