Yiwu Silk Road Financial Town - 義烏絲路金融小鎮

Director 指揮 ： KEITH YUNXI ZHU 朱耘希

Supervisor 監視 ： Oliver Niles White 懷特 尼爾斯 奧立佛, Tianao Huang 黄天岙

Co-Authors 作者 ： Elisa Neri, Fatma Salah, Khurshed Fazal, Paul Chiu, Yichang Lu, Jinwei Chen, Oliver Dalmi

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COMPANY STATEMENT
公司聲明

As the world’s largest small commodity distribution center and the starting station of China's land-based Silk Road, the city of Yiwu is actively aligning its financial services with those of international trade. Building Yiwu Silk Road Financial Town reflects the current trends present in international trade taking place in the core area around the Yiwu International Trade City. Yiwu Silk Road Financial Town will become a high-value hub that connects the global economy. Accordingly, we at THE KEITH & EVEN GROUP are pleased to present this opportunity to potential investors.
作為世界上最大的小商品集散中心和陸上絲綢之路的起始站，義烏市積推動金融服務的國際貿易化改革，在義烏國際商貿城周邊的核心區域建設體現國際貿易特點的義烏絲路金融特色小鎮。義烏絲路金融小鎮將成為連接全球經濟的價值高地，因此，我們奕資有限公司很高興向感興趣的投資者提供這一投資機會。

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1

Summary
概要

Yiwu in Brief
義烏簡介

Yiwu is a city in Zheijiang Province, China and famous for the world’s largest small commodity wholesale market . After China launched the “One Belt, One Road” initiative, Yiwu has become the starting station of the Land-based Silk Road linking China’s local economies with global markets. In the past decade, the proportion of the tertiary industry in Yiwu city rose from 50% of the city's annual GDP in 2000[1] to 69% of the city’s annual GDP in 2019[2]. The total output value of the service industry in 2019 was 98.05 billion CNY[2], with an increase of 7.5% compared to 2018[2]. By 2019, the Yiwu small commodity wholesale market filled the area of 5.5 million square meters, 75,000 trading stalls selling, and 26 categories of 1.8 million products [3].
義烏是位于中國浙江省的一個城市, 它以全球最大的小商品批發市場而聞名。中國發起"一帶一路" 倡議以後，義烏市成為了陸上絲綢之路的起點。在過去十年間，義烏市的第三產業從2000年佔全年GDP的50%[1]上昇到2019年佔全年GDP的69%[2]。2019年服務業總產值為980.5億元[2]，相較2018年增長了7.5%[2]。如今，義烏小商品批發市場的面積為550萬平方米，截止至2019年，有超過75,000個交易攤位並且出售180萬種類的產品[3]。

In 2014, there were over 1000 international freight enterprises and more than 100 air freight agencies, express delivery companies, and cross-border e-commerce logistics enterprises each. The world's four largest express delivery companies and 18 international shipping companies have set up offices in Yiwu. Additionally, the Yiwu Government has instituted preferential policies to promote local logistics enterprises.
2014年，義烏市共駐紮了1000多家國際貨運企業，航空貨運代理商，快遞公司和跨境電子商務物流企業各有100多家。世界四大快遞公司和18家國際貨運公司都已在義烏設立了辦事處。同時，義烏市政府也制定了相關的優惠政策，以促進當地物流企業的發展。

In Yiwu, there is a consolidated and well-structured transport net and its efficiency has been made clear by the flourishing trade routes with Europe and the rest of the world that pass through the city. A key compoent of these routes is the China Railway Express project. According to this plan, the number of freight trains passing through this route will grow from the current volume of 40,000 to 50,000 units by 2035, and transportation times will also be optimized from more than half a month now to 10-20 days by that time.
義烏市已經建立了高效率的運輸網，而與歐洲及世界其他地區的貿易路線頻繁往返也證明了其效率。此外，中國政府起草了關於中國綜合運輸網絡佈局的藍圖，這有助於吸引義烏絲路金融小鎮的投資者。根據該計劃內容指出，在2035年，貨運火車將從目前的40,000列增加至50,000列，運輸時間也將得到大幅度的優化：將從現在的半個月以上縮短至10到20天。

The China Railway Express departs from Yiwu (one of the main inland source nodes in China) to the border port of Alataw Pass (Horgos) in Xinjiang, and goes through Moscow, Warsaw, Berlin, Brest and Paris on the way to Madrid[4].
中歐班列從義烏（中國內陸主要貨源節點之一）出發，到新疆阿拉山口（霍尔果斯）口岸出境，经莫斯科、華沙、柏林、布列斯特、巴黎至欧洲[4]。

(Photo source: "China-Europe Railway Express Construction and Development Plan (2016-2020)")
(圖片來源：《中歐班列建設發展規劃（2016—2020年）》)

The China Railway Express in Yiwu opened rather recently and has only been in operation for a short period of time. However, Yiwu takes advantage of its role as a crucial link in the supply chain of the international small commodity industry. Based on this reason, the operation of China-Europe freight trains is receiving continuous support, which also enables the local area to maintain sufficient cross-border freight demand.
義烏的中歐班列開通時間較晚，運營時間較短。但其開通後，義烏利用它在國際小商品產業鏈上重要供應端角色的優勢，使得中歐班列開行獲得了持續性的支撐，這也使得當地一直保持著較充足的跨境貨運需求。

By the end of 2020, Yiwu (including Jinhua) had a total of 1,399 China-Europe Freight trains pass through, a year-over-year growth of 129.6%[6]. There were a total of 115,534 standard containers sent to European countries, a year-on-year growth of 403.2%[6]. In particular, the monthly average number of new lines has grown above 110, hitting an all-time record high[6]. Yiwu now is the fourth largest city in China in terms of the number of trains operated in 2021, second only to Chengyu and Xi'an among the cities in released data[7].
截至2020年末，義烏（含金華）的開行量1399列，同比增長129.6%[6]。共發運115534標箱，同比增長403.2%[6]，尤其是2020年7月份以來一直保持月均開新行量在110列以上的歷史新高[6]。就2021中國各節點發出的中歐班列發出班次來看，義烏是目前已公佈資料的城市中，僅次於成渝和西安的“第四城”[7]。

