This Action Plan is formulated for the implementation of All-round Pilot Projects for Further Opening-up in Beijing's Service Industry approved by the State Council [Guohan (2019)] No. 16]. It is aimed at promoting quality growth in Beijing's financial sector and enhance its international visibility, taking advantage of the opportunity presented by the policies for further opening-up in the said sector.
I. Easier Market Access for Financial Institutions
1. Promote the easing of market access for credit rating agencies, and create favorable conditions for international rating agencies to enter the domestic rating market in China. Support foreign bank card clearing institutions in setting up offices in Beijing. (Time of Completion: December 2019. Responsible Organizations: the Business Administration Department of the People's Bank of China, Beijing Municipal Bureau for Market Regulation, and Beijing Local Financial Supervision and Administration Bureau)
2. Promote the easing of market access for banking and insurance institutions, support the establishment of foreign-controlled joint venture banks in Beijing, joint venture consumer finance companies and joint venture local asset management companies in Beijing. (Time of Completion: December 2019. Responsible Organizations: Beijing Banking and Insurance Regulatory Bureau, Beijing Municipal Bureau for Market Regulation, and Beijing Local Financial Supervision and Administration Bureau)
3. Promote the easing of market access for financial institutions in the securities industry, and support the establishment of new foreign-controlled securities companies and wholly foreign-owned or joint venture asset management companies in Beijing. (Time of Completion: December 2019. Responsible Organizations: Beijing Securities Regulatory Bureau, Beijing Municipal Bureau for Market Regulation, and Beijing Local Financial Supervision and Administration Bureau)
4. Support foreign financial institutions in setting up group companies or holding companies in Beijing, whose names may contain words meaning finance or financial, and facilitate foreign financial institutions to strengthen equity management of the financial institutions they have invested in China through their group companies or holding companies in Beijing. (Time of Completion: December 2019. Responsible Organizations: the Business Administration Department of the People's Bank of China, Beijing Banking and Insurance Regulatory Bureau, Beijing Securities Regulatory Bureau, Beijing Municipal Bureau for Market Regulation, and Beijing Local Financial Supervision and Administration Bureau)
5. Actively implement the 11 measures for the opening up of the financial sector introduced by the Office of the Financial Stability and Development Committee under the State Council. Support foreign credit rating agencies in Beijing in obtaining licenses to conduct rating business for bonds traded in China's inter-bank market. Support the establishment in Beijing of foreign-invested financial management subsidiaries of commercial banks, financial management companies, pension management companies, currency brokerage companies and other institutions. Support the relaxation of the foreign shareholding ratio restrictions set for companies engaged in life insurance and insurance asset management. Lower access requirements for foreign insurance companies, and speed up the implementation of policies in Beijing that lift restrictions on the percentage of shares owned by foreign investors in securities companies, fund management companies and futures companies. Support foreign-invested institutions in Beijing in obtaining class A principal underwriting licenses for the inter-bank bond market to participate in the underwriting business in such market. (Time of Completion: December 2020. Responsible Organizations: the Business Administration Department of the People's Bank of China, Beijing Banking and Insurance Regulatory Bureau, Beijing Securities Regulatory Bureau, Beijing Local Financial Supervision and Administration Bureau, and Beijing Municipal Bureau for Market Regulation)
II. Better Cross-border Trade and Investment Facilitation
6. Support transnational companies in carrying out centralized operation and management of cross-border funds, and further simplify the registration process of foreign debts and overseas loans with “once and for all registration”. Optimize account functions so that transnational companies' Chinese principal accounts may support multiple currencies (including RMB) with no limits on the type of currencies or the number of accounts. Lift limits on the number of partner banks in China. Conduct reform pilots that facilitate direct settlement of capital account income of transnational companies after putting on file. (Time of Completion: December 2019. Responsible Organization: the Business Administration Department of the People's Bank of China)
7. Advance the pilot program on facilitation policies for direct settlement of capital account income in Zhongguancun Science Park, and consider expanding the scope of the pilot program. (Time of Completion: December 2019. Responsible Organizations: the Business Administration Department of the People's Bank of China, and Zhongguancun Science Park Administration Committee)
8. Explore measures in light of the local conditions to facilitate foreign exchange settlements in trade in goods, and support banks in providing high quality services to genuine and legitimate trade settlements. (Time of Completion: December 2019. Responsible Organization: the Business Administration Department of the People's Bank of China)
9. Support qualified financial companies, securities companies and other financial institutions in obtaining qualifications for foreign exchange settlement and sales so that they may conduct foreign exchange spot transactions and derivatives trading. (Time of Completion: December 2019. Responsible Organizations: the Business Administration Department of the People's Bank of China, Beijing Banking and Insurance Regulatory Bureau, and Beijing Securities Regulatory Bureau)
