Jinwan augments city subsidies for new industry

Jinwan District is offering millions of dollars in subsidies -- above and beyond what Zhuhai city is allocating -- for high-end equipment manufacture, aviation and aerospace, bio-pharmaceuticals, electronics and information technology, new-energy, new-materials, and modern services projects.

The district government will earmark up to 50 million yuan ($7.9 million) to each new such project and an unlimited amount to expanding businesses. District-level subsidies will be half the sum granted by the city government.

To attract more investment in advanced real-economy projects, 300 million yuan ($47.2 million) is designated to about 100 enterprises this year. Applications will be accepted beginning this month.

The district recently issued Tentative Measures for Trial Implementation. It wants to step up investment promoting real-economy growth, and to take advantage of current municipal-level subsidies, which are already generous.

Facial mask production robots tested at Jinwan Maker Town. [Photo by Guan Mingrong / Nanfang Daily]

Each new project will be allocated 1 million yuan ($150,300) for every $10 million or 100 million yuan ($15.7 million) in paid-in registered capital, with a maximum amount of 50 million yuan ($5.9 million), according to an official at the Jinwan Investment Promotion Bureau.

For existing projects that increase investment in the district with newly paid-in registered capital exceeding $10 million or 100 million yuan ($15.7 million), there is no specified limit on subsidy amounts, with 1.5 million yuan ($235,670) granted for each $10 million or 100 million yuan ($15.7 million).

Additionally, projects with annual revenue increases exceeding 100 million yuan ($15.7 million), 500 million yuan ($78.6 million), 1 billion yuan ($157 million) or 5 billion yuan ($785.6 million) will be subsidized 1 million yuan ($157,114), 2 million yuan ($314,228), 3 million yuan ($471,342), or 10 million yuan ($1.6 million), respectively. This means that eligible applicants who are enough to obtain subsidies from both the municipal and district governments will receive triple the above-listed sums, according to the official.