Dongyang, a county-level city of Jinhua, Zhejiang province, has introduced a series of policies to promote high-quality economic development, according to a news conference held on Feb 14.
The policy plan includes 55 measures in eight fields, involving 5.55 billion yuan ($810.46 million) in funds. The measures include the construction of projects to boost economic development, encouraging innovation and providing funding for research and development.
The government will leverage industrial clusters to boost industrial development, promote the development of the service industry, and improve transportation networks.
The city will also work to promote rural revitalization through integrated urban-rural development and use financial resources to guarantee an improvements in people's livelihoods.
The government will aim to boost economic growth by building large-scale projects and encouraging project investment. Dongyang will create a fund for three structural monetary policy tools, including equipment renovation and transformation, transportation logistics refinancing, and carbon emission reduction support, which will be included in the scope of financial awards. A subsidy of 0.5 percent of the amount used will be given to enterprises that have used the funds for loans.
The city will also increase research and development investment by enterprises by providing financial awards, with research and development expenses exceeding 1 million yuan qualifying for a maximum award of 5 million yuan. Furthermore, companies investing in high-tech industries will receive incentives to set up research and development institutions, with an award of up to 10 million yuan.
Dongyang will focus on developing new energy, new materials, magnetic electronics and biopharmaceuticals this year. It will set up three special funds for industrial clusters with a scale of over 10 billion yuan each to boost the development of the city's main industries.
The city will also support the development of the service industry related to the cultural and tourism industries by carrying out key projects such as the Hengdian Film and Television Industrial Park and the Jinhua Cultural and Art Center.
Dongyang will also strive to upgrade transportation networks by investing over 10 billion yuan in 83 transportation projects and advancing the construction of airports, railways, expressways, and urban roads.
In addition, the city will encourage foreign and domestic investment and consumption growth by mobilizing Dongyang natives and overseas businesspeople to attract foreign investment.
