A wide view of Taixing city. [Photo/WeChat account: txfabu]
Taixing city, located in East China's Jiangsu province, recently established a joint technology research and development guidance fund with municipal research institutes.
The initial funding of 15 million yuan ($2.98 million) will be directed to helping galvanize local emerging and future industries.
The Taixing local government, the Jiangsu Industrial Technology Research Institute and the Taizhou Industrial Technology Research Institute will jointly invest in a 1:1:1 ratio to support science and technology research projects with enterprises as the main target.
Each project may receive a maximum subsidy of 1.2 million yuan.
In terms of the management of fund disbursals, enterprises invest first and then follow up with subsidies proportionally, ensuring the efficiency of fund utilization.
"The launch of the subsidy plan has solved the problem of large R&D investment in the early stage of enterprise projects," said Zhang Chenghua, general manager of local manufacturer Yatai Pump & Valve.
Wu Guoqing, general manager of Jiangsu Shengnan Electronic Technology, said that the collaborative support model of government, research institutes and enterprises could not only solve the funding challenges of an enterprise project's research, but also help enterprises accurately match up with the resources of research institutions such as universities and institutes.