 |
 |
 |
 |
 |
| Source Code China |
 |
 |
 |
 |
 |
|
| Home > About TEDA > Key Industries Brief > Financial Industry | |
 Key Industries Brief |
||
 |
|
Contents 1.TEDA - the Clustering Platform of Financial Service Sector for Tianjin Binhai New Area£¨TBNA£© TEDA - the Clustering Platform of Financial Service Sector for Tianjin Binhai New Area£¨TBNA£© TEDA has emerged into a clustering platform of Financial Service Sector for TBNA.By August,2008,there are altogether 236 financial enterprises in TEDA:21 Chinese Banks: establishing 11 branch banks,and 78 sub-branch banks;9 foreign banks: among which 1 branch bank,7 sub-branch banks,and 1 rep. office (Branch of Mizuho Bank from Japan; Sub-branch banks of HSBC from Hong Kong,Citi Bank from US,CHOHUNG Bank from Korea,The Bank of Tokyo-Mitsubishi UFJ from Japan,Sumitomo Mitsui Bank from Japan,Standard-Charter Bank from US,Shinhan Bank from Korea; Rep. office of State Bank of India. );4 Security companies(Bohai Securities,Huaxia Securities,Changjiang Securities,China Merchants Securities);20 Insurance companies(Ping An Property Insurance,Tai Ping Insurance,PICC,Ping An Life Insurance,China Pacific Life Insurance,China Life etc.);2 factoring companies,6 investment and guaranty companies,1 future broker,5 finance companies,1 trust company;Other 20 finance service agencies including- Motorola (China) Finance Co.,Ltd.,ICBC Finance Leasing Co.,Ltd.,Tianjin Climate Exchange,Financial Disputes Arbitration Center etc. Till Dec of 2008,there are 128 funds,fund management companies and venture capitals registered in TEDA,among which: 53 domestic funds,50 domestic fund management companies,3 foreign invested venture capitals and fund management companies,the capital contributed by domestic funds and management companies is amounted to 33.769 billion Yuan. In 2005,the first non-legal person foreign-invested venture fund¡ªSAIF Growth Venture Fund was launched in TEDA. In March 2006,China's first industry investment fund,the Bohai Industry Investment Fund was also launched here.
Advantages for the Growth of Financial Industry in TEDA The State Council has promulgated favorable policies which grant the Tianjin Binhai New Area (TBNA) exclusive rights to launch financial reforms and innovations before other domestic regions. In another word,TEDA is authorized to carry out reform and pilot programs in industry investment fund,venture capital investment,universal banking,financial enterprises of diversified ownership,foreign exchange administrative policies,offshore finance,etc. As the kernel of the TBNA,it is now the hub of the region's financial resources. (I)A Unique Macro Financial Policy Environment The authorized financial reform of the TBNA is highlighted by its scope (which involves banks,securities,insurance,fund,foreign exchange,bond,etc.) and depth (which allows universal banking among financial enterprises,OTC market,and individual direct investment in overseas securities market,the centralized operation of enterprise-owned foreign capital,etc.) Such friendly macro financial policy environment cannot be found anywhere else in China.
a. To expand direct financing channels,to improve the structure of social capital,and efficientize the use of social capital; b. To carry out pilot universal banking programs among financial enterprises and strengthen the service function of financial enterprises; c. To innovate and upgrade the system of financial institutions; d. To reform foreign exchange system; e.To set up a national OTC market in the TBNA for the equity trade of non-listed public companies; f.To optimize financial environment.
a. To uplift the limit of foreign exchange current account of pilot enterprises in the TBNA to 100%; b.To reform the verification and writing-off procedures of import and export-related foreign exchange,and allow qualified pilot enterprises in the TBNA to be supervised by the total sum of transacted foreign exchange rather than deal by deal; c.To integrate the foreign exchange administrative incentives of all kinds of entities under special customs surveillance,loosen restriction,simplify procedure,and facilitate the building of international logistics centers; d.To progressively allow the integrated operation and administration of the foreign exchange of enterprise groups of the TBNA; e.To reform the comprehensive position management in the settlement and sales of foreign exchange by designated banks,and allow banks who are registered in Tianjin and operating in the TBNA,the headquarters of rural cooperative financial institutions,and branches of foreign banks to carry out plus & minus floating zone management over the settlement and sales of comprehensive exchange position; f. To improve management method of the foreign debt of foreign-invested enterprises,and administer the balance of medium-and-long-term foreign debt of foreign-invested enterprises as the balance between approved investment and registered capital; g. To loosen restrictions on the foreign exchange surveillance over securities of overseas-listed companies held by individual investors.
