The Jinan government announced a slew of new measures to further open up its financial markets and facilitate the city's free trade area development, according to a news conference held on Oct 9.

Officials said the new policy aims to promote the area's cross-border trade and bring in more investment, as well as lure multinational companies to start up operations.

The policy has 20 measures in four sections focusing on attracting foreign financial institutions, promoting cross-border investment and fund-raising and enhancing financial services.

Industrial finance is one of the key development industries of the Jinan Area of Shandong Pilot Free Trade Zone, according to a development plan released by the State Council in August.

As part of the newly launched Shandong FTZ, the Jinan area covers 37.99 square kilometers and includes the Jinan Innovation Zone, the Jinan International Financial Cluster and Tangye New Area.

Since launched, the area has lured 1,000 companies to locate there and attracted a number of projects, funding companies and banks.

Officials said the newly released financial policy will help see more headquarters for international financial institutions, regional headquarters and functional headquarters settle in Jinan area.

Jinan will strive to make full use of the FTZ's role of serving as a "test area" in the reform and opening-up, inject more innovation vitality and build it into the city's regional economic center, logistics center and technological innovation center in future.