Ningbo unveils supportive policies for manufacturing industry

The city of Ningbo, Zhejiang province recently enacted 22 policies to support manufacturing companies and to fulfill its role as a national pilot city promoting the "Made in China 2025" strategy.

More than ten billion yuan ($1.45 billion) is estimated to flow into the city's manufacturing industry in the next three years, strengthening financial support for scientific innovation.

The policies will be carried out to create a new industrial system, promote intelligent upgrading of the manufacturing sector, boost supply-side reform and perfect current working mechanisms, providing a more precise and innovative way to support the sector's development.

Companies willing to implement intelligent reforms are eligible for a maximum subsidy of 30 million yuan, according to the new policies. The launching of innovation institutes and major scientific and technological projects has been encouraged by the government through the establishment of special funds.

Other elements, such as loans and land for industrial use, have also been taken into consideration. Thirty percent of total loans from banks and 35 percent of annual newly-approved lands will be designated for the industry, in accordance with the new policies.

In August of 2016, Ningbo was elected as China's first pilot city to promote the "Made in China 2025" strategy, bringing Ningbo abundant attention from municipal leaders.

Song Wei, deputy director of the Standing Committee of the Ningbo Municipal People's Congress, recently addressed the urgent need of central government supports to better develop the pilot city at this year's national "two sessions". He asked for more key projects and funding to come to the city.