Chongqing - Wu Tao, Deputy Director of the Chongqing Municipal Commission of Economy and Information Technology, unveiled a strategic plan to improve the business environment, promote industrial innovation and technological upgrades, and create the "33618" modern manufacturing cluster at a press conference on February 26.

The strategic initiative introduces 22 measures to support enterprises, reinforce economic recovery, and foster both qualitative and quantitative economic growth.

The measures feature five policies to enhance the business environment, including structural tax and fee reductions like a 5% extra VAT deduction for advanced manufacturing enterprises, incentives for new energy vehicle purchases, and lower unemployment insurance.

Eligible enterprises will also be added to a regulated "white list" for electricity and financing, alongside the introduction of a "service enterprise commissioner" system and continuous improvements to the "enterprise feedback, departmental response" digital platform.

Seven measures focus on spurring industrial innovation and tech transformation, urging companies to fast-track R&D and new product industrialization. For example, entities recognized as municipal or national manufacturing innovation centers will be eligible for R&D subsidies up to 5 million yuan/year and 20 million yuan/year, respectively.

Ten measures target the development of the "33618" modern manufacturing cluster, aiming to strengthen leading industries, assist whole vehicle enterprises in entering international markets, and promote benchmark computing power applications. Key projects in integrated circuits and advanced materials will receive financial backing.

Diverse financing needs of modern manufacturing clusters

Wu also introduced the Manufacturing High-Quality Development Investment and Financing Service Action Plan, which will focus on strengthening the "five major working mechanisms." 

For example, the cooperation mechanism between government, banks, and enterprises will concentrate on the diverse financing needs of modern manufacturing clusters. 

The initiative will create a unified platform for government, financial institutions, and businesses, urging banks to develop customized credit and bond products for manufacturing and fostering ongoing bank-enterprise interactions to enhance manufacturing financing.

Furthermore, financing credit enhancement mechanisms will further leverage guarantees and insurance to encourage high-quality enterprises to engage in financing through bonds, leases, etc. 

The deployment of local government risk funds for loans will be refined, and the compensation and repayment mechanisms for financing small and micro manufacturing enterprises will be enhanced, thereby broadening these enterprises' loan accessibility.