(Data source: "Summary Analysis of China-Europe Rail Service in 2020", 2020)
(數據來源：“中歐班列2020年開行資料總結分析”,2020）

Yiwu Skil Road Financial Town in Brief 
義烏金融小鎮簡介

Yiwu Silk Road Financial Town is located in Silk Road New District of Yiwu City, with a total planned area of 3.8 square kilometers of which the core area is 0.75 square kilometers[8]. The aim is to create an international trade market and a cross-border financial settlement center. The Silk Road Financial Town is positioned as a financial town oriented towards trade with trade finance as the main feature, providing financial services to the Yiwu international trade market. The Silk Road Financial Town is under development, consisting primarily of high-rise buildings.
義烏絲路金融小鎮位於義烏市絲綢之路新區，總規劃面積為3.8平方公里，核心面積為0.75平方公里[8]。目的是創建一個國際貿易市場與跨境金融結算中心。絲路金融小鎮定位為以貿易融資為主要特色的金融市場，為義烏的國際貿易提供金融服務。絲路金融小鎮的建築物正在興建，其中以高層建築為主。

At present, there are 433 enterprises in the town[9]. This includes 4 of the world’s top 500 companies (SK Holdings, Marriott International, Industrial Bank, Shanghai Pudong Development Bank) and 3 of the top 500 private enterprises in China[9]. The town has built a modern digital exhibition hall to feature information consultation, business commerce, product display, entrepreneurial services, tourism services, and cultural displays. Yiwu Silk Road Financial Town also has a financial service function area, a cultural exhibition area and an international city function area. There are four main types of leading businesses in the core area of Silk Road Financial Town: Banks, Securities, Futures, Insurance. There are also other financial institutions such as small loan companies, guarantee companies, trust companies, and financial leasing companies. Finally, there are featured trade financial institutions present: private equity investment, venture capitals, and other private equity investment institutions that focus on capital operation. 
目前，全鎮擁有企業433家[9]。其中包括4家世界500強公司（韓國SK集團、萬豪國際集團、興業銀行、上海浦東發展銀行）和3家中國500強私營企業[9]。該小鎮建立了一個現代化的數字展廳以作信息諮詢、商務、產品展示、企業服務、旅遊服務和文化展示等功用。義烏絲路金融小鎮設有金融服務功能區，文化展覽區和國際城市功能區。絲路金融小鎮的核心區域主要有四種主要業務類型：銀行，證券，期貨，保險以及其他金融機構。小額貸款公司，擔保公司，信託公司和金融租賃公司。目前還存在特別的金融機構：私募股權投資，風險投資和其他專注於資本運營的私募股權投資機構。

Opportunities
機會

Yiwu is a bustling center for international trade, e-commerce, and now the financial industry. With a total investment of over 70 billion yuan[8] in the second phase, a regional industrial highland dominated by the financial industry is in the process of being created. The characteristics of international trade will be embodied and the development of the financial industry in Yiwu will be accelerated through the development of Yiwu Financial Town. Government policy has created many incentives and cash rewards for companies that have capital ranging in between 50 million and 500 million CNY. Benefitting from the support of the government, as well as from the knowledge of THE KEITH & EVEN GROUP, the project will be one of the most lucrative in Yiwu.
義烏作為一個以國際貿易，電子商務乃至金融業的繁華商業中心。 第二期總投資總額超過700億元[8]，將打造以金融業為主的區域性金融市場。 通過義烏金融城的發展，將體現國際貿易的特點，以加快義烏金融業的發展。 政府政策為資本在5000萬至5億元人民幣之間的公司提供了許多激勵方案措施和現金獎勵。 得益於政府的支持，以及得益於奕資的知識，該項目將成為義烏最賺錢的投資項目之一。

2

Government Policy
政府政策

“One Enterprise, One Discussion” System[15]
"一企一議"制度[15]

For major foreign financial institutions' investment projects, the Yiwu government will adopt the “One Enterprise, One Discussion” system (Rules for Improving the Mechanism of Coordinating Business Enterprises and Major Projects). While investing in Yiwu Silk Road Financial Town, foreign financial institutions can tell their problems and demands to the Yiwu goverment, and the government will help them analyze problems, customize investment supporting policies based on their reasonable demands, and provide support in terms of finance, land, interests, and talents, aiming to reduce their investment costs and institutional transaction costs.
對於重大外資金融機構投資項目，義烏市政府將採取"一企一議"制度（即《完善服務企業和重大專案協調機制的工作細則》）。在投資義烏絲路金融小鎮時，外資金融機構可先向義烏市政府講述他們的問題和需求，然後市政府會對外資金融機構遇到的具體問題進行具體分析，根據外資金融機構的合理需求量身定制投資扶持政策，在財政、土地、稅收、人才等方面給予支持，以降低外資金融機構在義烏絲路金融小鎮的投資成本和制度性交易成本。

The "One Enterprise, One Discussion" system provides convenience for foreign financial institutions to move into the Silk Road Financial Town, allowing foreign financial institutions to have more decision-making power when investing. The "One Enterprise, One Discussion" system enables foreign financial institutions to closely integrate with Yiwu Silk Road Financial Town, forming a professional, distinctive and differentiated financial model, which has also become the highlight of this investment attraction.
"一企一議"制度為外資金融機構入住絲路金融小鎮提供了便捷，讓外資金融機構在投資時擁有更多的決策權。"一企一議"制度使得外資金融機構與義烏絲路金融小鎮緊密結合，形成專業化、特色化、差異化的金融模式，這也成為了本次招商引資的亮點。

Start-up Rewards
開辦奖励

For foreign-funded financial institutions that have been approved and filed, the rewards in the following chapters will be given: (For details refer to Appendix 1)
對於經過批准和備案的外資金融機構，將給予下文所述的獎勵 （具體內容參考附件1）。

