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June 24, 2021

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Jiading announces financial support to boost businesses

Jiading businesses in the automotive, medical, Internet of Things and online-economy industries will receive financial boosts over the next four years, the district government announced yesterday.

The suburban district will be handing out innovation rewards, financial support and millions in cost reductions to businesses that meet the standards set out by the government in its new industrial policy framework.

New automotive companies focused on electric, Internet-connected, smart and shared automobiles with initial fixed-asset investment in the district of at least 50 million yuan (US$7.8 million) will qualify for up to 3 million yuan if they meet total-investment and tax-contribution requirements. They can also apply for up to 5 million yuan for three consecutive years to put toward bank loan repayments for investment projects.

New businesses in the high-performance medical equipment and precision-medicine sectors can get up to 10 million yuan for investing in the district.

Also, new businesses in the biomedicine industry can receive up to 10 million yuan for purchasing land for production, research and development and office space.

Cai Ning, director of Jiading’s economic commission, said the goal of the new policies is to further diversify and strengthen the district’s manufacturing sector.

Jiading’s manufacturing output is the second-highest among the city’s districts, but 70 percent of that output, or more than 90 billion yuan, comes from the automotive industry. The district aims to grow the annual output of the automotive, high-performance medical equipment, precision medicine, smart sensor and Internet of Things industries to 100 billion yuan each by the end of 2025.

“The annual output of our biomedicine industry is only 10 billion yuan, but we believe the industry has a great potential,” Cai said. “The new policies provide support for key industries in a comprehensive manner, from their initial investments in the district to their future growth.”

The policies will be reviewed on an annual basis to better foster the industries, and the district will provide more targeted services for investors, he added.


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