Under the "Policies Supporting Innovation and High-Quality Development of Industries" issued in 2022, the Zhangjiagang Free Trade Zone in Suzhou, East China's Jiangsu province has allocated 17.8 million yuan ($2.47 million) to local enterprises.
The Zhangjiagang Free Trade Zone. [Photo/WeChat account: zhangjiagangfabu365]
The policies reward enterprises in sectors such as new energy and semiconductors when they meet certain requirements. Additional incentives are provided for those that invest over 3 million yuan in equipment within one year of entering production or use robots.
These policies have not only alleviated the financial burden on businesses but also assisted companies in formulating long-term strategies, promoting innovation, competitiveness, and sustained growth, said Tao Zhixiang, assistant to the general manager at Zhangjiagang CIMC Sanctum Cryogenic Equipment Co Ltd. The company has received over 8.5 million yuan in government funds since January 2023.
The Zhangjiagang Free Trade Zone is currently home to seven nationally recognized SRDI (specialized, refined, differential, and innovative) small and medium-sized enterprise, 62 provincially recognized SRDI SMEs, and 130 provincial-level star-rated enterprises using cloud services.