Ningbo rolls out measures to help enterprises expand capacity

Updated:2020-03-26 (chinadaily.com.cn)

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Ningbo, East China's Zhejiang province, recently rolled out guidelines to help enterprises expand their production capacity as the epidemic subsidies in the city. 

Local authorities will offer rewards of up to one million yuan ($ 144,927.5) to enterprises that register year-on-year quarterly growth.

Those that exceed the designated size in the first half of this year will be entitled to a one-time cash prize of 200,000 yuan, according to the guidelines.

In addition, the city will ramp up financial support for industrial enterprises. Loans offered to the manufacturing sector are projected to rise 10 percent over the previous year.

Enterprises are also encouraged to leverage various financing resources such as exchangeable bonds and green bonds to ease short-term pressure on capital turnover.

Furthermore, Ningbo has rolled out voucher programs to stimulate consumption.

People who purchase locally produced cars and register them in the city will be provided with a 5,000-yuan voucher before Sept 30. The quota for each car company is 6,000 units.

In addition, homegrown brands in sectors such as home appliances, textiles, clothes, and stationary are encouraged to issue vouchers to spur consumption. 0.2 percent of their online transactions before May 31 will be covered by government subsidies, up to an amount of one million yuan per company.

Manufacturing enterprises whose online sales increase by 20 million yuan over the previous year will also be offered up to one million yuan in awards.