Fujian capital ramps up industrial transformation

The capital of Fujian province will offer financial rewards to lure more investment to the city as part of a package designed to accelerate industrial upgrades.

Fuzhou, located on the southeast coast of China, is planning to develop its new district into an area for cooperation across Taiwan Straits, as well as a base for modern industries and a pilot zone for reform and innovation.

The local government will loosen control of the approval procedure and size restrictions for financial institutions and companies to issue renminbi bonds and medium to long-term bonds denominated in foreign currencies.

Acting Fuzhou mayor You Mengjun told an investment promotion meeting in Beijing this week: "Enjoying a rich collection of resources, a unique geographic location and the powerful support of Taiwan people, Fuzhou will try to provide the best business environment, best services and the most favorable policies for corporate development."

A 50-million-yuan ($7.4 million) fund has been established to subsidize key projects designed to integrate the internet with traditional industries.

Subsidies up to 1.5 million yuan will also be available for big data and virtual reality projects. To qualify the projects must be based at the Digital Fujian Industrial Park in the county-level city of Changle and have a fixed investment of at least 30 million yuan.

Strong-performing companies in the smart manufacturing, financial and creative industries will also receive financial rewards or subsidies in Fuzhou.

In terms of tax reform, qualified companies will be able to apply online for the export tax rebate.

The city has focused on innovation-driven economic development and accelerated industrial transformation in recent years.

Its value-added industrial output for companies, of which the annual revenues from its main business exceeded 20 million yuan alone.

Qian Hui contributed to this story.