Wuxi to spend 35b yuan developing modern industries

Wuxi in East China's Jiangsu province released 96 measures covering 30 categories on June 28 to promote the high-quality development of modern industries during the 14th Five-Year Plan (2021-25) period.

The measures cover six aspects, including support for technological innovation and entrepreneurship, the construction of key projects, the transformation and upgrading of enterprises, the development of key industrial clusters, as well as improvement of the business environment.

Wuxi will spend over 35 billion yuan ($5.42 billion) coordinating and guaranteeing all types of funding needs for the construction of the Taihu Bay Science and Technology Innovation Belt, industrial development, talent introduction, and cultural construction.

The new guideline has added and optimized 35 policies related to integrated circuits, biomedicine, 5G, digital economy, exhibition economy, and data element transactions. It also merged policies with similar support directions and similar support content, as well as cancelled policies that were not suitable for the current industrial development situation.

Wuxi will support the construction of major innovation platforms, scientific and technological cooperation between universities and institutes, and key technology research for enterprises.

A subsidy of up to 10 million yuan will be given to new R&D institutions operating in corporatization during the construction period.

All of the city's districts are encouraged to introduce manufacturing projects with a total investment exceeding 1.5 billion yuan, as well as major service industry projects with a total investment exceeding 300 million yuan to upgrade their industrial level.

Wuxi will also give more support to enterprises involved in smart manufacturing and green development.