a.To offer positive support to the TBNA's efforts in improving the system of financial institutions,and set up a financial system with complete categories and functions,optimized structure and service,and complying with international financial practice; b.To support pilot and innovative programs concerning financial organizational structure,financial business,financial products,financial tools and financial market,and provide positive support and guidance in the above mentioned fields; c.To support foreign banks to open up new arms in the TBNA,and provide them with supportive policies and green passage treatments equal to that of the regions covered by the Western Development incentives; d. To support foreign banks to carry out RMB business in the TBNA,and provide them with treatment similar to that of the regions covered by the Western Development incentives.
a.To highlight the dominant role of the market,encourage diversified insurance services such as mutual insurance and cooperative insurance,facilitate innovative efforts of regional or professional insurance companies,and push insurance intermediary agencies towards a professional and group-like development model; b.To embrace innovative insurance services,upgrade service standard,encourage insurance agencies to develop new products,support creative marketing models,explore new marketing methods such as mutual agency of non-affiliated life insurers,chain operation of concurrent business agencies,professional wealth management advisors,etc.,develop new services such as on-line insurance,distant indemnity,etc.; c.To expand the usage and efficiency of capital,facilitate professional,regulated and market-oriented operation of insurance capital,expand the channels of capital use,support investing insurance capital in big infrastructure projects,support big insurance groups get involved in the restructuring of financial enterprises in Tianjin; d.To perfect policy supportive system,create favorable environment,push forward related local legislation,intensify fiscal and taxation support,establish new protective mechanism,and effectively implement insurance talent development strategy. (II) Vigorous Support from Local Government The Tianjin municipal government and TEDA local government have promulgated a series of incentive policies to bolster the financial industry and build a safety net for the development of modern financial services. Qualified financial enterprises can all be awarded fiscal subsidy within certain amount and time limit in terms of initial operation,local taxation,individual income tax,office building,the introduction of senior talents,etc.. Tianjin Finance Service Office has established Tianjin Equity Investment Fund Service Center in TEDA,to provide related service for domestic and overseas equity investment (funds): 1¡¢Company Establishment 2¡¢Public Office Service 3¡¢Capital Matching Service Administrative Commission of TEDA has formulated the incentive policies in favor of the developing the Modern Service Industry to provide a full range of supports and service to domestic and overseas-invested enterprises in TEDA in terms of market access,the initial operation support,local taxes,personal income tax,office space support and the introduction of high-level talents etc. 1.Financial Preferential Policies for Promoting Modern Service Development in Tianjin 2.Provisions for Promoting Modern Service Development in TEDA 3.Regulations for Attracting,Training and Awarding Talents in TEDA
(III) A Clear-cut Role Setting The living estate of TEDA is now the financial hub of the TBNA. While striving to be a base for China's modern manufacturing,R&D,and incubation,TEDA is also focusing its efforts on building a base of finance and trade-related services for the entire country. Its role setting is to offer supportive services in finance and trade,and to serve as a hub and terminal of capital,trade,talent and information for Beijing,Tianjin,Hebei Province£¬the circum-Bohai region,North China,Northeast China,Northwest China,and even the Northeast Asia. It is expected to serve as a cluster zone for international-standard financial industry and offer a platform and carrier for the development of the financial industry of the TBNA. Towards that end,more innovative financial products will come out from here. As the kernel and front-runner of the TBNA,TEDA will step up its efforts to add more tangible and intangible infrastructure for the future of its financial industry. (IV) Huge Potential Client Group in TEDA As a key port,Tianjin is distinguished from other North China cities for huge foreign investment and dynamic growth trend. Statistics over the years show that FDI in China has been growing at a sustained and fast pace. That's