Tongzhou boosts development of local enterprises
Tongzhou district in Nantong, East China's Jiangsu province has in recent years been ramping up efforts to boost the development of local "specialized and sophisticated" small and medium-sized enterprises.
Among the efforts taken by local authorities is the provision of financial support.
Nantong Red Star Compressor Parts Manufacturing Co Ltd is one of the enterprises that have benefited from the financial support provided by local authorities.
Wang Yufang, director of the financial department of the company, said that the district has launched a policy that helps enterprises reduce purchase taxes on production equipment.
Last year, the company purchased a set of foundry equipment worth 6.6 million yuan ($957,836) and was exempted from 2 million yuan in taxes.
As of June 2022, the district had rewarded such enterprises with 1.9 million yuan.
Authorities have also simplified procedures in patent licensing to help enterprises begin operations as quickly as possible.
For example, Jialang Intelligent Technology (Nantong) Co Ltd had last March applied for three patents. It took just six months for the company to receive approval.
In February, a conference aimed at bolstering the development of "specialized and sophisticated" enterprises was held by Tongzhou authorities.
Tongzhou is currently home to six national-level "specialized and sophisticated" enterprises and 53 provincial ones.
A conference themed on specialized and sophisticated development is held Tongzhou district. [Photo/WeChat account: wxtzfb]
