Shenzhen released a new set of measures to boost the steady growth of the industrial economy, the city’s industry and information technology bureau announced on May 27.

The 30 new policies are aimed to promote steady growth in the industrial sector when facing pressures from a weak industrial foundation, a shortage of major manufacturing projects and strained industrial space supply.

The measures highlight higher-quality industrial investments, stronger support for production factors supply, a more streamlined dual circulation development pattern and higher-level innovation-driven development strategies, among others.

To address the industrial sector’s difficulties in financing, labor, costs, land use and cross-border transport, support will be scaled up including tax reductions and refunds, as well as monetary rewards.

Cao Xiaolong, CEO of Shenzhen Baoling Electronic Co., said in an interview with Shenzhen Special Zone Daily: “The measures bring up more tax and fee cuts and refunds. They help our company reduce its financial burden, increase R&D investments and expand production.” At present, the firm has enjoyed a tax credit of over 6 million yuan (US$895,710).

“Besides, the government has unveiled preferential tax policies, relief measures for businesses and for fostering market entities, and a stimulus package for spurring consumption since March. These support packages are providing us with all-around assistance,” Cao said.

From 2022 to 2025, the policies are expected to support local industrial firms with more than 100 billion yuan (US$14.9 billion), according to the bureau.

The measures also include upgrading industrial foundation, strengthening financial support for the introduction of major high-end advancing manufacturing projects and site preparation for industrial land use of 20 square kilometers.

For industrial parks that introduce major projects in these areas, they will be granted a reward as high as 10 million yuan. Key manufacturers are also encouraged to expand industrial investments in Shenzhen and to go public in the stock market.

During the 14th Five-Year Plan (2021-2025), the city plans to build 10-15 advanced manufacturing projects with an investment of 10 billion yuan each, and 10-15 energy infrastructure projects of over 3 billion yuan each.