Since 2018, Beijing has attracted over 50 foreign financial institutions to operate in the city as it continues to upgrade its service and business environment, according to the municipal financial regulator.

To attract more overseas financial businesses, Beijing has set up a special task force that provides one-stop and personalized counseling for local policies, issues related to administrative approvals, and other support services, said Huo Xuewen, head of the Beijing Local Financial Supervision and Administration.

Beijing applies a preferential 15% personal income tax for professionals working in foreign-funded financial services, and financial establishments are able to enjoy subsidies and incentives for purchasing and renting properties as well as for opening up operations in Beijing.

Since 2018, over 50 foreign financial institutions covering areas including insurance, securities, financial technology, asset management, credit rating, and payment and settlement have established operations in the city.

Beijing is building itself into a pilot free trade zone as well as a comprehensive demonstration zone for further opening up the service sector.

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