Futian unveils new measures to boost advanced manufacturing

Futian has introduced new measures to grow the district's advanced manufacturing in a bid to turn it into a high-end manufacturing hub.

On Feb. 28, the district unveiled an industrial action plan that focuses on five areas to improve the manufacturing capabilities of Futian's industrial sector.

Industrial sectors such as semiconductors and integrated circuits, smart terminals, and new energy are singled out as those top on the district government’s work agenda and expected to get most of the policy support.

Global Fortune 500 companies, China's central State-owned enterprises, and leading private firms in these industrial sectors are encouraged to invest or settle in Futian.

Cash incentives range as much as 50 million yuan (US$6.94 million) will be offered to firms willing to settle in Futian. These firms can be newly launched, but these firms must be categorized as a "key industrial firm." However, the action plan fails to specify what kind of firms can be qualified as a key industrial firm.

For Futian-based firms newly selected as a national or municipal industrial leader, or newly chosen as a "little giant" firm, they will also be entitled for a cash reward of up to 1 million yuan to advance their development.

"Little giant" companies refer to innovative small and medium-sized firms that have played a crucial role in helping power the nation's technological advancement and making big contributions to the nation's manufacturing sector.

Located in the central urban area of Shenzhen and with an area of 78.66 kilometer meters and a population of about 2.2 million, Futian is Shenzhen's administrative, cultural, financial, business, and international communication center. 

In recent years, Futian has consistently ranked at the forefront of China's districts and counties. By 2022, the regional gross domestic product of the district topped 550 billion yuan.

Futian, which has long been the city's financial powerhouse with its large number of financial institutions such as brokerages, fund management houses, and insurance firms, has highlighted three industries of science and technology, finance, and fashion as its growth drivers in recent years.