cannot be more true with TEDA where many of its investors are committed multinationals. Now this front runner in FDI absorption is upgrading from a conventional manufacturing center to a hub of modern financial services. By doing so,it intends to build high-standard services and market planning for a healthy and active capital market. TEDA has a wealth of business resources with a large number of multinational companies featuring the most advanced productivity in the world clustered. By the end of 2008,TEDA has attracted 4618 foreign-invested enterprises from 74 countries and regions,with an accumulated total investment of 47.4billion U.S. dollars and the total contracted foreign investment of 35.1 billion U.S. dollars. 76 multinational companies among the "Fortune" 500 companies have invested 157enterprises in TEDA; in addition,there are over 10,000 domestic-funded enterprises,of which more than 200 high-tech enterprises have the healthy assets,which all shall be regarded as the potential customers of finance service enterprises. (IIV) Adequate Office Space TEDA has planed to complete the Modern Service District (MSD) in three years,in order to promote the Modern Service industry development in TEDA by being focused on Financial Services Sector. Playing the role as the government's supporting area in the financial services industry MSD will create an ecological chain of service industry focused on corporate headquarters,based on financial institutions and supported by advisory services institutions. MSD,with an area of about 2.5 km2,has functional facilities of administration,business office,commerce,residence,culture & education and medical treatment. The office buildings in MSD,with a total planning area of 2 million km2,consist of the existing financial street,judicial building and TEDA Plaza to be constructed. Except for TEDA central plaza,TEDA Plaza with a total floor area of 1.7 million km2 is divided into nine areas A-I,totaling 20 Grade A office buildings and the supporting commercial facilities.
£¨Sketch Map of TEDA Plaza Subareas£© In the Plaza,the total floor area of A and B is about 440,000 km2,with 220,000 km2 for office buildings. The total floor area of C is about 160,000 km2,with 120,000 km2 for office buildings. The above three areas shall be constructed by international standards for Grade A offices and would be long-held and run after their completion,and international standards leasing service of Grade A offices shall be provided for enterprises situated there. At present,Area C has started its construction in 2008 and is expected to be completed in Oct. 2010. Areas A and B will start in 2009 and be completed in 2011. Area D is a 350 meters super high-rise building with a total floor area of 400,000 km2. The total floor areas of Areas E to I which are expected to be completed in 2011,are about 680,000 km2 and about 440,000 km2 for offices,where customized services of all-sizes offices can be offered. The first-phase project in TEDA Financial Street,which were the first 5A intelligent office buildings in TBNA,has been completed and put in use with the occupancy rate up to 90%,more than 160 enterprises have been situated,covering banking,insurance,trade and law firms,accounting firms,consulting agencies and financial services. The second-phase project of three Grade A office buildings in TEDA Financial street,with construction area of about 37,000 square meters,has been completed in December 2008. Tianjin Equity Investment Fund Center,a public service platform created for inner and foreign equity investment organizations,science & technology enterprises and professional service agencies,is situated at Floor 3,building 6 in Financial Street,occupying a floor area of 1654 m2. By 2010,MSD shall emerge into a multi-functional 24-hour service business district and public activity center and into an urban dynamic center in TBNA as well,concentrated on administrative office,residence,culture,education,medical treatment and commercial supporting facilities and a convenient modern three-dimension traffic network as well. Master Plan for Finance Service Development in Binhai Take all endeavor to establish the Modern Finance Service System and Finance Innovation New Foundation,accomplished with the status as North China Economic Center and opening and developing of Tianjin Binhai New Area. 1. Explore Financial organizations and agencies 2. Develop Financial business and market 3. Enlarge Financial opening-up Contact Us: TEDA Investment Promotion Bureau Tel: 86-22-2520-1142/1949 FAX: 86-22-2520-1836
Website: www.investteda.org |
In the master plan of the State Council about the comprehensive reforms of the TBNA,you can find a six-point arrangement concerning financial reform. 
