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Zhejiang takes actions to build a first-class business environment

Wenzhou

Updated: May 15, 2019 govt.chinadaily.com.cn Print
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By the end of November 2018, the foreign capital invested in Wenzhou reached $377 million, a year-on-year increase of 54 percent. 13 new projects with a total investment of more than $30 million were attracted to the city, including four projects with an investment of more than 100 million.

Three Fortune 500 companies, including Xinjiang Guanghui Industry, Yihai Kerry, SK Group, contributed nearly $100 million of investment to local industry, accounting for 25.5 percent of the city's total.

As a major manufacturing city in the Yangtze River Delta region, Wenzhou put forward various measures to encourage local business development at the end of 2018.

[Photo/IC]

1.Vigorously cultivate the three major industrial fields’ projects - strategic emerging industries, traditional industries, and high-end service industry. Strategic emerging industries include digital economy, smart equipment, life health, new energy intelligent networked vehicles and new materials.

These newly added industrial projects, with independent legal entity qualifications, should have a fixed asset investment exceeding 300 million yuan ($43.2 million) and an actual foreign investment surpassing $10 million. They will be financially rewarded for 5 years from the official production day. The amount of reward will be determined by their contribution to local industrial economy in the first five years.

More than 10 industrial projects will be selected each year to be the financially supported key projects. The actual research and development (R&D) investment of each project confirmed by the taxation department must exceed 10 million yuan (8 million yuan for software projects) within three years, so as to receive a subsidy of up to five million yuan, about 25 percent of the R&D investment of the project for three years.

2.More efforts will be made to implement the city's “overseas elite’s introduction plan”. A number of 300,000 yuan, 300,000 yuan, 150,000 yuan will be granted respectively to candidates involved in innovative long-term projects, entrepreneurial projects and short-term projects.

Enterprises that introduce overseas engineers and experts and intellectual project will be rewarded 100,000 yuan or 50,000 yuan.

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