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Wuxi rolls out measures to stabilize economy

Updated : 2023-09-06
(en.wuxi.gov.cn)

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A bird-eye view of Wuxi. [Photo/Wuxi Daily]

Wuxi authorities published 22 measures on Sept 5 to enhance high-quality development and stabilize economic recovery, according to a press conference.

The measures revolve around boosting consumption, improving the opening-up level and the business environment, and strengthening innovation development.

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A workshop in Wuxi. [Photo/Wuxi Daily]

Local authorities will issue coupons for catering, retail sales, and home supplies as well as digital renminbi red envelopes and cash subsidies to stimulate consumption.

A total of 100 million yuan ($13.71 million) will be allocated to stabilize foreign trade. Local enterprises that attend exhibitions abroad will receive subsidies for renting booths, while traditional foreign trade enterprises are encouraged to develop e-commerce businesses, and foreign investors will be awarded based on the businesses' profits and capital reserve.

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Bustling Nanchang Street in Wuxi. [Photo/Wuxi Daily]

Enterprises that are rated as national specialized and sophisticated "little giants" or provincial specialized and sophisticated small and medium-sized enterprises will receive a one-time award of no more than 500,000 yuan or 300,000 yuan.

Local authorities will each year support about 100 projects dedicated to the development of key and leading technologies in industries as well as key technologies for industrialization.

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