A series of policies and measures, designed to stabilize the industrial growth of Zibo city – located in East China's Shandong province, were recently issued by the local bureau of industry and information technology and the municipal finance bureau.
The measures seek to boost production in the first quarter of the current year, expand the scale of resident companies and ensure an increase in output for the full year, among other things.
In terms of Q1 production, performance incentive bonuses for different grades – 50,000 yuan ($7,855), 100,000 yuan, 150,000 yuan and 200,000 yuan – will be given to enterprises in line with different conditions.
For example, enterprises with an industrial output value of less than 100 million yuan in 2021 and putting in more than 50 percent year-on-year growth in output value in the first quarter of 2022 will get the 50,000 yuan bonus.
Furthermore, in order to encourage companies to expand, another performance rewards mechanism has also been worked out.
For instance, if a company's total industrial output value increases by more than 50 percent year-on-year in Q1, it will be awarded according to the output value exceeding the 50 percent of the increase – 10,000 yuan for each additional 2 million yuan. The maximum reward for each enterprise is 150,000 yuan.
For companies whose annual output value in 2022 is higher than that in 2021, different rewards will apply in line with different conditions, with a maximum bonus of 2 million yuan.
