NANJING — The Suzhou area of the Jiangsu Pilot Free Trade Zone in eastern China will establish a financial fund totaling 12 billion yuan (around $1.7 billion) to push forward high-level opening-up.

The fund will provide up to 66 million yuan for newly introduced financial institution headquarters for the use of start-up capital, office construction and talent introduction, according to statistics released at a news conference held in the Suzhou Industrial Park on Jan 16.

The move aims to bring in three corporate financial institutions and 30 functional headquarters of financial institutions, promoting the landing of 300 high-quality scientific and technological innovation projects, said Liu Xiaomei, deputy director of the Suzhou Industrial Park Administrative Committee.

The Suzhou free trade zone will also invest more than 3 billion yuan to bolster the high-quality development of the service sector. The newly settled high-quality service enterprises will be granted up to 22 million yuan start-up capital.

Since its founding in September 2019, the Suzhou free trade zone has seen the registered capital of newly invested domestic enterprises exceed 16.8 billion yuan and contract foreign investment reach $646 million.

In August, China announced a master plan for six new pilot free trade zones in a strategic move to press ahead with reform and opening-up in the new era. Propelling innovation and development of the manufacturing industry marks one of the goals for the pilot FTZ in Jiangsu, a vibrant manufacturing hub in the east.