10. Category A enterprises in the classification for foreign exchange management of trade in goods are not required to open verification accounts for their foreign exchange income (except for income from foreign exchange refund business and offshore transfer transactions). (Time of Completion: December 2019. Responsible Organization: the Business Administration Department of the People's Bank of China)
III. Positive Efforts of Exploration for More Opening-up in Capital Account
11. Explore ways to pilot cross-border financial capacity building projects. Study the possibility of encouraging a small number of well-qualified financial institutions to provide two-way cross-border financial services. (Time of Completion: December 2020. Responsible Organizations: Beijing Local Financial Supervision and Administration Bureau, Beijing Securities Regulatory Bureau, and the Business Administration Department of the People's Bank of China)
12. Explore ways to support qualified institutions in Beijing in piloting overseas investment projects by Qualified Domestic Limited Partner (QDLP). Allow qualified institutions to raise RMB funds from qualified investors and invest the raised funds in the overseas market. (Time of Completion: December 2019. Responsible Organizations: Beijing Local Financial Supervision and Administration Bureau, and the Business Administration Department of the People's Bank of China)
13. Support qualified institutions in applying for Qualified Domestic Institutional Investor (QDII) and RMB Qualified Domestic Institutional Investor (RQDII) business qualifications and actively obtain investment quota. (Time of Completion: December 2019. Responsible Organizations: Beijing Securities Regulatory Bureau, Beijing Banking and Insurance Regulatory Bureau, and the Business Administration Department of the People's Bank of China)
14. Expand the scope of QDII to investment management institutions initiated and established by domestic and foreign institutions in Beijing, including domestic securities companies, fund management companies and futures companies. (Time of Completion: December 2019. Responsible Organizations: Beijing Securities Regulatory Bureau, and the Business Administration Department of the People's Bank of China)
15. Pilot in Beijing cross-border transfer of non-performing assets by using qualified trading facilities as platforms, in light of the market demand. (Time of Completion: December 2020. Responsible Organizations: the Business Administration Department of the People's Bank of China, Beijing Local Financial Supervision and Administration Bureau, Beijing Banking and Insurance Regulatory Bureau, Beijing Municipal Commission of Development and Reform, and the State-owned Assets Supervision and Administration Commission of Beijing Municipal Government)
IV. Expanding the Cross-border Use of RMB
16. Accelerate the establishment of overseas RMB investment funds to better support the cross-border development of the real economy. (Time of Completion: December 2019. Responsible Organizations: Beijing Municipal Financial Regulatory Bureau, and the Business Administration Department of the People's Bank of China)
17. Taking advantage of China Beijing Equity Exchange to develop RMB settlement business for cross-border transactions of property rights, support overseas investors in participating in the cross-border transaction of state-owned property rights of domestic enterprises in RMB. Explore ways to expand the types and forms of property rights transaction. (Time of Completion: June 2020. Responsible Organizations: Beijing Municipal Financial Regulatory Bureau, and the Business Administration Department of the People's Bank of China)
18. Develop cross-border RMB loan business and support commercial banks in building cross-border financial service platforms for the Belt and Road Initiative, in order to provide comprehensive financial services for enterprises in Beijing to “go global”. (Time of Completion: December 2019. Responsible Organization: the Business Administration Department of the People's Bank of China)
19. Support qualified overseas enterprises in issuing RMB bonds in China. (Time of Completion: December 2019. Responsible Organization: the Business Administration Department of the People's Bank of China)
V. Expanding Business Scope of Foreign-invested Institutions
20. Facilitate qualified foreign-controlled or joint venture securities companies to obtain the Bond Connect market-maker sponsorship business qualifications. (Time of Completion: June 2020. Responsible Organization: the Business Administration Department of the People's Bank of China)
21. Facilitate foreign banks in need to participate in customs guarantee businesses for import and export customs duty and consolidated duty collection. (Time of Completion: December 2019. Responsible Organization: Beijing Banking and Insurance Regulatory Bureau)
22. Support auto financing companies in developing business in Beijing and expanding financing channels. (Time of Completion: June, 2020. Responsible Organization: Beijing Banking and Insurance Regulatory Bureau）
23. Improve services and help science and technology innovation enterprises to enhance their risk offsetting capacity and business sustainability, and explore new models of providing financial services to such enterprises. (Time of Completion: December 2019. Responsible Organizations: Beijing Banking and Insurance Regulatory Bureau, and Beijing Securities Regulatory Bureau)
VI. Further Opening-up in the Financial Market
24. Support and promote the two-way listing of Beijing enterprises on the National Equities Exchange and Quotations (NEEQ, or the New Over the Counter Market) and the Hong Kong Stock Exchange. (Time of Completion: December 2019. Responsible Organization: Beijing Securities Regulatory Bureau)
