Xiamen to offer financial support to leasing companies
Xiamen authorities are offering financial aid to leasing companies operating in the Xiamen free trade zone.
The Xiamen Financial Affairs Office issued two regulations on its official website, the first last October and the second on August 8.
According to the guidelines, leasing companies that meet certain eligibility criteria may apply for the rewards or subsidies when they are in any of the following situations: getting settled in the zone, increasing registered capital, improving their financial performance, improving their credit profile, or paying for a property purchase or rental.
The settling-in-allowance is capped at 30 million yuan for each company. The city also encourages outstanding financial performances by offering incentives to companies handling transactions of at least 50 million yuan.
The Xiamen free trade zone administration's financial unit will be responsible for the ratification and payment of the financial aid. The application deadline for any given year is the end of April of the following year, except for in 2016. This year the deadline is extended to October 31.
Why Xiamen
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Xiamen is one of the most economically competitive cities in China and was one of the first Special Economic Zones on the Chinese mainland. As a vice-provincial city independently listed on the State development plan, it has provincial-level authority in economic administration and local legislative power. In 2010, the Xiamen SEZ was expanded to cover the entire municipality. Today, Xiamen is a modern and international port city.