Zhuhai invests 38b yuan into sci-tech innovation over last decade

Zhuhai has always placed great importance on supporting the development of sci-tech innovation, as evidenced by a significant increase in financial investment in recent years, stated officials of the Zhuhai Finance Bureau.

From 2012 to 2022, the city's total expenditure on sci-tech support from the general public budget amounted to 37.99 billion yuan ($5.24 billion), exhibiting a robust average annual growth rate of 16.83 percent. This shows strong support for the construction of innovation platforms, the cultivation of high-tech enterprises, and the achievement of core technological breakthroughs.

By the end of the first quarter of 2023, Zhuhai's sci-tech angel fund was supporting 27 projects with a total investment that exceeded 280 million yuan ($38 million), leveraging a total social capital of about 1.1 billion yuan ($151.1 million). 

Zhuhai has set up a 40-million-yuan ($5.5-million) technology credit risk compensation fund that provides a maximum of 3 million yuan ($411,908) in risk compensation for eligible technology credit projects. This has encouraged banks to increase their support of local technology companies. 

A worker operates equipment in a factory. [File photo by Zhong Fan / Zhuhai Daily]

As of June, the city has added 125 new technology credit projects to the database, with a cumulative value of 895 million yuan ($122.89 million), and achieving a credit scale expansion of over 22 times.

In 2022, the city allocated 127 million yuan ($17 million) for special technology innovation funds, while district-level support reached 235 million yuan ($32 million), expanding the city's total support amount to 362 million yuan ($50 million).

Over the last two years, Zhuhai has given significant support to provincial laboratories. To ensure the construction of major research and development platforms, the city's budget has allocated 524 million yuan ($72 million) to support the development of laboratory projects in 2023. This includes the Zhuhai Institute of Advanced Technology, the Southern Marine Science and Engineering Guangdong Laboratory (Zhuhai), and the Guangdong Institute of Intelligence Science and Technology.

High-tech enterprises are the main force in implementing the innovation-driven development strategy, and they have always been the city's top priority in terms of sci-tech innovation work. In 2022, municipalities and districts collectively allocated 189 million yuan ($26 million) for the recognition and award of high-tech enterprises. Some 252 enterprises were recognized for the first time last year, while 441 enterprises re-recognized. This bumps up the total of recognized high-tech enterprises in the city to 693. 

In 2023, the municipal and district budgets will allocate 225 million yuan ($31 million) for the recognition and award of high-tech enterprises, an increase of 36 million yuan ($5 million) compared to 2022, representing a staggering growth rate of 19 percent.

Efforts have also been made to build a talent highland that will increase the city's attractiveness to outstanding domestic and international talents. Last year, a total of 976 million yuan ($134 million) was allocated for talent policies. In 2023, the city's budget for talent policies is planned to reach 924 million yuan ($127 million).