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Several Measures for Supporting the Innovative Development of the Financial Industry in Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone

lgxc.gov.cn| Updated: Dec 16, 2019 L M S

II. Targets to support

Following the principle of equality between domestic and foreign institutions or enterprises, the Measures are applicable to domestic and foreign financial institutions and functional financial institutions newly registered and established in Lin-gang Special Area as independent legal entities, with their tax registration in Lin-gang Special Area, and have a sound financial management system and good credit.

III. Supportive measures for financial institutions

1. Licensed financial institutions

Licensed financial institutions in the Measures means financial institutions that are approved by China's financial regulation departments to provide financial services and are registered in Lin-gang Special Area as independent legal entities, including but not limited to banks, securities companies, insurance companies, futures companies, fund management companies, trusts, financial leasing and other institutions.

1) Licensed financial institutions with paid-in registered capital reaching a certain scale will be offered a move-in reward up to 60 million yuan ($8.53 million).

2) A comprehensive contribution reward will be awarded to licensed financial institutions according to their annual financial contribution to Lin-gang Special Area.

3) For financial holding companies established in Lin-gang Special Area that have effective control over two or more different types of financial institutions and havepaid-in registered capital reaching 500 million yuan, a move-in reward and contribution reward will be offered referring to reward for licensed financial institutions.

4) Specialized subsidiaries of licensed financial institutions (including licensed specialized institutions of commercial banks) established in Lin-gang Special Area will be offered a move-in reward and contribution reward referring to reward for licensed financial institutions.

5) Licensed financial institutions, their specialized subsidiaries and financial holding companies in Lin-gang Special Area will be offered a construction reward, if they purchase land to construct headquarters office buildings for their own use with the self-use rate reaching 70 percent.

6) Licensed financial institutions, their specialized subsidiaries and financial holding companies in Lin-gang Special Area will be offered a capital increase reward, if they increase their paid-in capital for business development.

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