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Maximum Reward of 10 Million Yuan for Foreign Financial Institutions Settling in Chongqing

By YUTING CHEN|Nov 18,2023

Chongqing - Chongqing's first national-level industrial docking event, the 2023 China Industrial Transfer and Development Docking Event (Chongqing), is set to take place from November 19 to 21, as announced at the press conference on November 16.

The event will feature six thematic sessions, covering industries such as intelligently connected new energy vehicles, the new generation of electronic information manufacturing, advanced materials, intelligent equipment and manufacturing, food, agricultural product processing, biomedicine, and medical equipment.

The Chongqing municipal government continues to invite businesses, ensuring the presence of no fewer than 800 merchants at the event.

The production site of intelligent connected new energy vehicle components enterprises in Hechuan District, Chongqing. (Photo/Feng Changshu)

Prominent cases reveal success in industrial transfer

Chongqing has achieved notable success in industrial transfer, with prominent cases in various sectors.

For example, in the automotive industry, Chongqing has successively undertaken key component projects such as power batteries from BYD and drive motors from Xinzhi Group Co., Ltd., accelerating the transformation and upgrading of the city's automotive industry toward intelligent connected new energy vehicles.

In the electronics industry, projects like CR Micro's 12-inch power management chip wafer and packaging and Formovie Tech's laser projection have been undertaken, significantly promoting the integration of the city's integrated circuits and new display industries.

In the materials industry, Chongqing has undertaken projects such as Aluminum Corporation of China's high-end manufacturing and Huafon Group's adipic acid/nylon/nylon 66 series, accelerating the city's progress toward high-end lightweight alloy materials and synthetic materials.

Maximum reward of 10 million yuan 

The cityscape of Chongqing. (Photo/ Jiangbei District)

"We will actively introduce foreign-funded projects," said Quan Wei, deputy secretary-general of the Chongqing Municipal People's Government.

For new projects with an annual actual foreign investment exceeding 10 million USD (excluding real estate, finance, and similar financial industry projects) or new manufacturing projects exceeding 30 million USD, rewards will be granted based on the actual foreign investment amount in the given year, with no less than 2% (RMB) and 4% (RMB) respectively. The maximum annual reward for a single project shall not exceed 10 million yuan (USD 1.38 million).

Encouraging overseas investors of existing foreign-invested enterprises to increase their registered capital with Renminbi profits, supporting increased capital projects and new projects to enjoy equivalent reward policies for the actual use of foreign capital.

Supporting the introduction of major industrial projects, the city will provide special incentives, new product development subsidies, and interest subsidies for a total support of up to 20 million yuan (USD 2.76 million) for major investment projects in advanced manufacturing, modern services, and advantageous characteristic agriculture that meet the conditions.

For Fortune Global 500, China's Top 500, Private Top 500, industry-leading enterprises, and domestic and foreign financial institutions settling or establishing headquarters in Chongqing, a maximum reward of 10 million yuan (USD 1.38 million) will be granted.

Incentives for introducing foreign-funded projects to Chongqing. (Graphic/ Vivian Yan)

"From 2020 to 2022, Chongqing has accumulated 4,670 industrial investment projects, with a total fund of 642.5 billion yuan (USD 88.69 billion)," added Quan.


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