WND releases three-year plan for private economy

A man conducts experiments in a high-tech company located in Wuxi National Hi-tech District. [Photo/wxrb.com]

Wuxi National Hi-tech District (WND) recently rolled out a series of measures and a three-year plan to promote the high-quality development of the private economy, focusing on capital, talent, services and platforms.

In recent years, WND has been working to promote the transformation and upgrading of traditional industrial companies and encourage scientific and technological innovation.

In December, 2019, CHISON Medical Technologies Co Ltd, one of the world's leading manufacturers of ultrasound systems, became the first company in Wuxi to be listed on the Shanghai Stock Exchange's sci-tech innovation board, commonly known as the STAR market.

To date, three companies based in WND have been listed on the STAR market.

 The workshop of Wuxi Autowell Technology Co. [Photo/wxrb.com]

The newly-released measures are meant to help enterprises become stronger and overcome challenges, optimize the business environment, and guarantee more development opportunities.

For private enterprises above designated size which implement environmentally-friendly, safe, and intelligent technological transformation and upgrading, up to 10 million yuan ($1.46 million) in subsidies will be given out according to the company’s total investment.

According to officials, WND’s private economy has performed well in emerging industries such as integrated circuits, high-end intelligent equipment, high-end software digital economy, biomedical medical equipment and other industrial fields. “Technological innovation is the foundation and driver of WND,” said a person in charge at the relevant department.

According to the three-year plan, by 2022, the district will be home to over 600 private industrial enterprises above designated size, which are expected to have a total output value of more than 150 billion yuan. A total of 10,000 new private market entities and 5,000 new technology companies are expected to be established in the district as well.