| Tens of Million Subsidies Cashed in Entered Financial Companies |
| 7/10/2006 1:1:0 Beijing CBD |
|
On July 10th, Beijing CBD Cham ber of Finance took the lead in Beijing city in actualizing fund subsidy policy for 9 financial companies in the district, including Aviva-Cofco Life Insurance Co., Ltd., Generali China Life Insurance Co., Ltd., Samsung Air China Life Ins. Co., Ltd, etc. which enjoy the fund policy.
This is the first time to pay fund subsidies to qualified financial companies since Chaoyang District People¡¯s Government issuing ¡°The Enforcenment Regulations about the Suggestions on Promoting the Development of Beijing Financial Industry in Beijing Center Business Distnict¡± in February, 2006.
Chaoyang District Government have gaven hiring-house subsidies of 9.43 million Yuan to the 9 companies this time. ¡°These company are just the first group, after this, there are 100 plus more financial organizations are in application.¡± Tong Ke Ke, Vice-governor of Chaoyang District, introduced. This year, Chaoyang District will supply fund subsidies of more than 100 million Yuan to financial companies.
At the beginning of this year, ¡°The Enforcement Opinions by Beijing CBD Concerning the Implementation of¡®Opinions on Facilitating Capital¡¯s Development of Financial Industry¡¯¡± was released by the government of Chaoyang District. And it was also declared that from then on the applications of financial enterprises to enjoy favorable policies would be accepted. Financial enterprises can also enjoy a subsidy for purchasing or renting a house. A one-time subsidy of 1,000 RMB/per square meter is granted to buy an office for own use; a three-year renting subsidy is granted to rent an office at the standard of 200 RMB/per square meter one year. Besides, the schooling problem of executives¡¯children in financial enterprises will be solved by local education committees.
Since¡°The Enforcement Suggestions¡± was released publicly, a large number of financial companies, foreign-invested financial institutions in particular, have all casted their eyes on the potential market of Beijing CBD. They have increased their domestic investments through various methods, namely, setting up new financial enterprises, expanding business scope or becoming a shareholder by investing in Chinese financial companies. Over almost one year, Aviva-cofco Life Insurance Co, Ltd has settled in the functional area of Beijing CBD and became the first financial headquarter to return Beijing. Followed it was General China Life Insurance, which has changed its headquarter from Guangzhou to Beijing CBD. In addition, the joining in of the headquarters of China Life Insurance, New China Life Insurance, Anbang Property & Casualty Insurance, Samsung Airchina Life Insurance and Sunshine Property & Casualty Insurance has made the number of financial enterprise headquarters within Beijing CBD reach over ten.
Besides, Beijing Branch of Swiss Reinsurance, the biggest reinsurance company in the world, has moved to LG Office Building. Zurich Insurance of Swiss has upgraded its representative office to Beijing Branch. The respective Beijing Branches of Hang Seng Bank and Bangkok Bank have both chosen CBD as their locations. HSBC Hong Kong has opened a branch at Guomao and thus became the first foreign-invested bank to have a branch in Beijing. Standard Chartered Bank of Britain has established a branch at Yansha Center; and City Bank has opened a branch at Jiali Center. The settling down of these financial enterprises, together with over 100 other financial institutions and offices such as the headquarter of China International Capital Corporation, American International Assurance Company, BNP Paribas, Bank of America and CLSA, have further strengthened the accumulating effects of financial industry in CBD. Therefore, international financial business has been gradually becoming the leading one of CBD¡¯s regional service industries.
It is reported that CITIC Ka Wah Bank Hong Kong is asking for permission to set up a Beijing Branch and has made a definite decision to locate at Fuer Building. Furthermore, many financial enterprises under preparation of being established or being ready to be set up have formed a good impression of CBD, e.g. MetLife is planning to found a Beijing branch; Anbang Property and Casualty Insurance is preparing to set up a life insurance company; China Poly Group Corporation and State Grid Corporation of China are going to establish a life insurance company as well as the Ping Tai Life Insurance due to come into its being.
It is said that the reasons for many financial companies to settle down in CBD are, on the one hand the favourable working environment, perfect basic establishment and expansive market which give financers confidence of investment in CBD; and the new financial policies that effectively attract the financial companies to be integrated in CBD, thus promoting the development of the capital¡¯s financial industry, optimizing the development environment, expediting the pace of Beijing¡¯s internationalization, and effectively playing the role of good policy guidance and industries promotion.
|
|
|
