Policy system formulated to support enterprises in Guangzhou

Guangzhou municipal government recently gave the green light to a special "1+1+N" policy system aiming to provide support for enterprises in the city.

The policy system will primarily focus on increasing support for the city's highlighted IAB industries (referring to industries of next generation of information technology, artificial intelligence and biological medicine), NEM industries (referring to industries of new energy and new material) and innovation parks. It will also function to encourage emerging industries and promote new business modes.

The first "1" in the policy system indicates the comprehensive principle and direction for the industrial policies in the whole city and the other "1" refers to a special regulation launched by the bureau of finance of Guangzhou municipality on a special industrial development fund and the "N" signifies a total of 13 specific policies.

A total of nine policies has already been rolled out by certain government departments and another four are currently being formulated or under deliberation.

The policy system sticks closely to the industrial areas on which Guangzhou has attached great importance. A total of 10 focuses were listed in the system including boosting advanced manufacturing industry, promoting modern services industry, boosting headquarters economy and supporting growing business support.

Currently, Guangzhou municipal commission of commerce is working together with Guangzhou government affairs office to establish a special industry promotion policy service platform which will be rolled out before March next year. By then investors will be able to get up-to-date industrial promotion policies through the platform.