Beijing announced the establishment of its first internet-based finance industry base, in the district of Shijingshan on August 30.

Shijingshan district mayor, Xia Linmao, said the establishment of the base signifies a new chapter in the development of Beijing’s finance industry.

A total of 100 million yuan will be granted annually to support the base, according to the Interim Administration Measures on Internet-based Finance Industry released by the Shijingshan district government, and enterprises will receive a series of policy and service guarantees such as rental and housing subsidies.

Shijingshan is set to cooperate with Tsinghua University to establish an Internet-based Finance Lab, and it also plans to set up a web-based finance credit company, a finance industry online services platform and finance industry investment foundation.

Edited by Wang Yifei and Niva Whyman