Jiangshan increases incentives for technological innovation

Jiangshan, a county-level city of Quzhou in East China's Zhejiang province, has increased incentives for technological innovation in recent years.

Last year, the total amount of funds used by enterprises for scientific and technological research and development in the city was more than 60 million yuan ($8.23 million), and this year it is expected to reach 80 million yuan.

In the first half of this year, the total R&D expenditures of industrial enterprises above designated size in the city amounted to 568 million yuan, accounting for 3.12 percent of enterprises' total operating income. Among the city's 408 industrial enterprises above designated size, 306 had R&D expenditures, accounting for 75 percent of all above-designated-size industrial enterprises.

Jiangshan offers special funding for scientific and technological innovation, including an annual investment of 20 million yuan for the establishment of city-level scientific and technological projects, an annual investment of 20 million yuan for enterprise R&D investment subsidies, and an annual investment of 20 million yuan for rewards to scientific and technological enterprises who win national recognition.

To further encourage enterprises to increase investment in scientific and technological innovation, the city also arranges special funds every year to support enterprises in intelligent transformation, the development of green products and tackling core technology. In the past three years, more than 200 companies have been given a total of 23 million yuan in scientific and technological innovation vouchers.