Shenzhen has opened this year’s application window for companies to be classified as high tech. The distinction is an important one, as companies will be eligible for subsidies from the city government of up to 10 % of their research and development budgets, capped at 3 million yuan.
The city, which is well established as China’s leading technology hub, has seen the number of state-level high tech companies soar by 2.4 times in the past five years, currently numbering 18,650. Their annual output has grown from 584.8 billion yuan in 2015 to 974.7 billion yuan in 2020. Shenzhen’s latest Five Year Plan, released officially this week, envisages 22,000 national high tech firms in the city by 2025.
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