Sky's the limit in financing key industries in Jinwan

Jinwan District will allocate up to 50 million yuan ($5.7 million) to each new project that settles in the district and encourage existing projects to expand investment with unlimited financial incentives, the government announced on Aug 21.

Measures to facilitate real economic development are strengthened by the increased support funds with lower access requirements and wider coverage. Incentives offered by the municipal and district governments may overlap.

The measures are stipulated in the Methods for Trial Implementation issued on June 19.

Jinwan makes annual financial arrangements to enhance investment. Beneficiaries are in bio-medicine, aviation and aerospace, new-energy, advanced manufacturing, and other new economic fields in line with industrial development. They also include projects with increasing capital and production capacities. R&D, sales and other business projects, large investment promotions, venture attraction facilities, and corporate headquarters and branch construction projects are all covered.

Aviation New Town in Jinwan District [Photo courtesy Zhuhai Daily]

Each newly arrived advanced industrial project with paid-in registered capital exceeding $10 million or 100 million yuan ($15 million) will be allocated 1 million yuan ($150,300) for every $10 million or 100 million yuan ($15 million), with a maximum of 50 million yuan ($5.7 million), according to an official at the Jinwan Investment Promotion Bureau.

For existing projects, increasing investment in the district with newly paid-in registered capital so that they have capital of $10 million or 100 million yuan ($15 million) or more, the government sets no limit on the amount, granting 1.5 million yuan ($225,400) for each $10 million or 100 million yuan ($15 million).

Businesses with industrial value-added growth of more than 1 percent year-on-year will also be assisted. Upon examination and approval, they will be endowed with 1 million yuan ($150,250), 2 million yuan ($300,500), 3 million yuan ($450,800) or 10 million yuan ($1.5 million) each if they achieve a year-on-year sales revenue increase of 100 million yuan ($15 million), 500 million ($75 million), 1 billion yuan ($150 million), or 5 billion yuan ($750 million) respectively.