To thoroughly implement the new development philosophy, accelerate the cultivation of new business models, and fully leverage the role of finance in supporting high-quality economic development, the following measures have been formulated by drawing on successful practices from other regions and taking into account the actual conditions of our city.
I. Attracting Financial Institutions to Establish Operations
(1) Encourage legal-person financial institutions, primary-level financial branches, and subsidiaries to establish operations in Puyang. For financial institutions and their directly affiliated subsidiaries, operational management centers, back-office service centers, fund centers, R&D centers, and other entities that have obtained approval from national financial regulatory authorities based in Puyang to newly conduct financial business within the jurisdiction of Puyang City, policy support will be provided in accordance with relevant national and provincial policies, following a “one-enterprise-one-policy” and “case-by-case” approach.
II. Optimizing the Investment Structure
(2) Special Investment Incentives. Private equity industrial investment funds that have filed with the Asset Management Association of China and conduct investment operations within the jurisdiction of Puyang City shall be granted investment incentives. For funds with actual investment amounts in Puyang City exceeding 20 million yuan in the previous calendar year, a reward of 1% of the actual investment scale shall be granted, with the total reward per fund not exceeding 5 million yuan. The actual investment fund scale eligible for the reward shall be calculated after deducting government contributions.
(3) Rewards for Venture Capital and Private Equity Institutions. Venture capital and private equity institutions registered in Puyang City that invest in enterprises within the jurisdiction of Puyang City and establish tangible industrial operations shall be granted a reward equivalent to 1% of their actual paid-in investment amount (excluding government contributions), with the maximum reward amount not exceeding 5 million yuan.
(4) Tax Policies. Wealth management institutions established as limited partnerships may adopt a “distribution-first, taxation-later” approach; their operating and other income shall be subject to individual income tax paid by the partners in accordance with relevant national tax regulations. Equity investment losses incurred by wealth management institutions due to the recovery, transfer, or liquidation of their invested equity interests may be deducted before taxation in accordance with tax laws.Equity investment income, such as dividends and profits, derived by wealth management institutions that meet the criteria for resident enterprises from direct investments in other resident enterprises may be treated as tax-exempt income and exempt from corporate income tax, provided they comply with tax laws. Where wealth management institutions face genuine difficulties in paying property tax, urban land use tax, or the local water conservancy construction fund and meet the conditions for reduction or exemption, such reductions or exemptions may be granted at the discretion of the tax authorities upon approval.
III. Promoting the Rapid Development of the Capital Market
(5) Rewards for Enterprise Listings. Enterprises registered in Puyang City that conduct an initial public offering (IPO) and list on the Shanghai, Shenzhen, or Beijing Stock Exchanges shall be granted a reward of no less than 10 million yuan. Of this amount, the municipal government will provide a reward of 5 million yuan, while the reward standard from the county (district) where the enterprise is registered shall be determined by each county (district) independently, with the reward amount not being less than 5 million yuan.Municipal-level rewards will be disbursed in stages: 1 million yuan will be awarded upon completion of the enterprise’s shareholding restructuring and submission of guidance filing procedures to the Henan Securities Regulatory Bureau; 2 million yuan will be awarded upon acceptance of application materials by the China Securities Regulatory Commission (CSRC) or the Shanghai, Shenzhen, or Beijing Stock Exchanges; and 2 million yuan will be awarded upon obtaining CSRC approval or registration and successfully issuing shares on the Shanghai, Shenzhen, or Beijing Stock Exchanges.Enterprises listed on the National Equities Exchange and Quotations (hereinafter referred to as the “NEEQ”) that successfully transfer to a main board for listing shall be treated as having conducted an initial public offering (IPO) for the purpose of this incentive. Enterprises that publicly issue shares and list on major overseas stock exchanges (such as those in the U.S., Japan, Singapore, the U.K., or Hong Kong) shall receive a one-time reward of 5 million yuan.Enterprises listed on the NEEQ shall receive a one-time reward of 1 million yuan. Enterprises listed on the trading boards of regional equity trading centers shall receive a one-time reward of 300,000 yuan. Enterprises that achieve an indirect listing through mergers and acquisitions shall receive a one-time reward of 1 million yuan.If a company faces genuine difficulties in paying individual income tax on shareholders arising from the capitalization of capital reserves, retained earnings, or undistributed profits during the process of restructuring (including establishment of a new entity), it may apply for a deferral of payment provided it meets relevant regulations. For other matters concerning listed companies, policy support will be provided on a case-by-case basis.
(6) Incentives for Listing Intermediaries. Financial intermediaries are encouraged to recommend enterprises registered in Puyang City to list on the Regional Equity Exchange Center and other multi-tiered capital markets.Intermediary institutions that successfully recommend 30 (inclusive) to 50 enterprises for listing in a given year shall receive a one-time reward of 200,000 yuan; those recommending 50 (inclusive) to 100 enterprises shall receive 300,000 yuan; and those recommending 100 or more enterprises shall receive 500,000 yuan.
