According to the Department of Commerce of the Ningxia Hui autonomous region, Ningxia provided 86.878 million yuan($13.69 million) in incentive funds to entities and enterprises at all levels for attracting investments in 2021.
Incentive funds totaling 78.748 million yuan were delivered to entities at all levels for attracting investments. A further 6.93 million yuan was rewarded to 9 investment projects with a fixed asset investment of more than 500 million yuan, and 1.2 million yuan in support funds were given to the four overseas offices of the Ningxia Hui autonomous region.
Zhao Weijia, deputy general manager of Xiaoxing Spandex (Ningxia) Co Ltd, told the reporter that the reward funds would be used for comprehensive automation technology transformation projects, and that this year, they will strive to put them into operation by Sept 30, which is expected to achieve a production capacity of 72,000 tons and a total industrial output value of 2 billion yuan.
According to related officials of the Department of Commerce of Ningxia, the reward funds would be used for investment promotion, talent introduction, and market development in a bid to improve the quality and efficiency of attracting investment.