For innovative financial institutions and financial institutions that are newly moved or registered in the Yiwu Silk Road Financial Town, and that are planning to or have registered tax in Yiwu, they will receive a maximum award of 20 million CNY[10].
新遷入或註冊在絲路金融小鎮規劃範圍內，稅務登記在義烏的金融機構、創新型金融機構，最高獎勵2000 萬元[10]。

1. Financial Institutions Approved by the China Banking Regulatory Commission
   經銀監會批准的金融機構

   • With a paid capital of 100 million CNY and above, a reward of 1 million CNY will be given. For each additional 100 million CNY, an additional 1 million CNY will be awarded.註冊資本1億元及以上，給予100萬元獎勵。超過部分每增加1億元，增加100萬元獎勵。

   • With a paid capital of 1 billion CNY and above, for each additional 100 million CNY, an additional 2 million CNY will be awarded. The maximum reward limit is 20 million CNY.註冊資本10億元及以上，超過部分每增加1億元，增加200萬元獎勵。獎勵最高限額2000萬元。

   • Licensed franchise institutions in the banking industry including private banks, small business finance, cross-border asset transactions, precious metals, bills, credit cards and fund operation centers approved to establish franchise institutions, will be awarded 5 million CNY.銀行業持牌專營機構，包括私人銀行、小企業金融、跨境資產交易、貴金屬、票據、信用卡和資金運營中心等批准設立的專營機構，獎勵500萬元。
     

2. Institutions Approved or Filed by the China Securities Regulatory Commission
   中國證監會批准或備案的機構

   • For the professional subsidiary of a securities company, if the paid capital in place is between 100 million to 200 million CNY, 2 million CNY will be rewarded. If the paid capital in place is 200 million CNY and above, 5 million CNY will be awarded.證券公司專業子公司，實際到位註冊資本為1億元-2億元時，獎勵200萬元。實際到位註冊資本2億元及以上時，獎勵500萬元。

   • For a professional subsidiary of a fund management company, when the paid capital in place is 30 million to 100 million CNY, 2 million CNY will be awarded. When the paid capital of 100 million CNY and above is in place, 5 million CNY will be awarded.基金管理公司專業子公司，實際到位註冊資本為3000萬元-1億元時，獎勵200萬元。實際到位註冊資本1億元及以上時，獎勵500萬元。

   • For the professional subsidiary of a futures company, when the paid capital in place is between 20 million CNY and 50 million CNY, 1 million CNY will be rewarded. For 50 million CNY and above, 2 million CNY will be awarded.期貨公司專業子公司，實際到位註冊資本為2000萬元-5000萬元時，獎勵100萬元。 5000 萬元及以上時，獎勵200萬元。
     

3. Institutions Approved by the China Insurance Regulatory Commission
   經保監會批准的機構
   
   For newly established or newly moved in national insurance brokers, insurance evaluations, insurance agencies, and insurance sales companies:
   對新設立或新遷入的全國性保險經紀、保險評估、保險代理和保險銷售公司:

   • When the paid capital in place is 50 million to 200 million CNY, 1 million CNY will be awarded.實際到位註冊資本為5000萬元-2億元時，獎勵100萬元。

   • When the paid capital in place is between 200 million CNY and 500 million CNY, 2 million CNY will be awarded.實際到位註冊資本為2億元-5億元時，獎勵200萬元。

   • When the paid capital in place is 500 million CNY and above, 5 million CNY will be awarded.實際到位註冊資本為5億元及以上時，獎勵500萬元。
     

4. Foreign Bank Branch
   外資銀行分行
   
   Adopting “One Enterprise, One Discussion” system, which is the coordination mechanism of serving enterprises and major projects, the representative offices of foreign banks will be awarded 500,000 CNY .
   採取“一企一議”制度，即服務于企業和重大項目的協調機制，並獎勵外資銀行代表處50萬元。

5. Financial Leasing, Commercial Factoring
   融資租賃、商業保理

   • The reward is based on 1% of the paid capital in place, and the maximum award is 5 million CNY.
     按實際到位註冊資金1%補助，最高獎勵500萬元。

   • When the paid capital reaches 500 million CNY or more, adopting the system of “One Enterprise, One Discussion”[15], and the operation center will be awarded up to 2 million CNY.
     實際到位註冊資金達5億元及以上時採取“一企一議”制度[15]，並對運營中心最高補助200萬元。
     

6. Third-party Payment Institutions
   第三方支付機構
   
   The reward is based on 1% of the paid capital, with a maximum award of 3 million CNY.
   按註冊實際繳納資金的1%獎勵，最高獎勵300萬元。
   

7. Financial Supporting Services Such as Credit Reporting Companies and Accounting Firms
   徵信公司及會計師事務所等金融配套服務
   
   Upon confirmation, 500,000 CNY will be awarded.
   經認定，獎勵50萬元。
   

8. Private Placement Investment Funds
   私募投資基金
   
   Private placement investment funds must be filed with the China Securities Investment Fund Association. The paid capital of a fund enterprise established by a company shall not be less than 30 million CNY. The scale of securities investment fund management shall not be less than 80 million CNY, and the single fund shall not be less than 30 million CNY. The scale of equity investment funds shall not be less than 100 million CNY. The paid capital of fund management enterprises and joint stock limited companies shall not be less than 5 million CNY, and the paid capital of limited liability companies shall not be less than 1 million CNY.
   私募投資基金須在中國證券投資基金協會備案。公司製設立的基金企業，註冊資本不低於3000萬元。證券投資基金管理規模不低於8000萬元，單支不低於3000萬元。股權投資基金規模不低於1億元。基金管理企業，股份有限公司註冊資本不低於500萬元，有限責任公司註冊資本不低於100萬元。

   • For corporate private placement funds, the award is based on 1% of the paid capital, and the maximum reward is 1 million CNY.
     公司制私募基金，按實收註冊資本1%進行獎勵，最高獎勵限額100萬元

   • For partnership private placement funds, the award is based on 1% of the raised funds, and the maximum reward is 1 million CNY.
     合夥制私募基金，按募集資金規模1%進行獎勵，最高獎勵限額100萬元。

