Huai’an District in Huai’an City had 75 companies and projects eligible to receive a total government subsidy of 35.17 million yuan, according to the district’s economic development conference on February 11, marking the first subsidies following the district’s new move to underpin industrial upgrade.
Shao Bing, director of the Huai'an District Economic and Information Committee, said that the district decided in 2018 to increase support for projects and private companies in fields of high-end smart equipment, semiconductor electronic information and artificial intelligence, amid efforts to accelerate the industrial transformation. The district improved its fund, earmarked for industrial upgrade, to one billion yuan, and it also greatly enhanced the support for equipment investment. A company can get 10-18 percent of investment as a subsidy if its investment for purchasing productive equipment exceeds 10 million yuan.
Jiangsu Shuanghuan Gears Co., Ltd. received 27.56 million yuan of government fund for its equipment investment. The person in charge of the company said that the products are mainly parts for international high-end automobiles and new energy vehicles. By 2020, the company’s annual sales will increase from 600 million yuan to 2 billion yuan.
Shi Enpei, director of Huai'an District, said the district’s policy incentives for guiding industrial upgrade have improved the development confidence of key enterprises and the private economy, and also accelerated the transformation and progress in enhancing quality and efficiency.
source：english.jschina.com.cn
