The Policies on Promoting Scientific and Technological Innovation in Yubei District will be issued for implementation in the near future, according to the Science and Technology Bureau of Yubei District.

Wang Wenwu, Director-General of the Science and Technology Bureau of Yubei District introduced that the Policies is divided into four parts.

This includes developing innovative entities, encouraging research and development (R&D) innovation, promoting achievements transformation, and optimizing the innovation environment, with a total of 10 articles. They have been moderately adjusted to the current scientific and technological work and become more focused and targeted.

Utilizing policies, Yubei inspires high-tech enterprises and scientific and technical workers to have a sense of identity and belonging to this fertile land of investment to unleash new vitality and create new growth drivers.

In terms of developing innovative entities, the Policies stipulates that, for municipal science and technology enterprises and national high-tech enterprises recognized for the first time, a one-off bonus of 10,000 yuan (USD 1,528 ) and 200,000 yuan will be awarded respectively; for national high-tech enterprises that passed the review, a one-off bonus of 100,000 yuan will be awarded.

Also, District-level supporting facilities worth 50% of the higher-level awards and subsidies in place will be given to innovation platforms such as newly recognized national laboratories, national and municipal key laboratories, technology innovation centers, clinical medicine research centers, new (high-end) R&D institutions, joint R&D bases (centers), agricultural science and technology expert compounds, and science popularisation bases.

Besides, supporting facilities worth 50% of the higher-level awards will be given to the unit or individual that has made the greatest contribution to the recent winning of the science and technology award at the national or municipal level. For newly recognized municipal high-tech products, relevant enterprises will receive a one-off incentive of 10,000 yuan/piece.

For enterprises' independent intellectual property products that have gone through the transformation of scientific and technological achievements and industrialization, if the initial annual new sales revenue of a single product is more than five million yuan, a one-off subsidy of 1% of the new sales revenue will be given, up to a maximum of 500,000 yuan.

It is worth mentioning that Yubei will subsidize the guarantee service fee for enterprises that have received credit loans for the knowledge value of science and technology-based enterprises.

In addition, a one-off award of one million yuan will be given to newly recognized national science and technology business incubators and maker spaces (including agricultural and rural maker spaces).

For the newly recognized excellent municipal science and technology business incubators as well as municipal maker spaces (including agricultural and rural maker spaces), supporting facilities worth 50% of the municipal incentives will be offered.

Innovation and entrepreneurship activities carried out with the approval of the application by science and technology business incubators and maker spaces (including agricultural and rural maker spaces) above the municipal level will be subsidized at 50% of the actual expenditure on the activities, up to a maximum of 100,000 yuan for a single subsidy.

"The ten policies are all tailor-made for businesses," said Wang. "In the new situation of innovation, entrepreneurship, and new economic development, they are perfectly suited to the needs of enterprises."

He added that Yubei is expected to allocate 60 million yuan as incentives each year, which will fully arouse enterprises' enthusiasm to settle, develop, and expand in the district.