Shanghai is offering cash awards of up to RMB 100 million ($14.53 million) to attract manufacturing projects in key sectors such as artificial intelligence and biotechnology, in a bid to reignite economic growth after China’s reopening, reports the South China Morning Post. Vice mayor Li Zheng told an investment promotion conference on Thursday that the mainland’s commercial and financial hub will offer 24 economic sweeteners as it aims to lure hi-tech firms from around the globe.
Aside from the cash award, the municipality will offer a subsidy covering 50% of a firm’s bank loan interest payments, grant as much as RMB 10 million for office rent payments and invest in promising businesses via government guidance funds.
The incentives target projects by companies based at home and abroad. “The newly published policies focus on serving [manufacturing] businesses,” Li said. “We hope the incentives can spread some sunshine among the companies that qualify.”