Xiamen in East China's Fujian province is on the move. The city aims to grow into a global-oriented regional financial center serving the Chinese mainland, Taiwan and Southeast Asian countries. [Photo/VCG]

The Xiamen Financial Industry Promotion Conference was held in the city on Sept 27, according to local media reports.

Roughly 1,000 representatives from financial institutions, financial supervision departments and fintech companies from at home and abroad attended the conference.

Hu Changsheng, Party secretary of Xiamen, said at the conference that the city would continue improving the scale and quality of its financial industry to build itself into a global-oriented regional financial center serving the Chinese mainland, Taiwan and Southeast Asian countries.

Hu noted that by 2025, revenue from the financial service sector in Xiamen is expected to total 300 billion yuan ($42.12 billion) and the balance of deposits and loans in local and foreign currencies of the financial institutions in the city would exceed two trillion yuan.

At the conference, Xiamen announced the establishment of a Financial Advisory Committee and signed cooperation agreements with 17 financial institutions.

The city also rolled out a series of preferential policies during the event to boost its development into a modern and international financial center.

According to the policies, financial institutions that locate their headquarters in Xiamen will receive a one-off reward of up to 50 million yuan.

Financial institutions in Xiamen that execute mergers and acquisitions of their counterparts outside Xiamen and that move the reorganized institutions to the city will be rewarded up to 10 million yuan.

Financial institutions which are newly established in Xiamen or relocated to the city will receive a reward of up to five million yuan.

The city will also focus on the introduction and cultivation of high-profile finance professionals for the development of financial industry and construction of cross-border regional financial center.

The existing professionals residing in the city and high-profile finance professionals introduced to the city will receive respective rewards of one million yuan and two million yuan.

In addition, corporate-system equity investment companies that are newly established in Xiamen, or move to the city, will be rewarded up to five million yuan.