Policies to Introduce Foreign Financial Institutions
The Opinions on the Promotion of the Development of the Financial Industry promulgated by Hubei provincial government in April 2010 stipulates that the government of the municipality or the state where the headquarters, regional headquarters and background service centers of financial institutions newly established or settled in Hubei province as well as newly established municipal institutions are located shall make corresponding incentive policies.
Financial institutions that have built the office occupancy in Hubei province for their own use will, after making full payment of the land transferring fees, obtain a one-time subsidy equivalent to the amount paid for the self-use occupancy from the local government.
Financial institutions that have purchased the office occupancy can get a one-time housing subsidy for the floor area of the self-use space. The Opinions on the Policies to Promote the Development of Foreign Financial Institutions in Wuhan issued by Wuhan municipal government in 2006 stipulates that as of 2007, the municipal financial department shall allocate RMB 100 million Yuan to be exclusively used for encouraging and supporting the development of foreign financial institutions.