Calls for application have begun for a special 100-million-yuan (US$15.7 million) incentive for foreign-funded enterprises registered in Shenzhen to invest in new projects, Shenzhen Special Zone Daily reported, quoting the commerce bureau.

The 2022 Guangdong Province High-quality Economic Development Promotion Special Fund aims to scale up foreign investment and encourage foreign-invested project establishment across the province, particularly to reward projects using foreign capital to increase investment and expand production, according to the commerce bureau.

The fund application guide said that incentives will be given to new foreign-funded projects, which were established in Shenzhen in 2021, with actual foreign capital amounting to US$50 million and above. These projects will be awarded 2 percent of the foreign capital put into use in 2021, and the maximum funds shall not exceed 100 million yuan.

Last year’s Shenzhen-based new projects with added foreign capital with actual foreign capital amounting to US$30 million and above will also be rewarded according to the same rules.

The fund applications exclude real estate and financial sector projects.