20 measures to develop Jinjialing Financial District
(chinadaily.com.cn )| Updated : 2018-09-19
Print Print1. Supporting foreign-funded banks to set up banking corporations without restrictions on the foreign-invested shareholding in the Jinjialing Financial District of Qingdao, and to set up branches and sub-branches and expand their businesses areas.
2. Supporting foreign-funded financial institutions to set up asset management companies that do not have a foreign investment shareholding limit in the Qingdao Jinjialing Financial District; keeping a close eye on and actively introducing qualified commercial banks to set up financial asset investment companies and asset management companies in the district and supporting the introduction of foreign strategic investors.
3. Supporting banking institutions to carry out cross-border financial innovation businesses; supporting foreign-funded banks in the Qingdao Jinjialing Financial District to actively carry out wealth management businesses such as overseas financial management on behalf of clients, custody of overseas financial management on behalf of clients, and securities investment funds custody; supporting banking institutions to launch businesses of cross-border RMB lending, the letter of credit in RMB for cross-border trade , etc.
4. Encouraging the introduction of foreign investment in such fields as trust, consumer finance, financial leasing, auto finance, and family offices in the Jinjialing Financial District of Qingdao.
5. Supporting foreign investment to establish securities companies, securities investment fund management companies and futures companies in the Jinjialing Financial District of Qingdao. The upper limit of foreign ownership was relaxed to 51 percent; and efforts will be made to achieve breakthroughs in foreign-funded futures corporations and publicly-funded corporate companies.
6. Supporting foreign-funded institutions to participate in pilot projects of qualified domestic limited partners (QDLP) and qualified overseas limited partners (QFLP).
7. Reducing restrictions on the establishment of foreign-invested insurance companies, eliminating the requirement for the two-year establishment of a representative office for the establishment of foreign-invested insurance companies; supporting the establishment of foreign-funded Internet insurance companies; supporting foreign investment in setting up joint-venture personal insurance companies, and relaxing the upper limit of foreign shareholding ratio to 51 percent. More efforts will be made to lift the restrictions on the proportion of foreign ownership of personal insurance firms.
8. Supporting foreign investment in businesses of insurance agency and public valuation which do not have a share ratio limit in the Jinjialing Financial District of Qingdao, and opening up more business areas for foreign-funded insurance brokerage companies.
9. Supporting the open innovation policies in wealth management to be first tested in the Jinjialing Financial District of Qingdao; learning from the experience of overseas regulatory sandbox, conducting active research in formulating a group of innovation policies in reforming wealth management with Qingdao characteristics, and striving to put on the first trial in the district the open innovation policies, which are launched by the Qingdao Wealth Management Comprehensive Financial Reform Pilot Zone.
10. Building a China—Shanghai Cooperation Organization (SCO) Financial Center for the Regional Economic and Trade Cooperation Demonstration Zone; relying on the advantages of the core area of the national-level wealth management comprehensive financial reform pilot zone to build an investment and financing center for the SCO Regional Economic and Trade Cooperation Demonstration Zone and to promote investment and trade development among SCO member states.
11. Actively participating in the establishment of the Qingdao Free Trade Port, promoting its comprehensive integration into the Belt and Road Initiative (BRI); actively expanding the pilot project of the centralized operation of foreign exchange funds, vigorously promoting the application of the cross-border financial system and the cross-border use of RMB, and further enhancing the facilitation of trade and financing. Encouraging financial institutions to explore cross-border wealth management businesses, expanding the use of RMB in cross-border wealth management, conducting pilot reforms in foreign exchange management; promoting financial institutions to conduct cross-border services such as investment and financing, lending, asset management and consulting.
12. Supporting the Qingdao Blue Ocean Equity Exchange Center to carry out innovative cross-border businesses in line with relevant regulations; supporting the Qingdao Blue Ocean Equity Exchange Center to conduct overseas Internet private equity financing pilots conforming with the existing rules of domestic and overseas regional equity markets and foreign exchange supervision; deepening the cooperation between the Qingdao Blue Ocean Equity Exchange Center with the Hong Kong Stock Exchange and the Singapore Exchange, and expanding areas of cooperation with countries such as South Korea, Japan, Germany, the United States and Australia.
13. Improving the functions of internationalized supporting services, providing much more international public services, strengthening the introduction and cultivation of various domestic and foreign financial intermediaries such as financial auditing, evaluation and consultation, payment and liquidation, and credit rating intermediaries; increasing imports of domestic and foreign high-quality resources such as commercial, medical, cultural, sports, tourism and business services.
14. Comprehensively improving the quality of the financial district as an internationalized urban area ; adhering to the principle of putting people at the center, promoting the construction of a comprehensive financial town with integrated industries, intensive development, completed functions, a good ecosystem and efficient management; building a 10,000-meter high-level promenade surrounded by mountains and sea, a batch of wealth management culture squares, a green ecological circle around the core area, and a city image recognition system to enhance the level of basic public welfare facilities in the urban area of the Qingdao Jinjialing Financial District, to shape an international image for the urban area, and to build a new window for the image of the central city of wealth management.
15. Building a multi-level international conference system for wealth management; encouraging international organizations, regulators, financial institutions and industrial associations in the field of wealth management finance to hold internationally influential forums, annual meetings, summits and other major conferences in the Jinjialing Financial District of Qingdao, building the district into an internationally renowned area for wealth management activities.
16. Extensively carrying out international cooperation in wealth management; strengthening exchanges and cooperation with advanced countries and regions abroad, innovating the exchange and cooperation mechanism, gradually realizing efficient matching with global financial resources and enhancing the capability of international exchanges and cooperation of the financial district; deepening exchanges between Qingdao and its partner cities at home and abroad, strengthening exchanges and communication with well-known financial cluster areas at home and abroad, and exploring the establishment of an alliance for financial cities under the BRI.
17. Strengthening exchanges and cooperation with international financial think tanks; deepening the construction of the Qingdao Jinjialing Financial Think Tank, conducting wealth management research with Qingdao characteristics; boosting exchanges and cooperation with domestic and foreign financial think tanks.
18. Intensifying the construction of an international financial talent team; providing better public services for overseas talents in areas of housing purchases, healthcare and education, innovation and entrepreneurship, visa application and employment, etc.; exploring the establishment of an exchange mechanism for international financial training and devoting more efforts into international training.
19. Enriching the brand connotations of international festivals; giving full play to the brand advantages of the Qingdao International Beer Festival, Laoshan Mountain Scenic Spot, the Qingdao International Consumer Electronics Expo, and the SCO countries Import Commodities Exhibition, and exploring new ways of holding crossover festivals through integrating the characteristics of the Jinjialing Financial District with festival resources such as science, technology, tourism, culture, consumption, etc., in order to build a new platform for international financial exchanges.
20. Improving the publicity and promotion mechanism to enhance the district’s international communication capability; seizing the opportunity of the widespread promotion of the Qingdao image and brand across the world after the SCO Summit, to build a publicity system and a long-term mechanism in the Jinjialing Financial District that are comprehensive, multi-level and normalized; elaborately producing promotional tools such as the advertising video and brochure of the Jinjialing Financial District in Qingdao, and expanding the influence of Jinjialing media live broadcasts; promoting the domestic and international popularity and influence of the district through convening high-end conferences, forums, exhibitions and other activities; adhering to strategies of "going global" and "bringing in", telling the story of Jinjialing to the international community, spreading the voice of the district, and fostering a positive international image of the financial industry in Jinjialing.