A logistics industrial park in Serbia that was built by a Wenzhou company. [Photo/IC]
The commerce bureau of Wenzhou in East China's Zhejiang province recently issued a guideline to accelerate the development of its open economy.
The guideline is an upgraded version of previous documents and is effective until Dec 31, 2025. It features measures related to seven aspects, including trade in goods and services, foreign investment, and brand certification.
According to the guideline, companies that attend trade fairs to explore overseas markets will receive government subsidies. The maximum amount for each booth is 25,000 yuan ($3,619.24) at overseas expos and 8,000 yuan at domestic ones.
To bolster the cross-border e-commerce sector, Wenzhou will give registered companies in the industry that win national or provincial recognition a subsidy of 200,000 yuan and 150,000 yuan respectively. Operators of cross-border e-commerce industrial parks and schools that offer cross-border e-commerce programs will also receive a maximum of 500,000 yuan and 100,000 yuan in subsidies.
Wenzhou companies that make green-field investment, mergers and acquisitions, or have other projects overseas can receive a maximum of 500,000 yuan in reward. Companies that invest in or build national or provincial economic and trade cooperation zones in foreign countries will be offered 2 million yuan and 1 million yuan in rewards. An additional 10 percent will be given if the projects are carried out in countries along the Belt and Road.