Housing Subsidies
房屋補貼

1. Purchasing Land for Self-built Office Space
   購地自建辦公用房
   
   Refer to the document "Detailed Rules for the Implementation of the Economic Development of the Financial Business District Headquarters (for Trial Implementation)” (Yiwu Government Office [2010] No. 95). The project investment owner will be able to complete the construction of the headquarters building on time and in quality. Those who have won the "Luban Award" for construction quality will be given a one-time reward of 1 million CNY; those who have won the "Qianjiang Cup" will be given a one-time award of 200,000 CNY.
   參照<< 金融商務區總部經濟發展實施細則 (試行) >> (義政辦發[2010] 95號)文件執行。對項目投資業主能按時按質完成總部大樓建設，建築質量獲得"魯班獎"的給予一次性100萬元的獎勵; 獲得"錢江杯"的給予一次性20萬元的獎勵。
   

2. Purchase Office Space for Self-use
   購買自用辦公用房
   
   100% award for local deed tax.
   地方留成部分契稅100%獎勵。
   

3. Lease Office Space for Self-use
   租賃自用辦公用房
   
   For professional subsidiaries of securities companies, professional subsidiaries of fund management companies, professional subsidiaries of futures companies, and foreign bank branches, the subsidy is 200 CNY/m²/year for the first 3 years, and 100 CNY/m²/year for the next 2 years. The total subsidy is not more than 1 million CNY.
   證券公司專業子公司、基金管理公司專業子公司、期貨公司專業子公司、外資銀行分行， 前3年按200元/平方/年補貼，後2年100元/平方/年補貼，補助總額不超過100萬元。
   
   Financial leasing and commercial factoring institutions, third-party payment institutions, financial supporting service institutions, and private placement investment fund institutions will receive a subsidy of 200 CNY/m²/year for 3 consecutive years, and the total subsidy shall not exceed 1 million CNY.
   融資租賃及商業保理機構、第三方支付機構、金融配套服務機構、私募投資基金機構，連續3年200元/平方/年補貼，補助總額不超過100萬元。

Financial Incentives
財務獎勵

1. Financial leasing and commercial factoring institutions, third-party payment institutions, and financial supporting service institutions will receive financial innovation awards of 100% local fiscal contributions within two years from the opening year, and awards of 50% for the next three years.
   融資租賃及商業保理機構、第三方支付機構、金融配套服務機構，開業年度起兩年內地方財政貢獻額度100% 金融創新獎勵，後3年50%獎勵。

2. Corporate fund companies and fund management companies will receive awards based on 100% of local contributions (total profit + tax budget + interest expense)[18] within 5 years.
   公司制基金企業和基金管理企業， 5年內按照地方貢獻（利润总额+税金总额+利息支出）[18] 100%獎勵。

3. Individual shareholders of partnership fund companies and fund management companies will receive dividends for the first 3 years based on 100% of the individual income tax retained by the local government, and 80% for the next 3 years.
   合夥制基金企業和基金管理企業個人股東分紅，前3年個人所得稅地方留成部分100%獎勵，後3年80%獎勵。

Talent Incentives
人才激勵

1. Senior management talents, insurance actuaries, sponsor representatives, etc. who have served for one full year will receive a 50% reward based on local personal salary income from the second year, and the term will not exceed 2 years.
   任職滿一年的高級管理人才、保險精算師、保薦人代表等，第二年起，本地繳納個人薪金所得說地方留存50%獎勵，期限不超過2年。

2. Senior managers of private placement investment funds will be rewarded with 80% of the personal income tax paid by the individual salary income of the year within 5 years.
   私募投資基金高級管理人員，5年內按照當年個人薪金所得繳納的個人所得稅80%獎勵。

3. Investment managers of private placement investment funds have halved rewards. When the fund size is 100 million CNY or less, no more than 3 people will be awarded. When the size of the fund is between 100 million CNY and 500 million CNY, no more than 5 people will be awarded. When the size of the fund is 500 million CNY and above, the number of rewards does not exceed 8 people.
   私募投資基金投資經理減半獎勵。基金規模在1億元及以下時，獎勵人數不超過3人。基金規模在1億元- 5億元時，獎勵人數不超過5人。基金規模在5億元及以上時，獎勵人數不超過8人。

OthersIncentives
其他激勵

1. High-end forums and professional conferences are subsidized at a rate of 50% of the activity funds, with a maximum limit of 1 million CNY.
   高端論壇、專業會議，按活動經費50%補貼，最高限額100萬元。

2. Participate in the construction of the credit system, with a subsidy of 50% of the access fee, the maximum reward is 200,000 CNY.
   參與信用體系建設，按接入費用50%補助，最高限額20萬元。

3. The construction and use of financial service platforms will be subsidized at 50% of the construction investment, with a maximum limit of 2 million CNY.
   用於金融服務平台之建築物可以得到50%的建設投資，最高200萬元。

3

Yiwu Silk Road Financial Town
義烏絲路金融小鎮項目

Silk Road Finanical Town
絲路金融小鎮

In Yiwu Silk Road Financial Town, there are four key types of businesses in the financial town, which are banks, securities, futures, and insurance, along with other financial institutions such as small loan companies, guarantee companies, trust companies, financial leasing companies and other trade finance characterized by service market procurement. The institutions which will be at Silk Road Financial Town include private equity investment (PE), venture capital (VC) and other private equity investment institutions that focus on capital operation; international trade corporate headquarters and branch offices of import trading companies in Yiwu. 
義烏絲綢之路金融鎮金融鎮有四種主要的龍頭業務類型，分別是銀行，證券，期貨，保險和其他金融機構: 以服務市場採購為特徵的小額貸款公司，擔保公司，信託公司，金融租賃公司和其他貿易融資。位於絲綢之路金融城的機構包括：私募股權投資（PE），風險投資（VC）和其他專注於資本運營的私募股權投資機構; 義烏國際貿易公司總部和進口貿易公司的分支機構。

