East China’s Jiangsu province has always attached importance to the development of the brick-and-mortar economy, as is evidenced by the release of a number of active fiscal policies in recent years that have helped to increase investment in innovation, support the cultivation of new industries, promote and optimize industrial development and boost high quality economic development.
Bordin Auto, established by an entrepreneurial team made up of returnees, has mastered the core technologies of independent and controllable chassis platform, battery management, lightweight technology and intelligent driving system.
The commercialization of the technologies on the market requires a lot of money. In order to find the investors and locations, the team had visited many cities before landing its project in Nanjing Jiangbei New Area, thanks to the assistance from the Jiangbei New Area Development Fund, which is jointly funded by the Provincial Government Investment Fund and Jiangbei New Area.
A high-quality project can often drive the accumulation of related industries. The Jiangbei New Area Development Fund relies on government departments to invest 2 billion yuan on a number of high-quality projects like Bordin Auto that have taken root and accelerated the construction of a modern industrial ecosystem.
The Jiangbei New Area Development Fund is typical of the province’s use of financial leverage to maximize the development of investment in the brick-and-mortar economy.
As of the end of July this year, the provincial government investment fund had earmarked 20 billion yuan of financial funds to stimulate a combined capital of 190 billion yuan, which has added the total to 210 billion yuan. It has also launched 50 funds, contributed to 2 funds and invested in 226 investment projects in the fields of medicine and health, new materials, and intelligent manufacturing.
While fully mobilizing market resources, the financial departments at all levels in Jiangsu have set up special funds to guide enterprises to strengthen technological transformation and edge up to the middle and high end of the industrial chain. Xugong Firefighting split from the Xugong Group in 2016. In the early stage, the company faced bottlenecks of weak R&D and insufficient production capacity. Later, it was supported by 10 million yuan of special funds allocated by Xuzhou City and Yunlong District. It has successfully developed a new generation of V5 series fire truck products. This year, the company added a production line for scissor trucks for aerial work platform vehicles.
Since the beginning of this year, the provincial fiscal budget has arranged 900 million yuan of special funds for enterprise innovation and achievements transformation, 1 billion yuan for the development of emerging industries of strategic importance and 2.907 billion yuan for upgrading of the information industry transformation.
The pro-active fiscal input has backed up the optimization and upgrading of the manufacturing industry. From January to July, the province's industrial technology investment increased by 10.4% year on year with 81 new intelligent workshops built, reaching a total of 536.
In the next step, the province will focus on 13 advanced manufacturing clusters such as integrated circuits, engineering machinery, and new power and new energy equipment so as to promote the deep integration of new technologies such as the Internet, big data, and artificial intelligence with the manufacturing industry, and the transformation of Jiangsu manufacturing to Jiangsu intelligent manufacturing.
(source:ourjiangsu.com)
