Suzhou area of Jiangsu FTZ boosts financial innovation with 16 new measures

2020-01-17 17:06:00

The Suzhou area of China (Jiangsu) Pilot Free Trade Zone (Jiangsu FTZ), one of six such pilot zones designated by the State Council in last August, introduced 16 measures on January 16 to facilitate financial opening-up and innovation.

In three years, Suzhou area of Jiangsu FTZ will make full use of two financing vehicles - a 2 billion yuan FOF and a 10 billion yuan government guidance fund, add three new corporate financial institutions and 30 functional headquarters of financial institutions, increase the assets under management to 300 billion yuan, facilitate the launch of 300 high-quality innovative start-ups, and support new SMEs to raise over 30 billion yuan, according to the policy.

Up to now, Suzhou area of Jiangsu FTZ has reported the new registered capital of 16.845 billion yuan by domestic companies, agreed foreign investment of $646 million (paid-in investment of $237 million), registration of 15 foreign-funded investment agencies, and overseas paid-in investment of $139 million by Chinese companies.

The China (Jiangsu) Pilot Free Trade Zone covers three areas in Nanjing, Suzhou, and Lianyungang, adding up to 119.97 square kilometers.