Yiwu Silk Road Financial Town currently has a close to 20 billion CNY[9] investment in completed projects. The ongoing projects are the World Trade Center, Sanding Commercial Plaza, Guosen Securities, Chouzhou Commercial Bank, Yiwu Rural Commercial Bank, Shuguang International, and others are moving forward smoothly. The Marriott Hotel and the Sanding New Century Grand Hotel are also conducting trial operations.
義烏金融鎮已完成項目投資近200億元人民幣[9]。正在順利推進的項目包括世貿中心，三鼎商業廣場，國信證券，潮州商業銀行，義烏農村商業銀行，和曙光國際等。其中，萬豪酒店和三鼎新世紀大酒店進行了試運營。

Yiwu Silk Road Financial Town can provide Yiwu with a financial industry added value of 4 billion CNY, tax revenue of more than 1 billion CNY, and tourism revenues of more than 3 million. Yiwu has a 5.5 million SQ metres with more than 75,000 shops and stalls.[8]
義烏絲路金融小鎮向大眾證明了義烏擁有40億元的金融業增加值，超過10億元人民幣的稅收和超過300萬人次的旅遊。義烏擁有550萬平方米的商舖，擁有超過75,000個商店和攤位。[8]

Supporting Facilities
配套設施

Yiwu Silk Road Financial town has various supporting facilities to strengthen the capabilities of finance in supporting and serving commerce. By supporting high-end communication, consumption, and leisure services, Yiwu Silk Road Financial Town could enhance the comprehensive competitiveness of commerce and finance.
義烏絲綢之路金融鎮設有一系列配套設施以加強金融在支持和服務商業方面的作用。通過對高端交往，消費和休閒服務的支持，義烏絲路金融小鎮可以增強商業和金融的綜合競爭力。

Yiwu Silk Road Financial Town has many international consumers. Approximately 3000 foreign companies from all over the world operate in Yiwu. Business from many countries in the Arab Gulf (Bahrain, Kuwait, Iraq, Oman, Qatar, Saudi Arabia and the United Arab Emirates), Turkey and many other countries come to Silk Road Financial Town to buy multiple products. International consumers that come to Silk Road financial town are either established companies or startup companies.
義烏絲路金融小鎮擁有許多國際消費者。大約3000家來自世界各地的外國公司在義烏開展業務，其中許多來自阿拉伯海灣（巴林，科威特，伊拉克，阿曼，卡塔爾，沙特阿拉伯和阿拉伯聯合酋長國) 土耳其及許多其他地區的國家來到絲綢金融小鎮購買了多種產品。這些入駐絲路金融小鎮的國際消費者既有老牌企業，也有初創企業。

1. Business Office and Professional Service
   商務辦公及專業服務
   
   The business office of the Silk Road Financial Town the World Trade Center, which are the key project of the Silk Road Financial Town and the first urban complex project in Yiwu. With an investment of CNY 5.5 billion, the World Trade Center is one of the tallest buildings with a length of 260 meters and it was completed in 2016. Since then, the commercial area of Yiwu World Trade Center has introduced many well-known international and domestic brands. While keeping in line with internationalization trend, Yiwu World Trade Center has also provided many jobs for local people.
   絲路金融小鎮的商務辦公室位於世界貿易中心的摩天大樓內，這是絲路金融小鎮的重點項目，也是義烏迄今為止第一個城市綜合體項目。該世貿中心投資額為55億元人民幣，是260米長的最高建築之一，於2016年完工。建成以來，義烏世貿中心的商業區內引入了眾多國內外知名品牌，在與國際接軌的同時也為當地人民提供了眾多就業崗位。
   
   Yiwu World Trade Center is adjacent to the International Trade City. With the increase of Yiwu's share in the international trade market, the improvement of financial supporting services is indispensable. Yiwu World Trade Center offers hardware support for business offices to the financial institutions.
   義烏世貿中心毗鄰國際商貿城。隨著義烏在國際貿易市場中份額的提升，金融配套服務的提升是必不可少的。義烏世貿中心為金融機構提供了商務辦公場所的硬件支持。
   

2. Free Exchange[17]
   自由匯兌[17]
   

   On the afternoon of December 28th, 2020, China Construction Bank Yiwu branch carried out the first non-landing NRA foreign exchange settlement business. NRA non-landing foreign exchange settlement is the exclusive financial innovation policy of the Free Trade Zone. It broke the restriction that foreign institutional accounts could not be settled. After foreign exchange settlement, CNY is directly used for account payment. It realized the 'zero cost' of corporate exchange and transfer, and is of great significance to the realization of the free flow of funds. In addition to the NRA's non-landing foreign exchange settlement, the Yiwu Government has also taken the following measures to realize the free exchange:
   2020年12月28日下午，建設銀行義烏分行進行了首筆NRA帳戶不落地結匯業務正式落地。NRA不落地結匯是自貿區專屬的金融創新政策，打破境外機構帳戶無法結匯的禁錮，結匯後人民幣直接用於賬款支付，實現企業匯兌轉帳“零成本”，對實現資金自由流通具有重要意義。除了NRA不落地結匯，義烏市人民政府為實現資金自由還進行了以下措施：

   • After the first non-local NRA account settlement business , 38 branches of 6 banks including Chouzhou Bank were included in the first batch of pilot projects for the integrated domestic and foreign currency bank account system, and various preparations for the launch have been completed.
     首筆NRA帳戶不落地結匯業務正式落地後，稠州銀行等6家銀行的38個網點列入全國首批本外幣合一銀行帳戶體系試點，已完成上線各項準備工作。

   • Chouzhou Bank has connected directly with the cross-border e-commerce platform system, becoming the first local incorporated bank in the country which obtained the qualification for cross-border e-commerce foreign exchange collection and settlement.
     稠州銀行完成與跨境電商平臺系統直連，成為全國率先獲得跨境電商收結匯資質的地方法人銀行。

   • The implementation of the first batch of Free Trade Zone branches in Zhejiang Province has pushed 10 banks including ICBC, CITIC, SPDB to strive for international business permission, credit approval permission and the other 11 licensing rights.
     浙江省首批自貿區支行（中农工建）的落地推動了工行、中信、浦發等10家銀行共爭取國際業務、授信審批等許可權13項。

