Nansha eyes China’s first international financial island

Guangzhou’s Nansha district recently released a policy interpretation on its official website regarding an international financial island’s development measures.

It addressed the importance of characteristic development and innovation exploration.

The envisioned island, lying in the core area of the Guangdong-Hong Kong-Macao Greater Bay Area and covering two square kilometers, will be co-constructed by the local government and the International Financial Forum (IFF).

Seen as a world-class landmark urban space based on the permanent site of IFF headquarters, it will play the role of the financial hub of the Bay Area.

The policy elucidation calls for constructing aviation asset trading platforms and a green financial system as part of a characteristic financial island.

Hong Kong and Macao investors are invited to jointly set up an aviation asset trading center for further optimizing aviation resource allocation in the Bay Area.

The green financial system is meant to apply to various areas such as standard authentication, market interworking and risk prevention.

Proactive measures for strengthening the development of new leasing modes and innovative bank businesses are mentioned to promote financial market interworking.

A new cooperation mode of the government and social forces is included for construction of the IFF headquarters, a financial expo park, schools and institutes of international studies.

The local government will offer generous residency policies to lure enterprises, innovation platforms and talents.

Licensed corporations will be eligible for awards of 18 million yuan ($2.54 million) while those that are the first to be rated as Fortune Global 500 companies can gain an extra 20 million yuan, which should promote agglomeration development.

Newly-settled innovative service platforms can secure at most 100 million yuan as constructing and operating subsidies.

Imported talents will receive different levels of housing allowances in accordance with their education background—bachelors can reap 20,000 yuan, masters 40,000 yuan and doctors 60,000 yuan.

Researchers retained by local postdoctoral centers can get 100,000 yuan in disposable scientific research funds and an 80,000 yuan living allowance per year.

In addition, managers in enterprises and professional talents won’t have trouble with their children’s enrollment in schools, whether at kindergarten or the compulsory educational stage.