The city of Guiyang will push forward industrial transformation and upgrading through 19 aspects by 2022, according to the "Several Policy Measures on Accelerating Industrial Transformation and Upgrading (Revised)" that was issued by the Guiyang Municipal People's Government.

To encourage enterprises to carry out these changes, Guiyang will give awards to industrial enterprises above designated size that have undergone the transformation and upgrading.

After the implementation plans are reviewed and approved, the municipal government will award large, medium-sized, and small-micro enterprises with 500,000 yuan ($73,807), 300,000 yuan, and 100,000 yuan respectively.

The city's industry and information technology commission will establish an industrial and information industry development guide fund of 2 billion yuan. Every year, the municipal government will invest 200 million yuan for the fund, and the districts and development zones will invest 14.3 million yuan respectively.

Through equity participation in a sub-fund, a minimum of 30 percent of the guide fund will focus on enterprises engaged in the fields of health and medicine, electronic information, equipment manufacturing, featured specialty food, new building materials, phosphorus fine chemicals, and aluminum intensive processing.

In addition, the city will develop and improve investment risk compensation mechanisms and provide appropriate compensation for investment losses to increase the enthusiasm of the participating sub-fund investment enterprises or projects.