   • The Yiwu Government and ICBC (Macau) have carried out strategic cooperation[19] to implement cross-border financial services such as risk participation in loans, overseas agency payments, cross-border asset transfers, CNY foreign debts and so on; cross-border CNY 18.59 billion was handled throughout the year, a year-on-year increase of 115%.
     市政府與工銀澳門開展戰略合作[19]，落地風險參貸、海外代付、跨境資產轉讓、人民幣外債等跨境金融業務；全年辦理跨境人民幣185.9億，同比增長115%。
     

3. Commercial Bank in Silk Road Financial Town
   絲路金融小鎮的商業銀行

   In Yiwu Silk Road Financial Town, commercial banks such as the Chouzhou Commercial Bank and Yiwu Rural Commercial Bank have already moved in, providing reference for other banks planing to move to Silk Road Financial Town.
   在義烏絲路金融小鎮內，已有稠州商業銀行和義烏農商銀行等10家銀行的入駐, 這為其他有意願入駐絲路金融小鎮的銀行提供了參考。
   
   According to Commercial Bank Capital Regulations(Trial)[12], the tier 1 capital ratio has to be at least 5%, and requires reserve capital on top of that. The reserve capital is 2.5% of RWA, which is required to be met by core tier 1 capital. The graph below presents the tier 1 capital ratio of all commercial banks in Yiwu Silk Road Financial Town, and they all met CBRC's regulation for core tier 1 capital (≥7.5%).
   根據《商业银行资本管理办法（试行）》[12]，商業銀行核心一級資本充足率最低不得低於5%，並在此基礎上計提儲備資本。儲備資本要求為風險加權資產的2.5%，由核心一級資本來滿足。金融小鎮中各商業銀行2020年核心一級資本充足率如下圖所示，均滿足銀監會核心一級資本充足率(≥7.5%) 的監管要求。
   
   It is published on the Yiwu government website that the city government will bring in foreign banks through financial reform and create account system and settlement system that accommodate the trade trend in Yiwu City to realize free FX exchange in the context of real trade and establish a financial and trade center that matches the largest commodity market in the world.
   義烏市人民政府網站發佈，市政府將通過金改渠道招引外資銀行入駐義烏。以建设本外币合一银行账户体系、推动汇率避险业务创新等舉措，形成与义乌大众贸易相适应的账户体系和结算体系，实现真实贸易背景下的自由汇兑，建立與世界小商品之都相匹配的贸易金融中心。

(Data source: "Financial Statement_Annual Report_China Currency Net")
(數據來源：“財務報告_年報_中國貨幣網”)

(Data source: "Financial Statement_Annual Report_China Currency Net")
(數據來源：“財務報告_年報_中國貨幣網”)

4

Investor Information
投資者信息

Investing in Mainland China's High-Growth Regions
投資中國大陸的高增長地區

Many are drawn to invest in China for its swift growth and favorable profit margins. Simultanously, investing in China requires businesses to overcome many administrative hurdles, from an innately protectionist economy to established foreign investment laws. As a foreign investor, in addition to obtain the rights of operation and funds distribution of a foreign company, one must successfully engage with the Administration of Foreign Exchange, which regulates how much capital flows in and out of China.
許多人因其高增長和高利潤率而在中國投資。同時，在中國投資需要克服許多行政障礙，從天生的貿易保護主義經濟到既定的外國投資法。作為外國投資者，除了必須獲准允許外國公司的經營和分配資金外，還必須成功與外匯管理局合作，該局管理流入和流出中國的資本額。

Opportunities and Risks
機遇和風險

1. Opportunities
   機遇

   • After Yiwu was included in China's national international trade reform pilot, foreign trade increased tenfold from 2011 to 2016[13]. 
     在義烏被納入國家國際貿易改革試點之後，從2011年到2016年間，其對外貿易增長了十倍[13]。

   • Cross border e-commerce has maintained rapid growth. Yiwu has become a center for China’s online goods, becoming one of the country’s top ten maker cities. 
     跨境電子商務保持快速增長。義烏已成為中國在線商品的中心，是中國十大製造城市之一。
     

2. Risks
   風險
   
   While investing in mainland China, foreign investors may face two risks: lack of transparency and market competition risks. TKEG can help investors best avoid these risks.

   在中國大陸投資時，外國投資者可能面臨兩個風險: 缺乏透明度和市場競爭風險。奕資可以幫助投資者更好地規避那些風險。

   • Lack of transparency
     缺乏透明度
     
     For foreign investor, it is hard to look into the background of certain domestic companies. For instance, company’s business certificates and founders’ backgrounds are often very difficult to discover. To combat this, TKEG's investment approach is based on a strict due diligence process that identifies risk while catalyzing value increase.
     對於外國投資者而言，通常很難了解某些國內公司的背景。例如，通常很難得知公司的營業執照，創始人的家庭背景。奕資的投資方法基於嚴格的盡職調查流程，該流程衡量風險，同時確定增值的催化劑。

   • Market competition risks
     市場競爭風險
     
     The Chinese market in the past years has been growing very quickly and can be quite competative. Many large non-domestic companies have failed in their operations in the Chinese market. The domestic industries’ competitive advantages are: highly developed Information and Communications Technology (ICT) infrastructures, low-cost structures, highly skilled engineers, and low cost of labor, to name a few. The underlined scenario implies that in order to succeed in China, foreign investors need to have a deep understanding of Chinese market (especially not underestimating the above mentioned aspects), effective strategy & communication, excellent management of relations with local business partners, and outstanding relations with regulators and the government. This is where TKEG comes into play. By having vital insights and the right connections, TKEG can guide our CLIENTS with a set of successful strategies that can be used to gain diverse advantages in a competitive yet flourishing global business environment like mainland China. 
     在過去的幾年中，中國市場飛速發展且具有很強的競爭力。但是，許多海外大公司在中國市場的投資以失敗而告終。中國國內行業的競爭優勢是：高度發達的信息通訊技術基礎設施，低成本的結構，高技能的工程師，低廉的勞動力成本。上述情況表明，要在中國取得成功，外國投資者需要對中國市場有深刻的了解（尤其是不要低估上述方面），制定有效的戰略和及時溝通，與當地商業夥伴的良好關係管理以及出色的關係與監管機構和政府合作。奕資將在這些方面發揮重要的作用。通過了解寶貴的見解並建立正確的聯繫，奕資可以為我們的客戶提供一系列成功的策略，這些策略可用於在競爭激烈但蓬勃發展的全球商業環境（與中國大陸一樣）中獲得多種優勢。

