Chongchuan district in Nantong, East China's Jiangsu province, has spent 113 million yuan ($15.62 million) on various awards and subsidies for the industrial and information technology sectors over the past three years.

This move is aimed at supporting talent attraction and advancing research and development in local enterprises.

Nantong NTEC Monofilament Technology Co Ltd in the Gangzha Economic Development Zone is among the companies benefiting from these incentives.

According to Ma Haijun, director of the research and development center at the company, the company has been advancing intelligent and digital transformation in recent years, investing about 30 million yuan annually to upgrade its equipment.

"We are planning to invest in a new project by the end of this year, which will have an annual production capacity of 160,000 metric tons of polymer monofilament. The total investment in this project is expected to be around 1 billion yuan, " he said.

The decision to undertake the new project is made possible by the various measures implemented by the Chongchuan government to support business development.

According to Ma, the company has benefited from the district’s policies on research and development expense incentives, talent incentives, and industrial sales growth incentives over the past two years, which have helped drive its innovative development.

Chongchuan is currently home to 381 enterprises above the designated size, including 50 specialized and sophisticated enterprises at the provincial-level or above.

From January to April this year, the output value of high-tech industries in the district reached 22.677 billion yuan, accounting for 62.16 percent of the total industrial output value and ranking first in the city.

A workshop owned by Nantong NTEC Monofilament Technology Co Ltd. [Photo/Nantong Daily]