Nansha issues 18 measures for economic stability

Nansha district in Guangzhou. [Photo/WeChat account: nanshafabu]

In 2023, Nansha's foreign trade ranked first in Guangzhou, while its cross-border e-commerce trade ranked first in the country. The growth rate of total retail sales of social consumer goods in Nansha is far ahead of the citywide average.

The district recently issued 18 measures for economic stability, refunding and deferring approximately 3.5 billion yuan ($486.6 million) in taxes in 2023. Nansha has been introducing such inclusive policies for the past five years.

The measures cover eight major areas, including encouraging industrial enterprises to expand production and investment, as well as upgrade and transform. The district also strives to strengthen cultural tourism consumption and increase export credit insurance support.

According to the measures, business entities that promote holiday consumption activities equivalent to 20 percent of the actual expenditures for a single event will be eligible for awards of up to a maximum of 500,000 yuan ($69,554). The Nansha UniMall, encouraged by this policy, plans to hold food festivals, beer festivals and membership festivals during 2024.

Enterprises that receive provincial or municipal export credit insurance and provide "short-term export credit insurance" equal to the actual payment of 40 percent of the premium, will receive up to 500,000 yuan.

Three commercial complexes over 100,000 square meters in Nansha were completed in 2024. To further bolster economy, wholesale and retail enterprises in Nansha will be rewarded up to 1 million yuan based on their business performance in the first quarter of 2024. For accommodation and catering companies, business increases in the first quarter of 2024 will be awarded with a maximum of 100,000 yuan.

For business service, science and technology service, culture and sports, and residential service enterprises with year-on-year increases in business volume in the first quarter of 2024, up to 100,000 yuan will be given based on the extent of their business growth.

While stabilizing jobs and promoting production among enterprises, this policy offers practical support in expanding production and increasing investment. Industrial enterprises that meet the relevant conditions in the first quarter of 2024 will receive a one-time stabilization subsidy of 1,500 yuan per person.