Lin-gang Special Area launches measures to help companies amid epidemic
The management committee of the Lin-gang Special Area of the China Shanghai Pilot Free Trade Zone (Shanghai FTZ) launched 16 measures on Feb 10 to alleviate the impacts of the novel coronavirus pneumonia outbreak on local companies.
According to the policies, Lin-gang fully supports companies in fighting the epidemic, particularly those specializing in the production of epidemic prevention supplies, which it will help to expand production capacity.
Companies can receive subsidies accounting for 50 to 100 percent of total expenditures that are used to expand productivity and update technologies to help prevent and control the infection.
A special approval system will be established for companies adapting factories in order to expand production of prevention supplies.
The Lin-gang Special Area will provide subsidies covering up to 70 percent of the total investment made by companies to conduct scientific research on epidemic prevention.
Researchers who make breakthroughs in prevention and control of the virus will get up to 3 million yuan ($430,657) in cash rewards.
The special area will also make use of the Lin-gang Industrial Special Fund to encourage social capital investment in companies focusing on production of medical facilities and pharmaceutical research.
Almost half of the 16 measures are designed to alleviate the financial burdens faced by companies due to the epidemic.