Guangming District unveils stimulus plan for new materials projects

The Industry and Information Technology Bureau of Guangming District has unveiled a groundbreaking initiative aimed at fostering innovation and incentivizing the adoption of new materials in downstream applications, as reported by Bao'an Daily.

The program targets enterprises at the forefront of new materials development. Scheduled for a six-month application window starting from Aug. 1, 2024, the initiative offers substantial rewards for qualifying enterprises.

Each approved product stands to receive up to 1 million yuan (US$138,000), with a maximum incentive cap of 5 million yuan per enterprise. To qualify for the program, enterprises must meet stringent criteria set by the national, provincial, or municipal industrial and information authorities.

This includes proving the commercial viability and impact of their new materials products. Additionally, applicants must navigate a rigorous evaluation process involving online submissions, on-site inspections, and feedback from relevant departments.

If the products are related to safety, medical, and finance industries, the applying unit must have obtained valid production or sales licenses or qualifications. The purchasing party and the selling party must be entities in the upstream and downstream industrial chain and should have no relevant affiliations, among other conditions.

Enterprises can submit applications through online or paper-based methods. It is important to note that once the deadline for online submissions has passed, no new submissions will be accepted in principle. Upon successful online preliminary review for paper applications, the submission of physical documents must be prompt to complete the application process.

The incentive program aims to boost the uptake of cutting-edge materials in various industries. By providing financial rewards tied to product performance, Guangming District hopes to drive innovation, economic growth, and competitiveness within the region's industrial landscape. As the application period approaches, local businesses are gearing up to seize this opportunity to develop their new materials projects.