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The Futian District Government announced an increase in support for enterprises in the fashion sector, including more funds and favorable policies, at a forum held at the Museum of Contemporary Art & Planning Exhibition on March 13.
He Jie, deputy head of the district government, elaborated on several policies that were recently added to existing documents at the Shenzhen (Futian District) Fashion Industry Forum.
The new policies include larger investments into the fashion industry’s R&D and talents awards for fashion designers, aiming to encourage more flagship stores to settle in Futian, among other districts.
“After the finance industry, and architecture and decoration industry, the fashion industry is the third pillar in Futian District in terms of economic output volume, so we ought to give more support to the fashion industry and people working in this field,” He said at the forum.
Futian is home to more than 300 fashion companies that provide over 80,000 jobs, according to the deputy head.
One of the new favorable policies states that the district will give funds to fashion companies that generate an annual output of 3 million yuan (US$474,000) and spend 500,000 yuan on R&D each year.
The support will amount to 10 percent of the sponsored company’s R&D spending, with a cap at 3 million yuan.
For fashion companies that have made significant achievements in the previous year and plan to open flagship stores covering more than 300 square meters in Futian, the district government will shoulder 50 percent of the cost and each store will receive a one-off subsidy of up to 1 million yuan.
The forum, jointly hosted by the Futian District Government, the Futian District Cultural Industry Development Office, the Shenzhen Garment Industry Association (SGIA) and the Shenzhen Evening News, was organized so fashion practitioners could discuss the future of the fashion industry in Shenzhen and China in a broader sense.
Mario Boselli, honorary president of the Italian Fashion Chamber, said at the forum that he believed more exchange and communication between young fashion designers from both countries would be of great significance.