Chinese city commits 1 billion yuan to digital economy

0 Comment(s)Print E-mail, May 25, 2023
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Quzhou, a city in eastern China, has established a 1-billion-yuan fund to promote its digital economy.

The fund tilts toward AI and big data industries, granting more than 20 million yuan in rewards to an enterprise in these industries that has filed for IPOs and has equity funds of over 100 million yuan.

Unicorn or quasi-unicorn enterprises engaged in cloud computing, big data, cyber security, and AI are eligible for a subsidy equal to 20% of their R&D spending if the amount is less than 100 million yuan, or 25% if the sum is more than 100 million yuan. The subsidy caps at 100 million yuan.

Adjacent to Shanghai, Hangzhou, Ningbo, Yiwu, and other Chinese metropolises, the 1,800-year-old city is well served by a transportation network integrating high-speed railways, expressways, air transportation, and shipping.

In recent years, Quzhou has developed rapidly, creating six major industrial chains in new materials, new energy, integrated circuits, intelligent equipment, life and health, and special paper. It has also built four industrial parks, namely the Intelligent Manufacturing New City, the Smart New City, the Airport New City, and the Quzhou Innovation and Entrepreneurship Platform. In addition, Quzhou has partnered with Beijing, Shanghai, Shenzhen, and Hangzhou in a new "R&D plus manufacturing" mode.

Those who would like to invest in Quzhou or are interested in learning more about Quzhou's pro-investment policies can contact the China Council for the Promotion of International Trade Quzhou Committee by phone at +86-570-8021017 or by email at (Xu Ping)

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