Shenzhen’s Bao’an district is offering subsidies of up to 100 million yuan for “manufacturing innovation centers” to be established there. The district, which centers on the international airport but is a large-scale logistics and commerce hub in the making, has just released a plan aimed at transforming traditional manufacturing industries through the IoT model, which in China is known as the “industrial internet”.
A set of detailed criteria for the subsidies has been formulated. Any enterprise formally identified as being engaged in industrial internet development, by authorities at the municipal, provincial, or national level, qualifies for financial support if they set up in Bao’an. The district will add up to 50% of funding provided by these higher-level authorities, capped at 50% of the enterprise’s total required investment. Depending on the size of the project, these can be 100 million yuan, 50 million yuan, or 30 million yuan.
More on SZNews
In the days before Alibaba, the MICE business was a major driver of development in the Greater Bay Area. Right from the start of Reform and Opening, face-to-face contacts were necessary to grease the wheels of Socialism with Chinese Characteristics. Buyers would fly in from around the world to meet local suppliers, spending precious foreign exchange at hotels, restaurants, and karaoke lounges, before ordering vast quantities of goods from Chinese factories. The rise of e-commerce has curbed the industry’s growth, but Meetings, Incentives, Conventions, and Exhibitions still generate sales worth billions of dollars every year for the 11 GBA cities, each of which has a Convention and Exhibition Center (or two) sitting proudly in a prominent location.
Shenzhen, the newly anointed Pioneering Zone for Socialism with Chinese Characteristics, is about to open such a center that, its leaders hope, will redefine the industry. It’s called the Shenzhen World Exhibition & Convention Center.
Continue reading MICE industry braces for Shenzhen World