On May 5, the Administration Committee of the Nanning area of the China (Guangxi) Pilot Free Trade Zone (FTZ) issued several policies to promote high-quality development.

The Nanning area of the Guangxi FTZ. [Photo/WeChat account: gh_df8bc987e060]

These preferential policies apply to independent legal enterprises above the designated size with an annual turnover of over 20 million yuan ($2.89 million). They will also be dependent on if the enterprise was established and registered in Nanning between Aug 30, 2019 and Dec 31, 2024.

The Administration Committee of the Nanning area of the Guangxi FTZ will reward enterprises with 2 percent of their registered capital and 1.5 percent of their newly paid-in registered capital for any subsequent capital increases. The cumulative reward per enterprise will not exceed 50 million yuan.

Nanning will reward enterprises with 0.5 percent of their first paid-in registered capital for settling down in the city. However, the cumulative reward for each enterprise will not exceed 5 million yuan.

Companies will not be allowed to move out of Nanning for five years, or their rewarded incentives will be withdrawn.

Nanning will reward back 60 percent of a newly established trading enterprise's local economic contribution of more than 500,000 yuan within the first five years after they have earned their first main business income.

It will also reward newly established Internet companies with 70 percent of their contributions to the local economy within five years from the date of their establishment.