Officials from Pingtan introduced the city's raft of preferential policies for the financial sector at a gathering of China's leading finance companies in Beijing on Sept 29, as the small group of islands off the coast of Fujian province looks to transform itself into a financial powerhouse.

The offshore city is looking to leverage its strategic position in the Taiwan Strait and special status as a "comprehensive pilot zone" to become a bridge for investment between the China and the wider world.

In the last few years, Pingtan has introduced a slew of competitive policies designed to lure top finance companies to the islands, from tax breaks to looser recruitment, business license and land usage restrictions, and this approach has already begun to pay dividends.

As of Aug 31, 771 finance companies have set up shop in Pingtan, and these companies contributed 410 million yuan ($62 million) in tax revenue during the first half of 2016, up 53 percent year on year, Pingtan Times reported.

The officials looked to build on this momentum at the conference, held at the Fujian Hotel in Beijing, which was attended by representatives from 120 famous companies, including investment bank China International Capital Corporation Limited, China Development Bank Securities, and Internet of things technology developer BOE Technology Group.

The attendees appeared impressed by the presentation, with three companies indicating that they plan to settle their finance departments in Pingtan after learning about Pingtan's business environment and favorable policies.