Chongchuan district in Nantong, East China's Jiangsu province, has in recent years increased financial support for innovation and technical enterprises.

In 2021, loan interest deductions provided to 53 enterprises in Chongchuan exceeded three million yuan ($419,870).

Among the beneficiaries is Nantong Youtuo New Energy Co Ltd, which was granted a loan interest deduction of 133,000 yuan from the district science and technology bureau.

Thanks to financial support from district authorities, Youtong has upgraded its technology and is now able to produce a monocrystalline silicon piece, which helps increase its competitiveness.

The annual turnover of Youtong has reached one billion yuan.

According to district authorities, they can provide credit subsidies to high-tech enterprises with a sales turnover of less than 400 million yuan.

In addition, authorities will give an award of up to six million yuan to listed enterprises in Chongchuan.

An aerial view of Nantong Youtuo New Energy Co Ltd in Chongchuan district, Nantong. [Photo/WeChat account: chongchuanonline]