Following inauguration of China’s first venture capital building - Guangzhou Tianhe Venture Capital Building and promulgation of the guideline for villages (cooperatives) and other collective properties to build the public makers and incubators, Tianhe District is taking a big action again. On July 5, Tianhe held a news conference to officially promulgate the newly amended “1+1+8” industrial support and technological innovation policies. In order to strengthen the headquarters economy, enterprises which make big contributions to the economic and social development can receive up to RMB100 million of bonus, 50 times of that defined in the original policy.
Increase support to emerging industries
The policy amendment mainly focus on the technological innovation, key enterprises and high-end talents. As for the technological innovation, more than RMB 2 billion of special funds will be input from the district and municipal government in superposition to increase support to the emerging industries such as cloud computing, big data, Internet of things, cultural creativity and new generation information technology, artificial intelligence and biomedicine (IAB ).
In order to introduce high-end talents, Tianhe will increase awards to executives of key enterprises, and newly establishes awards to financial high-end talents, industrial high-end talents and overseas talents. The management team of financial institutions as legal person can be eligible for up to RMB3 million of bonus. It is noteworthy that Tianhe pays more attentions to key enterprises and those which make big contributions to the economic and social development can get up to RMB1 million of bonus, 50 times of that defined in the original incentives.
When talking about the measures of Tianhe to support introduction of key enterprises, Zhang Haibo, director of the Commercial and Financial Administration Bureau of Tianhe District, said, “Centering on the high-end elements of headquarters, finance and technology, we have further enhanced introduction of key enterprises, enlarged the recognition scope and increased the support amount.” He said Tianhe District has regarded the international advanced areas as the benchmark in the policy amendment and made great efforts to introduce investment from Fortune 500 corporations, Top 500 enterprises of China and Forbes Global 2000 and cause such enterprises to establish higher energy level headquarters economic projects in Tianhe.
Offer support according to energy level of key enterprises
The amended policies stipulate to provide support according to the energy level of key enterprises. In addition to the RMB100 million bonus to the group corporations which make big contributions to Tianhe’s economic and social development, headquarters projects of Fortune 500 corporations and Top 500 enterprises of China will be eligible to RMB20 million of awards. A bonus of RMB10 million will be granted to projects of Forbes Global 2000, Top 500 private enterprises of China, Top 100 service enterprises of China in Tianhe.
Moreover, RMB5 million of bonus will be granted to headquarters enterprises recognized by Guangzhou and Guangdong Province as well or transnational headquarters recognized by the Ministry of Commerce. Enterprises essentially moved in the core area of Tianhe Smart City can receive up to additionally RMB3 million of awards in three consecutive years in total. “We enjoy an annual growth of 10 projects from Fortune 500 corporations. This year three Fortune 500 investment projects have been introduced. To date, 160 Fortune 500 corporations have invested in 221 projects in Tianhe,” said Zhang Haibo. To occupy the commanding heights of economy and vigorously develop the headquarters economy, the district has introduced a batch of Fortune 500 projects, including Zung Fu China headquarters, and Zurich Insurance Group Guangzhou Branch. To date the district has 105 recognized headquarters enterprises in total, accounting for 29% of Guangzhou’s total.
Source: Invest Guangzhou, July 6, 2017