Shanghai will offer 5 billion yuan ($788 million) to fund smart manufacturing and build up its Lingang port area as a leading base for high-end manufacturers, officials told a media conference yesterday.
Lingang will subsidize 10-30 percent of the potential investment from companies in key smart manufacturing projects in strategic innovative industries like robotics, new energy, offshore engineering equipment and civil aviation, said Chen Mingbo, an official responsible for the construction of Lingang.
Located north of Yangshan port in southeast Shanghai, Lingang will offer free rent for research and development centers on smart manufacturing as well as subsidize 10-30 percent of investments for these centers.
Commercial banks will also be encouraged to raise the line of credit to 20 billion yuan for smart manufacturers in Lingang. Lingang will offer 500,000 yuan for firms seeking a listing after they reform their shareholding structure.
Lingang will also provide up to 30 percent of investments by companies which intend to transform their factories to smart manufacturing.
Lingang will build apartments, medical and educational facilities to attract talent to settle in the area.
Xu Ziying, vice director at the Shanghai Economy and Information Technology Commission, said smart manufacturing, a major goal in the “Made in China 2025” scheme, taps into China’s “new normal” economic mode.