Modern financial system for Xiongan
Print Edition
CHINA will accelerate the establishment of a modern fiscal, taxation and financial system in the Xiongan New Area to boost its development, according to a guideline on deepening reforms and expanding opening-up in Xiongan, which was issued yesterday.
The government will increase fiscal input to the Xiongan New Area for the construction and maintenance of infrastructure, interest payments on local government debt and industry fund injections. The government will also innovate taxation policies to encourage high-tech companies to move from Beijing to Xiongan, broaden channels to raise capital for Xiongan development, and establish a stable and long-term fundraising mechanism.
Greater efforts will be made to attract more Beijing-based private financial enterprises to move to Xiongan, according to the guideline.
The government also supports the establishment of the Xiongan Bank and will establish a financial supervision framework consistent with international rules in the Xiongan New Area, while preventing systematic and regional financial risks.
In April 2017, China announced the establishment of the Xiongan New Area, about 100 kilometers southwest of Beijing, which spans three counties in Hebei Province.
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