Established in 2010 in Binhu district, Jiangsu Telilan Coating Technology specializes in manufacturing conductive films and adhesives. [Photo/WeChat account: wxbhfb]

Two projects owned by companies in Binhu district, Wuxi, East China's Jiangsu province recently received 31 million yuan ($4.35 million) in subsidies from the Jiangsu Development and Reform Commission and Jiangsu Provincial Department of Finance.

The subsidy program was set up by the two departments to bolster the development of strategic emerging industries.

One of the subsidized projects is 48 superconducting film production lines by Jiangsu Telilan Coating Technology Co. The other one is a project by Wuxi Best Precision Machinery Co that can produce 7 million spare parts of new energy vehicles and turbochargers a year.

Binhu's emerging industries have been experiencing stable growth in recent years. During the first half of 2022, the district's high-tech sectors generated 30.71 billion yuan in output, a year-on-year increase of 15.3 percent. The growth in revenue for industries including integrated circuits, software and information technology, as well as metaverse was more than 25 percent from January to July.