The Xicheng district government of Beijing released the "Beijing Financial Technology and Professional Service Innovation Demonstration Zone (Xicheng District) Construction Plan" at the 2018 Second China Internet Finance Forum held on Dec. 8. According to the plan, the 300,000 square meter space formerly taken up by the relocated Beijing Zoo Wholesale Market will be turned into a core area of the Beijing Financial Technology and Professional Service Innovation Demonstration Zone.

The plan sets short-term, medium-term, and long-term goals for 2020, 2025, and 2035, respectively, with the aim of making Beijing "a global leader in fin-tech supervision, a growth pole of industrial development, a place of origin of institutional standards, and a priority destination for innovative minds."

"The Beijing Exhibition Center area has got 600,000 square meters of public spaces and 800,000 square meters of office building spaces that can be directly used for fin-tech development," said a person in charge in Xicheng's district government. 

The demonstration zone covers the 10 square kilometers of the Xicheng Park of Zhongguancun, including the three blocks of Beijing Exhibition Center, Desheng and Guang'an.  

The zone's 300,000 square meter core area that the Beijing Zoo Wholesale Market formerly occupied will be focusing on regulatory technology, financial technology, risk management, financial security, and innovative professional fin-tech services. The Desheng area and the Guang'an area will mainly undertake the innovative services and innovation platforms of financial technology, providing space and industrial structure support for the core area and aiming to promote organizational model innovation, business innovation and service innovation in the core area.  

In order to attract fin-tech enterprises and professional service providers to take up offices in the demo zone, the Xicheng district government, together with the Zhongguancun Management Committee and Beijing Financial Street Service Bureau, formulated 10 measures to fuel the zone's development. 

According to the measures, the Xicheng district government will provide financial support in many fields such as registration subsidies, leasing subsidies for three consecutive years, and a fund up to 50 million yuan (US$7.25 million) for companies going public. Also, the Beijing Financial Technology Investment Fund will be established to bring down business operation costs. With regard to smart city construction and operation, rewards up to 10 million yuan could be granted for innovations in cutting-edge technologies such as artificial intelligence, blockchain, quantitative investment, and intelligent finance. When it comes to the green and intelligent redevelopment of the overall environment of the demonstration area and key buildings, a bonus up to 50 million yuan will be granted to improve the quality and relative services for companies and institutions that have made home in the demo zone. 

In addition, according to the 10 measures, the abundant public services in Xicheng will be leveraged. A green channel for recruiting talented individuals will be established. They will receive financial rewards and be provided with the best services in children's education and health care, so they can focus on their business and development in the demo zone.

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