Construction Plan for the Pilot Zone of Science & Technology Innovation and Financial Reform in Beijing Zhongguancun

On May 16, 2023, the People’s Bank of China and other departments jointly issued the General Plan for the Construction of Science & Technology Innovation and Financial Reform Pilot Zone in Beijing Zhongguancun National Independent Innovation Demonstration Zone (the “Plan”), which has been effective since May 16, 2023. The Plan specifies 27 key tasks in seven aspects.

The key tasks include: accelerating the improvement of science & Technology innovation and financial products and service methods, optimizing the science & Technology innovation and financial market system, boosting Fintech innovation and application, and optimizing the science and innovation financial ecological environment. The Plan requires for better utilization of the preferential corporate income tax policies for corporate venture capital enterprises in the Beijing Zhongguancun National Independent Innovation Demonstration Zone, severe crackdown on illegal financial activities such as illegal fundraising and insider trading, and tightened monitoring and alerts of money laundering, terrorist financing and tax evasion. Regarding safeguard measures, the Plan proposes to increase policy support by granting more credit to Sicence & Technology innovative enterprises and optimizing the collection and use of financial funds.