The Beijing Economic and Technological Development Area (BDA) recently issued measures to accelerate the high-quality development of industrial finance for the first time.

The policy includes six major items and 12 support policies, including the construction of an industrial financial system, the introduction of investment institutions, and the enrichment of financial formats, all of which are intended to support cross-border finance, boost the development of financial institutions, and strengthen the construction of financial talent teams, with the highest reward totaling 60 million yuan ($9.43 million), according to the BDA Bureau of Commerce and Finance.

Licensed legal-person financial institutions and branches that are closely linked to industrial development, such as banks, securities companies, insurance companies, financial leasing companies, auto finance companies, and consumer finance companies in the BDA, can receive a subsidy of up to 60 million yuan.

These measures also support the above-mentioned industrial financial institutions to purchase or rent office space with a maximum support of 30 million yuan to reduce their start-up and operation costs.

The maximum reward for investment introduction is 10 million yuan; the reward for project introduction is 1 million to 2 million yuan; the maximum reward for regional economic contribution is 10 million yuan; and the annual reward for the investment team is 1 million yuan.

These incentives have encouraged investment institutions to gather, develop, and increase capital investment in the industry.

In the high-quality development of the industrial chain and supply chain, the BDA has promoted the development and growth of financial formats such as commercial factoring and financial leasing through incentives of up to 5 million yuan.

For financial leasing companies in the area that provide financial leasing businesses and financial leasing companies that purchase equipment produced by BDA enterprises for their leasing businesses in the same year, the above-mentioned reward for each company is up to 5 million yuan per year.

In terms of supporting cross-border finance, financial institutions in the area that provide cross-border remittance, letters of credit and other cross-border settlement services for enterprises in the area will be rewarded up to 10 million yuan per year.