Guangdong has launched a new system of “innovation vouchers” with initial funding of 120 million yuan. Essentially a financial subsidy, the provincial Department of Science and Technology has come up with the system as a way of supporting SMEs. Its adoption has been accelerated due to the impact of the COVID-19 outbreak, as official data shows how badly local SMEs have been impacted. Funding will focus on companies that are involved in research and development of practical solutions in epidemic prevention and control.
More than half – 52.3% – of enterprises in Guangdong are reporting they face significant constraints on working capital.
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