On March 31, Guangdong published ten measures such as giving more incentives to boost advanced manufacturing development. It is intended to bring an increase of manufacturing investment that will boost industrial growth in the province.

(Photo / Nanfang Daily)

According to the measures, incentives will be given to large-scale technological transformation projects related to the province's 20 key industry clusters such as a new generation of electronic information, advanced materials and new energy.

Projects in the Pearl River Delta region will be rewarded based on the equipment costs not exceeding 20%, and projects in the eastern, western and northern parts of Guangdong will be rewarded based on the equipment costs not exceeding 30%.

The policies also attach great attention to scientific and technological innovation. To develop an international innovation and technology hub in the Greater Bay Area, it requires each strategic industry cluster have at least one provincial technological innovation center, industrial innovation center or manufacturing innovation center.

And, It is encouraging the set up new R&D institutions and laboratories; to improve the construction of new infrastructure such as 5G and industrial Internet platforms.

As for the support of finance and capital, financial institutions are encouraged to increase their credit support for enterprises and projects engaged in the strategic industry clusters. For instance, more credit loans and medium or long-term loans are intended to be offered to approved manufacturing companies.

Author: Will

Editor: Jerry