(7) Financing Incentives. Listed companies in Puyang City that conduct equity refinancing in the capital market and invest funds in Puyang ranging from 100 million yuan (inclusive) to 500 million yuan (inclusive) will receive a one-time reward of 500,000 yuan; those investing 500 million yuan or more will receive a one-time reward of 1 million yuan.Enterprises that raise funds through the issuance of corporate bonds, enterprise bonds, medium-term notes, short-term financing bills, private placement bonds for small and medium-sized enterprises, or other new types of direct debt financing instruments shall receive a one-time reward equal to 0.5% of the amount raised, with the maximum reward not exceeding 1 million yuan.
IV. Supporting the Innovative Development of Fintech
(8) Support for Fintech Enterprise Certification. Eligible fintech enterprises are encouraged to apply for certification as high-tech enterprises or technology-advanced service enterprises; upon certification, they shall enjoy relevant fiscal and tax preferential policies in accordance with regulations.
(9) Encouraging Collaboration Between Fintech Enterprises and Licensed Financial Institutions. Licensed financial institutions—including banks, insurance companies, securities firms, trust companies, and fund management firms—are encouraged to engage in business cooperation with fintech enterprises to continuously optimize technical capabilities in risk control and operations. Fintech enterprises that, in collaboration with licensed financial institutions, develop exemplary cooperation models with replicable value in areas such as resource sharing, platform co-construction, and joint risk prevention will receive a one-time reward of 200,000 yuan upon recognition by the municipal government.
(10) Encourage technological innovation in the financial sector. Fintech enterprises are encouraged to pursue technological innovation in areas such as big data computing, artificial intelligence, blockchain, and the Internet of Things. For technological innovation projects that have completed research and development within the past two years, have been on the market for over one year, demonstrate outstanding innovation, yield significant economic and social benefits, play a prominent leading and exemplary role in the industry, and have adequate risk control measures in place, a one-time reward of 500,000 yuan will be granted upon recognition by the municipal government.
V. Accelerating the Development of Green Finance
(11) Green Bond Incentives.Enterprises that successfully issue green bonds (with recognition criteria referencing the National Development and Reform Commission’s *Green Industry Guidance Catalog* and relevant documents from the People’s Bank of China and the Green Finance Professional Committee of the Chinese Society of Finance) shall receive a reward of 1 million yuan for bond issuances between 500 million yuan (inclusive) and 1 billion yuan; 1.5 million yuan for bond issuances between 1 billion yuan (inclusive) and 1.5 billion yuan; and 2 million yuan for bond issuances of 1.5 billion yuan (inclusive) or more.
(12) Green Loan (Insurance) Incentives. For local banking (insurance) institutions that conduct certified green loan (green insurance) business (certification criteria refer to the National Development and Reform Commission’s “Green Industry Guidance Catalog” and relevant documents from the People’s Bank of China and the Green Finance Professional Committee of the Chinese Society of Finance), a reward of 0.1% of the total green loan (green insurance) amount will be granted, with a maximum of 5 million yuan.The risk-sharing mechanism for green credit (insurance) will be optimized. For actual principal losses incurred on green loans (insurance), a risk subsidy of up to 50% per transaction will be provided, with a maximum of 3 million yuan.
VI. Supporting the Development of the Financial Leasing Industry
(13) Support innovation in financial leasing operations. Encourage financial leasing companies to explore “risk leasing” business models that combine financial leasing with venture capital and lease receivables with equity investments. Support financial leasing companies in using lease payments, residual value of leased assets, and equity in lessee enterprises as primary revenue sources to provide comprehensive services—including financing, management, technology, finance, and legal support—to start-up and growth-stage enterprises in Puyang City. Relying on collaborative networks for the shared use of large-scale instruments and equipment, continuously broaden service domains and expand service coverage.
VII. Promoting the Development of Quasi-Financial Institutions
(14) Enhancing Financing Guarantee Capacity. By 2025, municipal and county (district) level governments will annually allocate funds to increase the capital of government-backed financing guarantee institutions. This will ensure that the registered capital of municipal-level government-backed financing guarantee institutions reaches at least 800 million yuan, that of county (district)-level institutions reaches at least 300 million yuan, and that the total registered capital of all financing guarantee institutions in the city reaches at least 2.5 billion yuan, thereby establishing a guarantee capacity of over 25 billion yuan.
