SIP authorities recently released the Several Measures of Promoting High-quality Development of Financial Industry in China (Jiangsu) Pilot Free Trade Zone Suzhou Area, aiming to increase the number of financial service organizations in it to 2,000 and the funds under their management to more than RMB550 billion within five years.
The Measures include 15 policies designed to support financial service organizations to upgrade their facilities and functions, deepen integration with industries, go digital and adopt other measures to achieve strong development.
Eligible equity investment management companies can get a reward of up to RMB30 million along with subsidies for use of offices.
Financial service organizations are encouraged to set up digital financial platforms or subsidiaries, and can receive financial support for innovation and application of digital finance technology and pilot use of digital RMB.
November 29, 2023
