10 policies to boost trade, commerce

The East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC) issued 10 policies in a bid to boost local commercial and trading activities and render comprehensive support to local market entities.

To encourage leading commercial and trading companies to set up regional headquarters in OVC, the valley grants a reward of up to 3 million yuan ($430,800) to each such company that reports 500 million yuan or above in annual retail sales of consumer goods.

Automotive sales enterprises above a designated size which saw retail sales last year of no less than 50 million yuan will receive up to 500,000 yuan in rental subsidies. In addition, the valley also offers financial incentives to business operators that have attracted commercial and trading enterprises.

Efforts have also been made to prop up businesses vital to the basic lives of residents. Large and medium-sized supermarkets are encouraged to establish branches in OVC, while new stores opening in local communities or industrial parks which lack commerce will also receive operational allowances.

Famous catering and retail brands establishing their first stores in Central China, Hubei province, Wuhan, or OVC will also receive rewards ranging from 100,000 to 500,000 yuan.

The government allocates no less than 20 million yuan for sales promotion campaigns every year to stimulate local consumption.

Please follow the WeChat official account "中国光谷" (meaning Optics Valley of China) to get the full Chinese version of the 10 policies.