China-ASEAN Financial Town to settle in Nanning

Guangxi issued the Measures to Accelerate the Construction of Guangxi's Financial Opening-up Gateway (Nanning Central Area) for ASEAN, focusing on building China-ASEAN Financial Town in Wuxiang New District in Nanning.

China-ASEAN Financial Town is mainly focused on the high-end service industry. It is a regional headquarters for ASEAN, a financial center, and a core platform for China-ASEAN financial information services. It consists of a financial headquarters gathering area, a financial information service area, a financial operation service area, and a technology financial industrial area.

The financial town will build a regional RMB offshore financial center, a regional currency transaction clearing center, and a cross-border investment and financing service center. It will also create a financial back-office service base, a wealth management service base, a financial information service base, and a financial exchange training base. It will form a China-ASEAN commodity spot market, gold industry trading market, regional equity investment market, regional property rights trading market, and capital cultivation service market.

China-ASEAN Financial Town will provide a variety of policy support for financial enterprises that have settled in the area. It will also provide policy support for the rental or purchase of office space, financial talent apartments, settlements, corporate economic contributions, cross-border financial business, financial innovation, and financial talent awards.

Enterprises that have settled in financial town through the purchase of land and self-construction of office buildings can enjoy the preferential rate of 50 to 60 percent for land transfers. Financial enterprises will be granted a one-time subsidy of 1,000 yuan ($144.83) per square meter, up to 6 million yuan, when buying or renting office buildings. Enterprises renting of office space for self-use will be elegible for a subsidy of 50 yuan per square meter per month for 36 months, up to 3.6 million yuan.

Financial enterprise headquarters will be given a one-time settlement of a maximum of 8 million yuan according to the paid-in capital. Financial enterprise business headquarters and  first-level branches will be awarded a one-time settlement of a maximum of 4 million yuan. Financial enterprise headquarters will also be given a relocation fee subsidy. Financial enterprises will be given economic contribution incentives of 100 percent of the incremental portion of their previous year's contribution to Nanning's economy for three consecutive years.

Financial talents will be given subsidies according to the specific provisions and recognized financial talents will receive a living allowance of a maximum of 250,000 yuan. In addition, the financial town will build apartments for senior managers and financial talents.

Banks that carry out RMB exchanges with ASEAN countries in the inter-bank market will be given a reward of 500,000 yuan. Banks that participate in the newly-launched currency listing transcations in ASEAN countries will be rewarded 300,000 yuan, as well as an addition reward of no more than 1 million yuan according to the annual actual transaction volume of 0.1 percent.

To date, the spatial layout of the China-ASEAN Financial Town has been basically completed, with a total construction area of 10 million square meters. Wuxiang New District of Nanning has accumulated seven of the world's top 100 most valuable brands, 28 of the world's top 500 enterprises, 20 of the top 500 domestic enterprises, and 43 financial institutions, including 27 headquarters and provincial branches.