Measures aim to develop Shanxi zone as financial cluster
Shanxi Transformation and Comprehensive Reform Demonstration Zone and Shanxi Local Financial Supervision and Administration Bureau recently jointly rolled out 30 measures to help the zone located at the intersection of Taiyuan and Jinzhong cities become a vibrant financial cluster in North China's Shanxi province.
The measures aim to attract more domestic and foreign financial institutions to settle there, innovate financial products in accordance with the development focus of the zone, improve its financial service system and promote the coordinated development of industry and finance.
Financial institutions registered in the zone can apply for support funds and incentives.
Newly established financial institutions to the zone can be granted 5 to over 20 million yuan ($2.93 million) based on their paid-in registered capital.
Licensed first-level branches of financial institutions -- such as newly established or newly relocated banks, securities companies and insurance companies -- will be given a one-time grant of 2 million yuan.
Financial institutions will be rewarded according to the percentage of their contribution to the finances of the demonstration zone, from the year they are established or move there.
In addition, there will be corresponding incentives for promoting the integration of technology and finance, as well as for establishing protection and risk compensation mechanisms in the zone.