The Shenzhen Committee of the Chinese People's Political Consultative Conference (Shenzhen CPPCC) has drafted a policy offering local Internet companies a total of RMB 100 million in subsidies each year for the next three years, reports Guangzhou Daily quoting a source within the Shenzhen CPPCC.
The policy, subject to Shenzhen municipal government approval, will target research and development of mid- and high-end Internet industry core technology and sales and marketing of Internet industry terminal products, said the report. Companies issuing initial public offerings and patenting technology, as well as e-commerce businesses, will also be eligible for subsidies.
Almost 80% of Shenzhen's Internet companies have left or plan to leave the city, the report said quoting Shenzhen Internet Promotion Association founder Hui Jian.