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Xicheng District People's Government of Beijing Municipality

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Measures on Financial Street Implementing the Expanding Opening-up of Financial Industry by Xicheng District

1.        Actively undertake the task of national financial reform and opening-up.

Support foreign-funded institutions to initiate or participate in the establishment of financial institutions and investment in regional financial institutions in Financial Street, encourage foreign-funded and export-oriented financial institutions in the district to fully participate in the comprehensive pilot projects of expanding the opening-up of national financial industry and expanding the opening-up of Beijing's service industry, and ensure that relevant measures for expanding the opening-up of the financial industry are implemented in Financial Street first.

2.        Attract international financial institutions to gather.

a)        Support establishments of wealth management subsidiaries of commercial banks, asset management insurance companies, financial asset investment companies and their specialized subsidiaries.

b)       Support overseas financial institutions to participate in the establishment and investment of wealth management subsidiaries of commercial banks.

c)        Support foreign asset management institutions to establish joint ventures with subsidiaries of Chinese banks or insurance companies to set up wealth management companies controlled by foreign parties.

d)       Support overseas financial institutions to invest in or establish pension management companies.

e)        Support foreign-funded institutions to establish joint venture or wholly foreign-owned securities companies, fund management companies and futures companies in Financial Street.

f)         The proportion of foreign shares of life insurance companies can be increased from 51% to 100%.

g)        Support foreign financial institutions to invest in trust companies.

h)       Support the establishment of foreign financial institutions in Financial Street which invest in various fields including wealth management, non-performing asset disposal, professional factoring, consumer finance, endowment insurance, health insurance, etc.

3.        Strive for early and first try of pilot implementation in RMB internationalization and foreign exchange policy.

a)        Support financial institutions in the region to apply for pilot policies in terms of RMB international investment and loan funds, overseas investment of Qualified Domestic Limited PartnerQDLP, foreign exchange management facilitation, etc.

b)       Support qualified institutions to apply for Qualified Domestic Institutional Investors (QDII) and RMB Qualified Domestic Institutional Investors (RQDII) statuses.

c)        Support multinational companies to carry out centralized operation and management of foreign exchange.

d)       Support qualified financial companies, securities companies and other financial institutions to obtain the qualification of foreign exchange settlement and sales business, and conduct spot foreign exchange and derivatives transactions.

e)        Support qualified financial companies to carry out buyer's credit, extend industrial chain financial services and other businesses.

4.        Promote the two-way integration of international and domestic financial markets.

a)        Support international financial infrastructure institutions to set up business in Financial Street.

b)       Support the interconnection of all kinds of financial infrastructure in the district with overseas investors, and expand the channels for overseas institutional investors to invest in the market.

c)        Support foreign institutions to obtain the qualification of Class A lead underwriter in the inter-bank bond market.

d)       Support qualified foreign institutions to carry out credit rating business for all kinds of bonds in the inter-bank bond market.

e)        Support qualified institutions to list for financing on National Equities Exchange and Quotations (NEEQ) and overseas market.

f)         Qualified Foreign Institutional Investors (QFII) and RMB Qualified Foreign Institutional Investors (RQFII) are encouraged to conduct equity trading on NEEQ.

g)        Support overseas QFII to participate in property rights transactions and inter-institutional private equity transactions.

h)       Support qualified financial institutions to apply for bank card clearing licenses.

i)          Support qualified institutions to carry out cross-border transfer pilot businesses such as non-performing bank claims and trade financing.

5.        Serve the construction of National Fintech Demonstration Zone.

a)        Support domestic and foreign financial institutions and large-scale technology companies to set up fintech companies and gather a group of fintech market players with international popularity and influence.

b)       Accelerate the construction of Beijing Financial Technology (Fintech) and Professional Service Innovation Demonstration Zone, focus on carrying fintech formats, hold global fintech activities, enhance the degree of internationalization, and improve the fintech ecosystem which will optimize the use of capital for government,industry and research.

c)        Support institutions in the region to actively participate in the national fintech innovation supervision pilot programs.

d)       Promote the formation of an open, cooperative and win-win fintech industry ecosystem.

6.        Accelerate the cultivation of international industrial ecology, and life-business ecology in Financial Street.

a)        Deepen the construction of a gathering area of outstanding financial talents in the world in Financial Street.

b)       Reward and support outstanding overseas talents. Work permit, permanent residence in Beijing, entry-exit and other certificate processing, social security facilitation measures and "green channel" services shall be provided to the qualified foreign talents employed by relevant financial institutions.

c)        In line with first-class international standards, build international buildings, comprehensively improve the supporting service quality and business service environment of the Financial Street, and effectively improve the service quality and international level of education, medical care, housing, pension, housekeeping and other services.

7.        Improve the international level of professional services.

a)        Introduce world-class professional service institutions such as legal, consulting, credit and human resource services to provide more international professional services to financial institutions.

b)       Support the financial justice and arbitration mechanism to be sound and perfect, to play the role of the “Belt and Road” International Commercial Mediation Center and the Financial Street Court, to provide legal dispute resolution mechanisms to financial institutions and domestic and foreign investors, and to optimize the regional judicial environment.

8.        Strengthen exchanges and cooperation home and abroad.

a)        Relying on the Cooperation and Development Council of Financial Street, build an exchange platform for foreign-funded institutions, regulatory authorities and peer institutions, and provide special services to the development of foreign-funded institutions.

b)       Hold the annual meeting of the Financial Street Forum, the Global Fintech Summit and a series of activities, highlighting high end, internationalization, specialization and diversification.

c)        Various institutions are encouraged to hold various forms of international exchange activities in Financial Street.

d)       Continue to promote international exchanges and cooperation between Beijing Financial Street and the International Financial Center, and serve a wide range of exchanges between domestic and foreign financial institutions.

9.        “Apply particular policies to each of the enterprise and promote the implementation of expansion of opening-up projects of financial industry.

a)        In consideration of the influence of foreign-funded institutions and the comprehensive contribution of financial institutions in the region to the expansion and opening-up of financial industry, on the basis of “Guidelines on Accelerating the development of Modern Financial Industry in Xicheng District” (hereinafter referred to as "Ten Articles of Financial Services"), “Some Measures on Supporting the Construction of Beijing Fintech and Professional Service Innovation Demonstration Zone (Xicheng District)”(hereinafter referred to as "Ten Articles of Fintech") and financial talent incentive policies in Xicheng District, formulate special policy service packages to attract key foreign-funded institutions to develop in the Financial Street, and encourage financial institutions in the district to strive for pilot projects to expand the opening up of the financial industry.

b)       For outstanding financial talents in key foreign-funded institutions and key projects, provide convenient measures and "green channel" service support in education, medical care and housing.

10.     Provide full life cycle services to the Financial institutions.

a)        Provide high-quality butler service to the foreign-funded institutions in the district house-keeping and those who intend to develop in the Financial Street, and to offer excellent government service and market service.

b)       Provide services such as regulatory policy consultation, partner selection, office site selection, registration agency service, exhibition operation assistance, etc.

These articles shall be interpreted by Beijing Financial Street Service Bureau and implemented as of the date of issuance.


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