The city of Taixing, in East China's Jiangsu province, invested 6.43 billion yuan ($922.72 million) from January to November for its manufacturers to implement technical reforms – including 74 major technical reform projects involving capital expenditure of 50 million yuan or more each.
One of them has been Runtai Chemical Co Ltd, which has recently been very busy. The company has invested 1.06 billion yuan this year on extending its phase II project in Taixing – which is administered by the prefecture-level city of Taizhou.
The project is scheduled to be finished in December 2023, according to Song Wenguo, vice-general manager of the company.
Nowadays, more and more of Taixing's companies are choosing to increase investment and start second and third phase extensions of their production capacity. The aim is to expand the scope of their business in the city, as well as industry supply chains.
Jiangsu Nanji Machinery Co Ltd has invested 500 million yuan this year on an intelligent reform project and it has built two intelligent production workshops.
"The project will be completed at the end of this month and the annual output value is estimated to reach 500 million yuan after ramping up production," said by project manager Zhang Fuqiang.
Under the guidelines for promoting manufacturers to implement technical reforms, between 2019 and 2021 Taixing paid 75 enterprises 73.88 million yuan in the form of technical reforms vouchers.