(Data source: "Statistical Bulletin of National Economic and Social Development of Yiwu City in 2019", 2019)
(數據來源：“2019年義烏市國民經濟和社會發展統計公報”,2019)

China's New Foreign Investment Law[14]
中國新的《外國投資法》[14]

The new Foreign Investment Law (the “Law”) along with the Implementing Regulations for the Foreign Investment Law (the “Implementing Regulations”) (collectively the “FIL”) have come into effect as of January 1st, 2020.
新的《外國投資法》（“法律”）以及《外國投資法實施條例》（“實施條例”）（統稱“FIL”）於2020年1月1日生效。

The purpose of the FIL is to further open up the market, encourage foreign investment, enhance protection of foreign investor,s and regulate the administration of foreign investment. Overall, the implementation of the FIL is good news to foreign investors wishing to enter the Chinese market. However, the FIL sets out only the general principles, and its brevity suggests that the actual implementation practices will depend on further laws and regulations to be issued. Below are some key changes that we wish to highlight and consider to be particularly important to new and existing foreign investors:
外國投資法的宗旨是進一步開放市場，鼓勵外商投資，加強對外國投資者的保護，規範外商投資管理。總的來說，《外國投資法》的實施對希望進入中國市場的外國投資者來說是個好消息。然而，《外國投資法》僅規定了一般原則，其簡潔性表明，實際實施做法將取決於有待進一步完善的法律法規下發以下是我們希望強調並認為對新的和現有的外國投資者特別重要的一些關鍵變化：

1. Revamp of Foreign Investment Framework
   外國投資框架之改造
   
   Upon the implementation of the FIL, the laws governing the three forms of Foreign Invested Enterprises (“FIEs”), namely Equity Joint Ventures (“EJV”), Cooperative Joint Ventures (“CJV”) and Wholly Foreign-Owned Enterprises (“WFOE”), have been repealed. The FIL provides for a five-year transitional period until December 31st, 2024 for existing FIEs to arrange for the appropriate changes to their organizational forms and structure for compliance with the new law. These changes naturally have more impact on EJVs and CJVs than WFOEs, which do not involve Chinese investors.
   《外商投資企業法》生效後，管轄三種形式的外商投資企業（以下簡稱“外商投資企業”）的法律，即合資企業（以下簡稱“合資企業”）、合作企業（以下簡稱“合作企業”）和外商獨資企業（以下簡稱“外商獨資企業”）已被廢除。 《外商投資企業法》規定，現有外商投資企業在2024年12月31日之前有五年的過渡期，以便安排對其組織形式和結構進行適當修改，以符合新法律的規定。與不涉及中國投資者的外商獨資企業相比，這些變化對合資企業和合作企業的影響自然更大。
   
   The FIL offers greater latitude for foreign investors as they are now subject to the corporate laws which govern domestic entities, i.e. the Company Law or where applicable, the Partnership Law. Certain restrictive provisions under the previous FIE laws have been removed. For example, there is no limitation on the foreign investor’s shareholding ratio as previously required for EJVs and shareholders are free to decide on the proportion for distributions of profits/dividends.
   《外商投資法》為外國投資者提供了更大的自由度，因為他們現在要遵守管理國內實體的公司法，即《公司法》或《合夥企業法》（如適用）。以前的外商投資企業法律中的某些限制性條款已被取消。例如，對於合資企業，外國投資者的持股比例沒有先前要求的限制，股東可以自由決定利潤/股息的分配比例。
   

2. Equal National Treatment of Foreign Investment
   外國及本國投資同等待遇
   
   Under the FIL, FIEs are entitled to national treatment in various areas, including market access, state supporting policies, participation in the formulation of compulsory standards, and participation and equal treatment in government procurement activities. 
   根據《外商投資法》，外商投資企業有權在各個領域享受國民待遇，包括：市場准入、國家扶持政策、參與強制性標準的制定、參與政府採購活動及被公平對待。
   

3. Enhanced Flexibility and Protection of Foreign Investors
   對外國投資者的保護及便利度之加強
   
   The FIL now allows foreign investors to contribute capital with equity rights, which, in other words, means that share swaps are possible in M&A transactions. FIEs are now expressly subject to the same rules as domestic companies in the context of corporate finance. As such, we expect to see a significant increase in the number of public offerings of FIEs in the coming years.FIL
   現在允許外國投資者以股權出資，換句話說，這意味著在並購交易中可以進行股份交換。在公司融資方面，外商投資企業現在明確遵守與國內公司相同的規則。因此，我們預計未來幾年外商投資企業的公開發行數量將大幅增加。
   
   The Implementing Regulations explicitly provide that administrative authorities shall not force foreign investors or FIEs to transfer technologies and violators will be subject to penalties. Further, infringers of intellectual property rights will be held strictly liable according to the law. The FIL also restricts expropriation against foreign investment and provides assurance to foreign investors on remittance of lawful income outside China.
   《實施條例》明確規定，管理部門不得強迫外國投資者、外商投資企業轉讓科技，違者將受到處罰。此外，知識產權侵權人將依法承擔嚴格責任。 《外國投資法》還限制對外國投資的徵收，並為外國投資者將合法收入匯往中國境外提供擔保。

Method of Investment
投資方式

THE KEITH & EVEN GROUP will facilitate all capital movements and regulatory interactions. We have several different methods to direct investment towards the developement of Yiwu Silk Road Financial Town.
奕資有限公司將促進所有資本流動和監管互動。我們有不同的方式來吸引投資以發展義烏絲路金融小鎮。

