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Shenzhen Announces Qianhai Financial Services Development Incentives

In a bid to promote innovation and nurture clustering among finance-related businesses within the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, the Shenzhen Municipal Government has announced a fresh raft of incentive measures, including:

  • Any financial enterprise already in receipt of the benefits outlined in the Several Measures of Shenzhen City for Supporting the Development of the Financial Industry is to be entitled to an additional lump sum equivalent to 50% of the funding previously granted (unless otherwise specified)
  • Attractive terms on offer to any commercial banks willing to relocate subsidiaries or specialist divisions (including those with a focus on asset management or financial asset investment) to Qianhai as components of its nascent financial services cluster

Full details of the measures – which came into effect as of 20 August and will remain in force until 31 December 2020 – can be found in the Implementation Rules of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone for a Special Fund in Support of the Development of the Financial Industry (Shen Qian Hai Gui No. 11 [2019]).

Source: Shenzhen Municipal Government

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