Chongchuan unveils financial measures to bolster innovation
Authorities in the Chongchuan Economic Development Zone in Nantong, East China's Jiangsu province, have this year rolled out a series of financial measures to encourage enterprises to pursue innovation.
For instance, the local government has released a guideline meant to advance cooperation between high-tech small and medium-sized enterprises and financial institutions.
According to the guideline, authorities will provide loan subsidies worth more than 3 million yuan ($419,035.32) to the zone's 53 enterprises. They will also offer awards of up to 6 million yuan to listed companies.
Nantong Youtuo New Energy Technology Co Ltd, which focuses on the research and development of photovoltaic products, is one of the beneficiaries of the policies. The company has received 133,000 yuan in loan subsidies from the local government.
Xu Jianjun, general manager of the company, said that the government's financial support has helped the company make technological breakthroughs key to reducing the production cost of monocrystalline silicon.
Li Jian, deputy director of the zone's science and technology bureau, noted that the zone has also unveiled favorable policies such as equity investments and financial discounts to help ease the burdens of newly founded high-tech SMEs.
