Dozens of enterprises attracted to city by supportive policies

By HAO NAN| (China Daily)| Updated : 2022-07-25

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Workers check machines at the production line of Weichai Power at the Weifang Hi-Tech Industrial Development Zone. CHINA DAILY

The Weifang Hi-Tech Industrial Development Zone in East China's Shandong province insists upon project-oriented development concepts and has sped up the construction of key projects these past few years, local officials said.

Major projects under construction in this national high-tech zone include SF Express E-commerce Industrial Park, Bohai Bay Shipping Center and an aerospace industrial park.

"We pay great attention to the development of projects and provide support, ranging from policies and capital to services and human resources," said Zhao Wenjun, director of the zone's administrative committee.

Weifang Power Equipment International Cooperation Park, for example, has enjoyed beneficial policies offered by the zone. These cover land, taxes, finance and talents, and provide companies with holistic solutions and full-chain services.

The park has also set up an annual industrial development fund worth 500 million yuan ($74.1 million) to provide customized and one-stop financial services to companies there.

Since the start of its construction in 2019, the park has attracted 35 Chinese and foreign enterprises and established cooperative relations with 17 research institutes, prestigious universities and key enterprises across 10 countries and regions.

It also boasts six State-level corporate research and development institutions, including the nation's only fuel-cell technology innovation center and 24 provincial-level corporate R&D institutions.

This year, the Weifang high-tech zone plans to implement 230 industrial projects with a total investment of 138.3 billion yuan. Of them, the construction progress of 28 key projects is now ahead of schedule.

Also, from January to April, the zone's fixed-asset investment increased by 16 percent year-on-year and its utilized foreign investment reached $71.24 million, up 215 percent, ranking first in the city.

To cope with the negative effects of the COVID-19 pandemic in financing, the high-tech zone has innovated services to help companies stay afloat.

"We focused on the main difficulties in the development of micro, small and medium-sized enterprises, and took multiple measures to solve the financing problems and meet their diverse needs," said Li Tao, deputy director of the zone's administrative committee.

Since last year, the high-tech zone has issued a series of supportive policies, such as measures for attracting young talents and plans to support the zone's high-quality development. In 2021, it allocated a total of 17.16 million yuan to 199 talented workers in the form of housing subsidies.

Moreover, "in order to attract more high-quality projects, the high-tech zone has set up a government fund of 2 billion yuan and formulated customized policies for companies with support across 10 aspects like land and investment," said Dong Yulun, head of the zone's investment and cooperation office.

This year, the zone has streamlined approval procedures and optimized services, laying a solid foundation for its sustainable and high-quality development in the future, according to officials.