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The supply-chain finance industry of Hengqin New Area will be boosted with incentives of up to 10 million yuan ($1.5 million) for sought-after enterprises, service platform operators, teams, and individuals.
Registered micro-credit, financing guarantee, financial leasing, and commercial factoring companies with actual business addresses and tax contributions in Hengqin will receive up to 1 percent of a company's paid-in capital. Half of it will be granted the year the company's performance is authenticated, while the remainder is given the next year, according to the recently released Supportive Methods for Promotion of Supply-Chain Finance Development in Hengqin New Area.
Hengqin New Area [Photo by Li Jianshu / Zhuhai Daily]
A one-off award of 500,000 yuan ($72,770) will go to enterprises that add 50 million yuan ($7 million) to 100 million yuan ($15 million) to their capital during the year they are authenticated. One million yuan ($145,540) will be issued for an additional paid-in 100 million yuan to 200 million yuan ($29 million), and 2 million yuan ($291,078) for an additional paid-in 200 million yuan to 500 million yuan ($73 million). Additional paid-in capital of more than 500 million yuan will merit a one-time reward of 5 million yuan ($727,696).
Commercial banks and core enterprises that operate supply-chain financial service platforms in the area will receive a maximum 5 million yuan.
Furthermore, the local administrative committee will allocate up to 5 million yuan annually to reward teams and individuals that make prominent contributions to the innovation of supply-chain financial products and business modes, as well as to finance-driven socioeconomic development.