Tianjin is set to accelerate the development of its financial innovation operation demonstration zone by focusing on four key areas: Fostering financial institution clusters, advancing the entire financial industry chain, nurturing financial talent, and cultivating a robust financial ecosystem.
The initiative was unveiled at a press conference held by the Tianjin Municipal People's Government Information Office on Aug 1.
A joint directive featuring opinions on Tianjin's financial support for high-quality development was recently issued by the People's Bank of China, the National Financial Regulatory Administration, the China Securities Regulatory Commission, the State Administration of Foreign Exchange and the Tianjin Municipal People's Government. The document aims to help the city's finance sector to better play its role in supporting economic development and leverage its function of allocating financial resources.
To effectively implement these directives, Tianjin has released 18 specific measures which target key financial sectors including sci-tech finance, industrial finance and shipping finance.
Financial institution clusters
The city has introduced a variety of incentives for financial institutions. For newly established or relocated legal person financial institutions in the landmark area, settlement rewards ranging from 1 to 4 percent of the paid-in capital will be offered. Additionally, subsidies at a rate of 2,000 yuan ($276.51) per square meter will be provided for institutions that purchase or lease new office space for self-use.
Entire financial industry chain
Incentives will also be extended to institutions excelling in serving Tianjin's real economy. For example, the top 5 bond underwriters or underwriter branches in the city, particularly those underwriting technology bonds and green bonds, will receive annual rewards of up to 1 million yuan ($138,244).
As part of the coordinated development strategy for the Beijing, Tianjin and Hebei region, Tianjin is designated as "one base and three zones". This includes the "financial innovation operation demonstration zone", which is tasked with establishing a modern financial service system aligned with high-quality development goals, economic trends and urban development needs.
Liu Huijie, director of the Tianjin Local Financial Supervision Bureau, emphasized that these policies aim to attract high-quality financial resources and enhance the financial clustering effect. Additionally, they seek to invigorate and motivate the development of financial entities within the city, thereby creating a synergistic environment conducive to the high-quality growth of Tianjin's financial industry.