R&D subsidies worth $7.41m given to Nanming companies

Nanming district in Guiyang, the capital city of Southwest China's Guizhou province, released R&D subsidies worth 49.4 million yuan ($7.41 million) for 15 companies under its jurisdiction on Nov 9.

The amount of money available to a single enterprise ranges from 203,000 yuan to 5 million yuan.

Companies that successfully apply for funds must be industrial enterprises above designated size, wholesale, retail, accommodation and catering companies above designated size, or construction firms or real estate developers that meet certain criteria. 

It is reported that the R&D subsidies granted to enterprises in Nanming include 13.77 million yuan from Guizhou provincial subsidies, accounting for 33.8 percent of the total subsidy amount at the provincial level and ranking first in the province.

The funds from municipal subsidies are worth 17.82 million yuan, accounting for 36.4 percent of the total subsidy amount at the municipal level and ranking first in the city.

Over the last five years, the R&D expenditure of the government and private sector in Nanming district has accounted for more than 2.2 percent of GDP annually.