SZ to offer subsidies to stimulate marine economy development

Enterprises, research institutes and higher learning institutions applying their products and services in the marine sector or applying their marine research achievements in non-marine sectors can expect to receive subsidies from the Shenzhen government, Shenzhen Economic Daily reported.

The subsidies will amount to 20 percent of the price stated in their procurement or technological service contracts, and capped at 10 million yuan (US$1.58 million), according to a recently released draft plan by Shenzhen’s planning and natural resources bureau.

This is one of the 12 measures mulled by the city to encourage high-quality development of the marine economy. The plan supports marine enterprises to set up research institutes or invest in industrial projects, and support research institutes or higher learning institutions to set up branches in Shenzhen.

The city will offer rewards to marine projects supported by national- or provincial-level special funds equivalent to 50 percent of its self-financing funds and the subsidy will be capped at 10 million yuan. The combined fund awarded by the national, provincial and municipal authorities will not exceed 50 percent of the total investment of a project.

Newly registered marine enterprises will be rewarded an amount equivalent to 50 percent of their local revenue contribution within three years after registration, with a cap at 1.5 million yuan.

High-growth marine enterprises whose average revenue or net profit growth rate over the last two years is not less than 10 percent will be rewarded an amount equivalent to 40 percent of their local revenue contribution, with a cap at 1 million yuan, according to the measures.

The government will also support new product testing by offering subsides equivalent to 50 percent of the total expenditures, with a cap of 1 million yuan.