The People's Government of Guangxi Zhuang Autonomous Region recently launched a policy to promote industrial revitalization with an annual fund of 40 billion yuan ($6.2 billion) between 2021 to 2023.

According to the measures, Guangxi will implement a special cultivation plan for enterprises, with industrial enterprises above designated size to be rewarded a maximum of 10 million yuan.

From 2021 to 2023, a total of 40 billion yuan per year will be used to support industrial revitalization. The fund will be used to offer loan discounts, fund major industrial project construction, help enterprises' technological transformation and boost park infrastructure construction, as well as pay for enterprise development support, market development support, equity investment, financing guarantees, corporate contribution rewards and assessment rewards.

Guangxi will increase the incentives for enterprises' technological transformation, helping industrial enterprises to become bigger and stronger. Companies that have made outstanding contributions to the economy will receive generous rewards.

For Guangxi's projects under construction and those involved in the "Technological Transformation of a Thousand Companies", the local government will grant a maximum of 10 percent of equipment investment subsidies, where the maximum subsidy fund should not exceed 10 million yuan.

For smart factories and digital workshops recognized by the autonomous region, the local finance department will give enterprises a one-time financial reward of 1 million yuan and 500,000 yuan respectively.

For enterprises that purchase 10 or more industrial robots each year, a one-time subsidy based on 20 percent of the purchase amount will be offered to enterprises, and the maximum subsidy fund shall not exceed 5 million yuan.

To implement the enterprise cultivation plan, Guangxi will give a one-time reward of 10 million yuan, 5 million yuan, 1 million yuan, 500,000 yuan and 300,000 yuan respectively to those industrial enterprises above designated size whose operating incomes exceed 100 billion yuan, 50 billion yuan, 10 billion yuan, 5 billion yuan, and 3 billion yuan for the first time.

For eligible new major industrial projects, within five years from the start of their operations, the enterprises will be rewarded 30 percent of their contribution to the local economy. The rewards shall not exceed 50 percent of the fixed asset investment, and the maximum reward funds shall not exceed 20 million yuan.