Ningbo ramps up incentives to bolster service sector growth

Ningbo in East China's Zhejiang province will dish out more incentives to bolster the growth of the service sector, according to a guideline recently unveiled by the local government.

A maximum of 20 million yuan ($3.08 million) in rewards will be given to newly registered enterprises in the city's logistics sector.

Key logistics companies also stand to receive subsidies offered by the government to expand investment. Enterprises in the sector are entitled to up to 2 million yuan in subsidies if their investment in smart transformation exceeds 1 million yuan.

Meanwhile, more incentives will be rolled out to speed up the development of the convention and exhibition industry.

Conferences held in the city for no less than 2 days and with more than 200 participants will be subsidized. 

A one-time grant of 300,000 yuan will be given to Ningbo-registered market entities that host UFI certified conferences and exhibitions at the Ningbo International Convention and Exhibition Center. 

Micro, small and medium-sized enterprises in other segments including catering, wholesale and retail, tourism, education and real estate rental and property services will be provided financial support to implement new business forms and models.

Places that have been selected as provincial demonstration zones for modern service industry will also be given financial incentives.

In addition, enterprises will be encouraged to scale up. Individual businesses in the service industry will be rewarded 20,000 yuan for transforming themselves into small and micro enterprises.

Enterprises from the wholesale, retail, accommodation and catering sectors will be granted 20,000 yuan when their annual revenue exceeds 20 million yuan for the first time.

Businesses that make the list of China's top 500 service enterprises for the first time will be given 2 million yuan.