Liuzhou invests over $10 m to encourage innovation

Liuzhou has spent 72.76 million yuan ($10.31 million) to date for supporting and awarding enterprises' research and development, driving the total R&D investment of 491 enterprises in the city to more than 4 billion yuan.

A person in charge of the Liuzhou technology bureau explained that in April of this year, the Liuzhou government officially issued implementation measures to encourage enterprises to increase investment in research and development. In accordance with the standards, enterprises that have enjoyed the preferential pre-tax deduction policy for R&D expenses will be awarded.

A total of 14 companies were awarded more than 1 million yuan and 96 companies were awarded more than 100,000 yuan. Leading enterprises in pillar industries that have a large investment in innovation have received a large amount of rewards. Among them, SGMW received 8 million yuan and Dongfeng Liuzhou Motor Co (DFLZM) received 5 million yuan.

Large-scale manufacturing enterprises are the main recipients of Liuzhou's investment, while small and medium-sized enterprises, especially small and micro enterprises, account for the highest proportion of declared enterprises.