Zhuhai’s Hengqin New Area recently issued new incentives to encourage development of financial services supporting the special zone’s supply chain, with up to RMB10 million rewards available to eligible financial institutions.
Two types of financial institutions registered or operated in Hengqin are eligible. One is “supply chain financial institutions”, such as commercial banks, trust companies, microfinance companies, financing guarantee agencies, financial leasing companies, and commercial factoring companies. The other is “financial service platforms” which refers to institutions providing supplementary services such as information exchange, technological support, education, training, legal and tax services.
For microfinance companies, financing guarantee agencies, financial leasing companies, and commercial factoring companies, the government offers a rebate of 1% of the tax paid, up to RMB10 million for each company.
The management committee of the Hengqin New Area is also encouraging supply chain financial products, business model innovation, and other contributions to the local economy. RMB5 million will serve as reward for outstanding teams or individuals.
Read more in Chinese.