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This year, Beijing’s Chaoyang district will earmark 600 million yuan ($964,860) in special funds to help key areas, such as finance, cultural creativity, high-tech businesses, and the rural economy, according to the district’s development and reform commission, which made the announcement on Wednesday.
The idea is to increase the speed and amount of economic restructuring and improvements in the district, in accordance with Beijing’s 12th Five-Year Plan (2011-2015).
New regional headquarters of transnational companies in the district can qualify for funding and subsidies for the purchase or rental of housing, while newly registered sub-branches of financial institutions can get start-up funds, and listed enterprises can qualify for a government subsidy.
In addition to financial support, talented people can get government help in household registrations, medical care, and for children’s education.
The largest subsidies will go to key industrial parks for advanced technology, and those that have contributed significantly to the district’s economic development can qualify for as much as 5 million yuan in government funding. There is also a special fund for small to mid-sized enterprises and for rural industry projects.
“With the accelerated integration of urban-rural areas, rural parts of the district have become a major point of enterprise investment,” the head of the Chaoyang development and reform commission explained.
Those industries in rural areas that will benefit include commercial services, trade services, culture, financing, biomedicines, modern agriculture, and green tourism.
Primary industry projects will qualify for up to 40 percent of their total investment in funding, while secondary and tertiary industries investing more than 10 million yuan ($1,608,100) will qualify for up to 15 percent of their total investment.
The fund are expected to be used for fixed asset investment, technology imports, and infrastructure.
