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Lin-gang Special Area accelerates financial opening

en.lgxc.gov.cn| Updated: May 9, 2020 L M S

Lin-gang Special Area, together with the Shanghai Head Office of the People's Bank of China, Shanghai Bureau of the China Insurance Regulatory Commission, Shanghai Bureau of the China Security Regulation Committee, and the Shanghai Municipal Financial Regulatory Bureau, announced several measures to help Lin-gang promote financial openness and innovative development on May 8.

The measures included 50 innovation initiatives related to opening up, strengthening institutional innovation, fostering a stronger financial system, boosting the real economy, and providing better services.

Geared to meet international standards, favorable tax policies were included in the measures, such as expanding the scope of value-added tax policies for Lin-gang to serve exports, studying the tax policies of Lin-gang for the development of overseas investment and offshore business, and exploring the possibility of deferring taxes on overseas investment income from pilot free trade accounts.

In order to promote high-level trade and investment liberalization and facilitation, funds raised from abroad by Lin-gang firms, as well as eligible funds raised from abroad by financial institutions and revenues from cross-border services, can be independently used for business and investment activities in the Lin-gang Special Area and abroad.

Cash rewords and rent subsidies are being offered in order to accelerate the construction of financial clusters, according to the measures.

The measures also included preferential policies, such as individual income tax subsidies, residency policies, child education and medical security to attract financial talent to Lin-gang.

Lin-gang Special Area will build a financial cluster in the core urban area, build infrastructure which meets advanced international standards, and attract various financial institutions and functional platforms.

Currently, more than 20 financial institutions and companies are planning to build new office buildings in the area.

Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, Shanghai Pudong Development Bank, Bank of Shanghai, Shanghai Rural Commercial Bank and China Pacific Insurance (group) Co Ltd signed building purchase agreements with the Lin-gang Special Area Administration at the press conference.

Huihua Financial Management Co Ltd, the first joint venture financial management firm in China, and the China securities capital market legal service center, a national securities and futures dispute mediation institution, set up operations in Lin-gang on the same day.

Bank of China Group Investment Ltd, Kaiyuan Securities, DeHeng Law Office and another five companies also signed building purchase agreements with the Lin-gang Special Area Administration.


Lin-gang Special Area Administration signs agreements with Huihua Financial Management Co Ltd and China securities capital market legal service center online on May 8. [Photo/WeChat account: shlgguanweihui]


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