Copyright 2024 - Ningbo Life / Ningbo Expat

Ningbo ramps up support for emerging industries

Ningbo, East China's Zhejiang province, recently rolled out a guideline to bolster the development of emerging industries and strategic emerging industries in key fields. 

The new policies primarily target small and medium-sized enterprises from the city, according to the Ningbo municipal development and reform commission.

More incentives will be put in place to encourage enterprises to extend the industrial chain and improve its resilience.

Companies that excel in industrial chain extension or the improvement of their products' added value will be entitled to a government subsidy of up to 2 million yuan ($307,692). The company should also meet the requirements such as being included in the city's

emerging industry projects pool and acquiring a bank loan of no less than 2 million yuan.

A maximum of 3 million yuan in incentives will also be given to enterprises for developing new business modes, technologies and products.

Meanwhile, local authorities have stepped up their support for start-ups. Up to 2 million yuan in incentives are set to be given to non-listed companies that achieve revenues exceeding 10 million yuan for two consecutive years.

Companies will also be incentivized to facilitate the construction of new-type infrastructure and speed up the application of technological research results.

Test bases or test production lines with an investment of more than 5 million yuan will be able to receive subsidies of up to 10 million yuan. The amount of subsidy is dependent on the investment made in equipment procurement.

In addition, the city will be ramping up support for the construction on innovation facilities including industrial innovation centers, engineering research centers, and innovation and entrepreneurship service providers

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