25. Support eligible foreign legal person banks in Beijing in applying for the primary dealership for open market business. (Time of Completion: March 2020. Responsible Organizations: the Business Administration Department of the People's Bank of China, and Beijing Banking and Insurance Regulatory Bureau)
26. Support mutual recognition of eligible fund products between the mainland and Hong Kong. (Time of Completion: December 2019. Responsible Organization: Beijing Securities Regulatory Bureau)
27. Promote financing for carbon trading and environmental equity trading by China Beijing Environment Exchange, establish a green project reserve and broaden the scope of green assets. (Time of Completion: December 2019. Responsible Organizations: Beijing Securities Regulatory Bureau, and Beijing Municipal Financial Regulatory Bureau)
VII. Enhancing the Internationalization of Financial Services
28. Promote mobile payment for public transport, health care, traffic penalties, public utility bills and government services for the convenience of the people. Mobile payment application will be made available in the subway airport line and bus networks by the end of 2019, and application of network mobile payment widely available in three years before the Beijing Winter Olympics. (Time of Completion: December 2019. Responsible Organizations: the Business Administration Department of the People's Bank of China, Beijing Municipal Commission of Transport, Beijing Municipal Bus Group, Beijing Municipal Rail Transit Command Center, Beijing Local Taxation Bureau, and Beijing Municipal Commission of Health)
29. Promote responsible investment in projects of the Belt and Road Initiative and establish ESG (Environmental, Social and Governance) principles. Encourage international financial institutions to sign the Belt and Road Green Investment Principles, and set up a secretariat in Beijing for the implementation of the green investment principles. (Time of Completion: December 2019. Responsible Organization: Beijing Municipal Financial Regulatory Bureau)
30. Draw on domestic and foreign experience and lessons for the development of catastrophe insurance, formulate a feasibility work plan of catastrophe insurance in Beijing. (Time of Completion: December 2019. Responsible Organizations: Beijing Banking and Insurance Regulatory Bureau, Beijing Municipal Bureau of Finance, and Beijing Local Financial Supervision and Administration Bureau)
31. Further promote the development of insurance for the financing of patent rights and other intellectual property rights. (Time of Completion: December 2019. Responsible Organizations: Beijing Municipal Intellectual Property Office, Beijing Banking and Insurance Regulatory Bureau, and Zhongguancun Intellectual Property Bureau)
32. Explore ways for auto financing companies to obtain customer authorization to do credit inquires in accordance with the provisions of the Law of the People's Republic of China on Electronic Signature. (Time of Completion: December 2019. Responsible Organizations: the Business Administration Department of the People's Bank of China, and Beijing Banking and Insurance Regulatory Bureau)
33. Support qualified financial companies in developing cross-border business, conducting buyer's credit business and providing financial services along the industry value chain. (Time of Completion: December 2019. Responsible Organization: Beijing Banking and Insurance Regulatory Bureau)
34. Support international cooperation in Fintech and support various kinds of institutions in hosting international seminars, expos and exchanges in Fintech. (Time of Completion: December 2020. Responsible Organization: Beijing Local Financial Supervision and Administration Bureau)
VIII. Attracting International Financial Talent
35. Coordinate and promote efforts by financial institutions to use all effective financial means to help develop a pool for international talent in Beijing and create favorable conditions for qualified financial professionals to pursue their career development in Beijing. (Time of Completion: December 2019. Responsible Organizations: Beijing Municipal Talent Work Bureau, and Beijing Local Financial Supervision and Administration Bureau)
36. Coordinate efforts to facilitate the entry and exit of highly skilled financial personnel of foreign nationality, and grant up to five years of work permit in Beijing to these professionals in the key service sectors such as finance. (Time of Completion: December 2019. Responsible Organizations: Beijing Municipal Human Resources and Social Security Bureau, Beijing Municipal Bureau of Public Security, and Beijing Local Financial Supervision and Administration Bureau)
37. Encourage financial institutions to help enterprises set up annuity plans for highly skilled foreign professionals who meet the relevant requirements. (Time of Completion: December 2019. Responsible Organizations: Beijing Municipal Human Resources and Social Security Bureau, Beijing Local Taxation Bureau, and Beijing Local Financial Supervision and Administration Bureau)
VIIII.Improving Financial Security and Stability
38. Put in place a mechanism for coordinated financial supervision and regulation, establish a shared directory of regulation information, gradually expand the depth and breadth of information sharing, and strengthen coordination and cooperation in financial supervision and regulation, in order to enhance the effectiveness of regulation and maintain financial stability in Beijing. (Time of Completion: December 2019. Responsible Organizations: the Business Administration Department of the People's Bank of China, Beijing Banking and Insurance Regulatory Bureau, Beijing Securities Regulatory Bureau, and Beijing Local Financial Supervision and Administration Bureau)
翻译：北京第二外国语学院 张颖 徐亚男