(15) Subsidies for Financial Institutions. For financing guarantee companies that provide financing guarantee services to enterprises in Puyang City, a subsidy of 0.5% will be granted based on the total amount of guarantees provided to Puyang enterprises in the current year (not less than 50 million yuan, excluding interbank lending, with a guarantee fee rate not exceeding 1%), with an annual cap of 5 million yuan;For microfinance companies providing microloan services to enterprises in Puyang City, a subsidy of 0.5% shall be granted based on the total amount of loans provided to enterprises in Puyang City during the current year (not less than 20 million yuan, excluding interbank lending, and not exceeding twice the benchmark interest rate for bank loans during the same period), with an annual cap of 5 million yuan;Pawnbroking companies providing pawnbroking services to enterprises in Puyang City shall be granted a subsidy of 0.5% based on the total pawnbroking amount provided to enterprises in Puyang City during the current year (not less than 20 million yuan, excluding interbank lending, and not exceeding twice the benchmark interest rate for bank loans during the same period), with an annual cap of 5 million yuan.
VIII. Promoting the Innovative Development of Consumer Finance
(16) Support innovative institutions in applying for relevant licenses. Encourage capable internet finance platforms, fintech enterprises, and similar entities to apply for consumer finance licenses with inclusive finance functions, in accordance with the requirements of “capital, platform, customer base, products, risk control, and team.” This aims to attract leading enterprises to establish operations in Puyang and cultivate a group of licensed consumer finance institutions with core competitiveness.
(17) Encourage consumer finance institutions to innovate products and services. Stimulate the intrinsic motivation for innovation among consumer finance institutions. Encourage these institutions to focus on serving residents’ consumption needs and explore product, technological, service, management, and model innovations tailored to individuals’ diverse investment and financing demands. Based on the impact of such innovations and upon approval by the municipal government, a one-time reward of 300,000 yuan will be granted.
IX. Promoting the Integrated Development of Technology and Finance
(18) Improve the funding support mechanism for science and technology insurance premiums.Fully leverage the role of technology insurance to effectively diversify and mitigate risks associated with technological innovation, thereby encouraging enterprises and R&D institutions to increase their R&D investments. To encourage technology enterprises to purchase technology insurance, a sub-item for technology insurance premium subsidies will be established within the Special Fund for the Integration of Technology and Finance. Technology enterprises that purchase basic technology insurance policies or technology insurance policies filed and confirmed by the Henan Banking and Insurance Regulatory Bureau will receive a subsidy equivalent to 1% of the premium paid, with a maximum subsidy of 1 million yuan.
(19) Innovate technology-focused financial products. Encourage banks to launch various financial products tailored to technology-based enterprises, such as “Technology Project Loans,” “Technology Incubation Loans,” and “Technology NEEQ Loans.” Guide banks and investment institutions to actively explore new models, such as financing secured by the right to patent licensing revenue, and actively assist eligible innovators and entrepreneurs in obtaining intellectual property pledge loans. Support banking institutions in establishing technology-focused branches and encourage the development of “Technology Loan” business.
X. Vigorously Develop Inclusive Finance
(20) Branch Opening Incentives. Financial institutions will receive a one-time incentive of 100,000 yuan for each new branch opened in Puyang City.
(21) Promoting the Expansion of Rural Finance. Banking institutions whose year-over-year increase in the balance of agriculture-related loans reached 200 million yuan or more in the previous year (as defined by the People’s Bank of China) will receive a subsidy equivalent to 0.15% of the increase in loan balance, with a maximum of 1 million yuan.
(22) Encouraging Banking Institutions to Increase Credit Support for Small and Micro Enterprises. For loans to private small and micro enterprises (excluding restricted industries) with a total credit limit of 10 million yuan or less per borrower, banking institutions whose loan growth rate for the current year exceeds that of the previous year will receive a reward of 0.15% of the new small and micro enterprise loan amount, up to a maximum of 1 million yuan.
(23) Credit Contribution Rewards. The “Advanced Unit in Credit Financing” award will be established for banking institutions in Pu’an and included in the year-end comprehensive commendation. Banking institutions that meet their targets and rank at the top in performance evaluations will receive public commendation, and their senior management will be awarded up to 500,000 yuan.
XI. Attracting and Cultivating Financial Talent
(24) Encouraging Financial Professionals to Enhance Professional Competence. Financial professionals are encouraged to actively participate in certification exams for Chartered Financial Analyst (CFA), Financial Risk Manager (FRM), Associate of the Society of Actuaries (ASA), Fellow of the Chinese Actuarial Association (FCAA), and Chartered Accountant of the Association of Chartered Accountants (ACAO). Those who obtain any of the aforementioned professional certifications and work full-time at financial institutions based in Puyang will receive a reward of 20,000 yuan per certification.
