OVC issues 25 policies to support local industries

The Optics Valley Square. [Photo/Optics Valley of China]

The East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC) recently released 25 policies to facilitate the development of local industries, lending the strongest support to national manufacturing and innovation centers, with maximum financial assistance of 100 million yuan ($14.34 million).

The valley is currently accelerating the construction of the unique "2+1+N" industrial system that is dominated by electronic information, biomedicine, and medical facilities and supported by digital facilities and several emerging industries.

It is estimated that by 2025, the valley's industrial output above a designated size will reach 500 billion yuan ($71.7 billion), and it will register 80 listed companies, one to two enterprises worth 100 billion yuan, and one firm worth 10 billion yuan.

Enterprises having been included in the national reserve of industries above a designated size will receive a bonus of 200,000 yuan, while companies selected as key little giant firms and national specialized and new little giant firms will gain rewards of 2 million and 1 million yuan.

Corporations with an annual output of 500 million yuan or above, and with an annual output growth rate equal to or greater than the valley's average, will be subsidized at 2 percent of their yearly industrial added value, with the maximum subsidy being 20 billion yuan.

Manufacturers with annual revenue of 10 billion yuan, 5 billion yuan, or 1 billion yuan, and with a revenue growth rate of 10 percent, 20 percent, 50 percent or 100 percent, will be granted talent salary subsidies in varying amounts.

Industrial enterprises above a designated size with industrial design centers that have been recognized nationally and provincially will gain rewards of 1.5 million and 800,000 yuan, respectively.

Green factories, green industrial parks and green supply chain managing enterprises identified by the Ministry of Industry and Information Technology this year will receive a 1-million-yuan bonus.

In addition, the valley also rolled out supporting measures to encourage digital transformation, project construction, and reduce companies' operational costs.