The Beijing Economic and Information Bureau and the Beijing Finance Bureau released guidelines for the use of development funds for Beijing's cutting-edge industries in 2023 on Feb 24.

The funds  support  directions in four areas: enhancing industrial innovation capabilities, promoting investment in cutting-edge projects, improving the level of intelligent and green industry development, and ensuring the stable development of cutting-edge industries. 

The maximum reward for a single project is 30 million yuan ($4.34 million)! How can companies apply? What conditions must be met for application? 

Enhancing industrial innovation capabilities

Efforts will be made to promote cutting-edge industries, and to support enterprises' innovation development through accurate support.

Funds will be offered for enterprises in the following directions: integrated circuit design product first-line chip reward, integrated circuit enterprise EDA procurement award, key new material first batch of application demonstration reward of key new materials, first production reward of pharmaceutical innovation variety, insurance subsidy for cutting-edge innovative products, and application rewards for new infrastructure, new technologies and new products.

Promoting investment in cutting-edge projects

The funds will encourage the establishment of a modern industrial system with Beijing characteristics and high-end innovation, support  the investment and settlement of cutting-edge projects, improve the utilization of industrial elements, and increase the driving force for high-quality industrial development. 

Funds will be offered for such directions: loan interest subsidy for key investment projects, financing lease subsidy for advanced manufacturing enterprises, and reward for the renovation and utilization of old factories.

Improving the level of intelligent and green industry development

Implementing the "New Intelligent Manufacturing 100" project, carrying out intelligent and green technological transformation and upgrading, promoting the enhancement of intelligent productivity, accelerating the industrial green and low-carbon transformation, and promoting the high-quality development of industries. These are among the goals of the financing. 

Funds will be given for "New Intelligent Manufacturing 100" project award and green and low-carbon development project award.

Ensuring stable development of cutting-edge industries

Funds will be allocated for reward for increasing standards, stabilizing standards, and innovation, and also as incentive for the strengthening the coordinated development of industry chains.