(25) Establish a Financial Think Tank Center. Establish the Puyang City Expert Advisory Committee for Promoting Financial Industry Development to provide critical support for government decision-making.Encourage financial industry associations and various financial academic societies to establish research, operational institutions, or branches in Puyang. Encourage financial institutions and fintech companies based in Puyang to collaborate with renowned universities to establish financial research institutes, conduct research on innovative finance and related topics, and regularly host financial summits. For specialized, international, and high-profile financial forums and professional conferences recognized by the municipal government, financial support of 50% of the actual event expenses will be provided, up to a maximum of 1.5 million yuan.
(26) Preferential Public Services. Financial institution employees in Puyang who are recognized as high-level talent may enjoy Puyang’s relevant talent service policies, including convenient household registration for themselves, their spouses, and children; medical insurance; and priority enrollment for their children.
XII. Supplementary Provisions
(27) Allocation of Incentive Funds. Unless explicitly designated as municipal government incentives, all incentive funds shall be borne by the municipal and county (district) governments in accordance with their respective tax revenue-sharing ratios under the fiscal system.Entities eligible for other municipal-level industrial policy support in Puyang City may apply independently in accordance with regulations; however, they may not receive duplicate benefits from similar preferential policies. Recognition assessments are conducted once every six months, and applications for various rewards and subsidies are accepted in the quarter following eligibility confirmation. If special funds are insufficient to cover rewards and subsidies during the fiscal year, the shortfall will be replenished in the budget allocation for the following fiscal year.
(28) Application Procedures. Financial institutions and enterprises meeting the eligibility criteria for rewards and subsidies shall submit an application to the Municipal Financial Work Bureau, providing the following materials:
1. An application letter signed by the legal (authorized) representative or responsible person (specifying the application details and justification for eligibility), along with a copy of the legal representative’s or responsible person’s identification document (original to be verified).
2. Original letter of authorization from the enterprise’s designated representative and a copy of the representative’s identification document (original to be verified).
3. A copy of the enterprise’s business license (original to be inspected).
4. A copy of the company’s articles of association (original to be inspected).
5. Copies of approvals or filings from the People’s Bank of China, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission (originals to be verified; required only for legal person financial institutions such as banks, insurance companies, futures companies, trust companies, and financial leasing companies, as well as their specialized subsidiaries or first-tier branches, and legal person financial institutions such as finance companies).
6. A copy of the capital verification report issued by a third-party institution (original to be inspected).
7. A report on the platform’s operational status, primarily covering the basic information of the project entity and the platform project, the platform’s operational model, and the platform’s economic and social benefits (to be provided only by factor trading platforms).
8. A copy of the financial audit report for the previous fiscal year issued by a third-party institution (original to be inspected).
9. A copy of the enterprise’s tax payment list for the previous fiscal year and a tax clearance certificate issued by a third-party institution (original to be inspected).
10. Other materials required by the Municipal Financial Work Bureau.
Application materials must be submitted in duplicate; copies must be stamped with the applicant’s official seal to certify that they match the originals. The Municipal Financial Work Bureau serves as the competent authority for the special fund and is responsible for preparing its budget and final accounts; the Municipal Finance Bureau is responsible for raising, disbursing, and supervising the special fund; the Municipal Financial Work Bureau accepts and reviews the application materials, and the Municipal Finance Bureau disburses the award funds to the winning units via the centralized treasury payment system based on the review results.
(29) Other Explanatory Matters.
The term “legal person financial institution” as used in these Measures refers to financial institutions approved by national financial regulatory authorities, registered in Puyang City, and possessing independent legal person status, including financial enterprises such as banks, securities companies, futures companies, insurance companies, trust companies, finance companies, financial leasing companies, consumer finance companies, and asset management companies.
For the purposes of these measures, “Tier-1 financial branches” refer to business headquarters, financial service centers, bill centers, fund operation centers, offshore financial business pilot sites, innovative online financial centers, supply chain financial centers, and internet finance R&D centers established in Puyang City that are directly subordinate to a legal entity and operate as separate entities.
The paid-in registered capital referred to in these Measures shall be determined based on the capital verification report issued by a qualified accounting firm.
For the purposes of these Measures, “senior management” refers to the legal representative of the enterprise, as well as current employees at the level of deputy president or deputy general manager and above who possess decision-making authority over the enterprise’s operations and management or play a significant role in risk control, as evidenced by qualification documents and formal appointment documents.
The term “recognized by the municipal government” as used in these Measures refers to recognition granted following a joint review organized by the Municipal Financial Work Bureau in conjunction with relevant departments and industry organizations, and approved by the municipal government.
These Measures shall take effect from the date of issuance. The incentive policies set forth herein shall not apply retroactively. The “Notice of the Puyang Municipal People’s Government on Issuing Several Measures to Promote the Development of the Financial Industry in Puyang” (Puyang Zheng [2021] No. 1) is hereby repealed.
