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September 8, 2013

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Financial pilot zone seeking web firms

INTERNET companies are being targeted with the establishment of Shanghai’s first financial pilot zone in the Bund area, officials said yesterday.

The Bund Financial Innovation Pilot Zone being created by Huangpu District government will offer preferential policies to attract businesses such as e-commerce companies and online trading platforms, officials said yesterday.

The zone aims to support the city’s pilot free trade zone in the Pudong New Area across the Huangpu River, said Wu Cheng, the district’s deputy director.

“More financial enterprises from across the world will set up bases in Shanghai due to the free trade zone and we hope some will choose the financial zone in Huangpu,” Wu said.

Wu was speaking as the district government and Shanghai Financial Institute jointly established the China Internet Financial Research Center and the China Private Financial Research Center for the financial zone yesterday.

Some 40 Internet financial enterprises have applied to move into the zone.

Three have reached initial agreements to have a base in the new zone, said Wu.

“These enterprises will be allowed for the first time to use ‘the Bund’ in their companies’ names, as one of the major preferential policies,” said Jiang Xizhou, director of Huangpu’s the Financial Services Office.

Previously, use of “the Bund” in a company name was strictly limited, Jiang said.

As a further incentive, innovation awards with the top sum of 500,000 yuan (US$ 81,692) will be presented to outstanding enterprises.

The government will also subsidize rent office decorating and offer subsidies and accommodation to talents attracted to the zone.

Huangpu is home to 116 headquarters and 2,500 foreign companies with investment of 25 billion yuan.

By 2015, Huangpu aims to have another 50 multinational companies basing their regional headquarters there.


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