Aug. 26 – The Guangdong provincial government approved a plan to create a new financial services investment park last week aimed at accelerating the financial high-tech service industry in the province.

According to the plan issued on August 17, the government will build a financial services industrial park that will feature R&D centers, data processing centers, call centers, disaster recovery centers, training centers, and insurance asset management centers to support the business.

With the goal to introduce 100 major domestic and international financial background services institutions, service outsourcing enterprises, information and other support organizations, the provincial government released several supportive policies including a three year, 50 percent sales tax exemption for newly created financial institutions with a registered capital of more than RMB200 million and a minimum total assets of RMB300 million.

There are also some incentives for the financial services outsourcing companies who undertake offshore outsourcing services, and domestic and international financial institutions who establish new centers for office services in the zone.

For investment advice and information on Guangdong Province, please contact Dezan Shira & Associates at guangzhou@dezshira.com.