Xinghua city, administered by Taizhou city in East China's Jiangsu province, will establish a special financial fund totaling 200 million yuan ($27.38 million) at the municipal level to support enterprise innovation and development, officials told a news conference on Feb 6.
The fund will mainly support promoting innovative technologies, cultivating innovative projects, building innovation platforms, gathering innovative talent and attracting capital for innovation.
In terms of cultivating innovative projects, since last year 20 enterprises in the city have been included on the list of the provincial equipment renewal subsidy projects, receiving a 1 percent of loan interest rate subsidy.
A smart factory operates efficiently in Xinghua city. [Photo/WeChat account: xinghuafabu]
In a bid to attract innovative talent, the city will develop measures to guide the aggregation of young people, explore the establishment of talent incentive measures corresponding to enterprise contributions and optimize its comprehensive talent service system.
The city will also strengthen cooperation with strategic emerging industry funds at provincial and Taizhou levels. It will jointly build angel funds, industry funds and merger and acquisition funds that meet policy requirements with social capital, thereby supporting enterprise innovation and development.