1. License and Approval
   許可與批準
   
   For foreign financial institutions to enter the Chinese market, they need to apply for administrative license/approval from the Chinese regulatory authorities. Foreign banks established in China shall be reviewed and approved by the China Banking and Insurance Regulatory Commission. The establishment of a foreign-funded bank business institution requires acceptance and preliminary examination by the local China Banking and Insurance Regulatory Bureau. After obtaining a financial license, the Banking and Insurance Regulatory Commission will review and make a decision.
   外資金融機構進入中國市場，需要向中國監管部門申請行政許可/審批。在中國設立的外資銀行應經銀保監會審查批准。設立外資銀行營業性機構需要由所在地銀保監局受理和初審，獲得金融許可證後再由銀保監會審查和決定。
   
   Wholly foreign-funded banks and Sino-foreign joint venture banks, with the approval of the People’s Bank of China, may engage in the business of foreign exchange settlement and sale. The conversion of the capital (or working capital) of a wholly foreign-owned bank between domestic and foreign currencies shall be approved by the local foreign exchange administration in advance. For the annual accumulated capital (or operating capital) conversion of domestic and foreign currencies exceeding the equivalent value of USD 500 million (inclusive), transactions shall be submitted to the SAFE (State Administration of Foreign Exchange) for approval after the preliminary examination by the local branch of the SAFE.
   外商獨資銀行和中外合資銀行，經中國人民銀行批准，可以經營結匯售匯業務。外商獨資銀行資本金（或營運資金）本外幣轉換，應事先向所在地外匯管理局申請核准。對於年度累計資本金（或運營資金）本外幣轉換超過等值5億美元（含）的， 由所在地外匯管理局分局初審後報國家外匯管理局核准。
   

2. Direct Investment in Foreign Currency
   合格境外機構投資者機制
   
   A system introduced in 2002 allows qualified foreign institutional investors to remit foreign exchange funds and convert them into Chinese dollar, and establish a mechanism for medium- and long-term investment in China’s securities market through special accounts for supervision and management. Profits from capital projects can be converted into foreign exchange for remittance after review.
   於2002年起推行的一項制度，使得合格的境外機構投資者將被允許把外匯資金匯入並兌換為人民幣，通過監督管理的專門賬戶對中國證券市場進行中長期投資而設立的機制，各種資本項目所取得的利潤經審核後可轉換為外匯匯出。
   

   1. Range of Investable Financial Products:
      可投資金融產品範圍:

      • Stocks, bonds, and warrants traded or transferred on the stock exchange
        在證券交易所交易或轉讓的股票、債券和權證

      • Fixed income products traded on the interbank bond market
        在銀行間債券市場交易的固定收益產品

      • Securities Investment Fund
        證券投資基金

      • Stock index futures
        股指期貨
        

   2. Mechanism Benefits:
      機制好處:

      1. No Investment Limit:
         無投資額度限制:
         
         Foreign institutional investors do not need to file or approve with SAFE (State Administration of Foreign Exchange) to obtain investment quotas. After obtaining the securities and futures business license issued by the China Securities Regulatory Commission, it is only necessary to entrust the custodian to apply for business registration with the SAFE to open a custodian account for cross-border investment transactions.
         境外機構投資者不需要向外管局備案或批准來獲得投資額度。在取得證監會頒發的經營證券期貨業務許可證之後，只需要委託託管人向外管局申請辦理業務登記，即可開立用於跨境投資交易的託管賬戶。
         

      2. Allow to Independently Choose the Currency of Remittance to Invest:
         允許自主選擇匯入幣種開展投資:

         • Remittance of foreign currency funds: Must open a special foreign currency account and a special CNY deposit account corresponding to the special foreign currency account ("The first type of CNY special deposit account")
           匯入外幣資金: 須開立外幣專用賬戶及與外幣專用賬戶對應的人民幣專用存款賬戶（“第一類人民幣專用存款賬戶”）

         • Remittance of CNY funds: Must open a special CNY deposit account ("The Second type of CNY Account")
           匯入人民幣資金: 須開立人民幣專用存款賬戶（“第二類人民幣賬戶”)

         • Remittance of both foreign currency funds and CNY funds: All accounts under (a) and (b) must be opened
           同時匯入外幣資金和人民幣資金: 須開立(a)、(b)項下的所有賬戶
           

      3. Simplify the Remittance of Funds:
         簡化資金匯出:

         • Foreign institutional investors only need to sign a tax payment commitment letter to remit the investment principal and income
           境外機構投資者僅需簽署完稅承諾函即可匯出投資本金和收益

         • The custodian handles the relevant fund remittance procedures for the foreign institutional investors based on the instructions of the foreign institutional investors and the tax payment commitment letter issued by them, without the need to provide an audit report
           託管人憑境外機構投資者的指令及其出具的完稅承諾函，為境外機構投資者辦理相關資金匯出手續，無需提供審計報告
           

   3. Yiwu Market Access Requirements
      義烏市場準入要求
      
      According to China's New Foreign Investment Law, the negative list[16] stipulates that investment is prohibited in areas where foreign investors are not allowed to invest. The negative list stipulates that investment is restricted in certain areas, and foreign investors should make investment in accordance with the special management measures for restrictive access such as equity requirements and senior management requirements stipulated in the negative list.
      根據新的《外國投資法》，負面清單[16]規定禁止投資的領域，外國國投資者不得投資。負面清單規定限制投資的領域，外國投資者進行投資應當符合負面清單規定的股權要求、高級管理人員要求等限制性准入特別管理措施。
      

3. Invest Through TKEG's Global Network
   通過奕資之全球網絡投資
   
   There are no major capital movement restrictions between UK and Hong Kong SAR. It depends on the investors preference whether to start its investment directly in our western subsidiary TKEG offices or directly with TKEG headquarters in Hong Kong SAR.
   英國和香港特別行政區之間沒有重大的資本流動限制。直接在我們的子公司或奕資辦事處或直接在奕資香港特別行政區總部開始投資，取決於投資者的偏好。
   
   All the complex capital movements to and from Chinese mainland will be covered by THE KEITH & EVEN GROUP.
   奕資將涵蓋往返于中國大陸的所有復雜資本流動。

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