Shenyang has again launched a new policy to boost the development of Shenyang’s financial industry. The city has now made some adjustments to the standards required for financial institutions to be eligible to receive financial subsidies, Sheyang Daily reported on Sept 3

According to a document newly released by Shenyang’s government, equity investment institutions, with assets of more than one billion yuan ($14.97 million), that establish themselves in Shenyang, will get a subsidy worth one million yuan. The subsidy will increase with the growth of financial institutions’ assets, with institutions eligible for a maximum subsidy of five million yuan.

In addition, big financial firms that qualify as key strategic financial businesses will be eligible for a maximum subsidy of 30 million yuan when they set up headquarters in Shenyang.

Based on the information from the 2016 Northeast China (Shenyang) International Finance Conference, by 2015, the total value of Shenyang’s financial industry reached 52.6 billion yuan, accounting for 7.2 percent of the city’s GDP.

At present, Shenyang has a total of 700 financial institutions and 60,000 financial practitioners. It has now established a complete financial system, which involves banks, insurance firms, bonds, futures, investment funds, and financial institutions.

Shenyang is aiming to build itself into an international financial center for Northeast Asia.