Policies released to revitalize industries in Guangxi

Guangxi Zhuang autonomous region has recently issued a document of several policy measures for implementing a new round of industrial revitalization from Jan 1, 2024 to Dec 31, 2026. 

This initiative aims to continue increasing financial support for industry, particularly in industrial scientific and technological innovation, major industrial project construction, industrial project financing, and enhancing production and efficiency in industrial enterprises.

The document released this time comprises 10 parts, with a focus on various resource supports aimed at implementing breakthroughs in technological innovation, upgrading industrial chain clusters, enhancing the quantity and quality of projects, empowering intelligent transformation through digitization, fostering and strengthening enterprises, transitioning to green and low-carbon practices, improving the energy efficiency of industrial parks, and driving development through openness.

From 2024 to 2026, each year is expected to see the coordinated arrangement of funds from the general public budget and additional government special bond funds. This will be done through equity investment, subsidized loans, financing guarantees, investment subsidies, and fund rewards to support the construction of major industrial projects, enterprise technological transformations, and enterprise digital transformations.

Guangxi will offer support for industrial projects focused on the industrialization of crucial core technologies in the manufacturing sector and large-scale industrial applications of innovative achievements. This support is set to be provided based on a certain proportion of fixed asset investment, with a maximum limit of 50 million yuan ($7 million) for a single project. 

Additionally, financial assistance is scheduled to be extended to initiatives in the industrial internet and the ecological construction of digital transformation. This includes providing support for industrial internet platforms that are part of national pilot demonstration projects.

Each year, special bond funds for industrial parks will be allocated to support the construction of crucial park infrastructure, focusing on supporting the rapid improvement of infrastructure in the China-ASEAN Industrial Cooperation Zone.

Additionally, one-time rewards of up to 1 million yuan will go to manufacturing industry single champion enterprises and specialized, elaborative, characteristic and emerging "little giant" small and medium-sized enterprises that have received initial national recognition.