Emerging industries in line for 2b yuan lift

Futian District has beefed up its support for local enterprises by increasing industrial development special funds to 2 billion yuan ($312.31 million).

The move is aimed at nurturing a growth engine for emerging industries and improving the accuracy and efficiency of financial support.

To promote the newly revised policies for the special funds, the district will host more than 100 lectures this year. The funds are expected to benefit 10,000 enterprises.

According to the revised policies, the special funds mainly cover nine areas — investment promotion, headquarters economy, financial industry, initial public offerings, modern service industry the advanced manufacturing industry, technological innovation, cultural industry and the development of business associations.

The policies also designate specific measures for certain industries and fields, encompassing a total of 140 articles and 280 items in architectural and decorative design, supply chain, the professional service industry, financial technology, the fashion industry, new generation artificial intelligence, low-cost space in Huaqiangbei, private funds and bonds.

In the past three years, Futian had handled 7,765 applications for funds, and allocated special funding totaling 2.134 billion yuan. The new policies have further simplified the application procedure by shortening the processing time from three months to one month.

Meanwhile, the district has broadened the scope of supporting projects and increased backing for major leading enterprises and projects in a bid to realize the marketization and diversification of financial support.

Through the support of special funding for industrial development, Futian’s economy has maintained strong momentum and is developing along a healthy trajectory.

At present, the number of commercial entities registered in the district stands at 410,000, including three of the world’s Fortune 500 enterprises, 13 China Fortune 500 companies, 85 listed companies and 379 companies that are headquartered in the district.

About 80 percent of Shenzhen’s financial institutions and 70 percent of the nation’s logistics headquarters are based in Futian.