R&D investment in Ningbo hits a new high
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- Category: Ningbo Business
- Published: Wednesday, 31 January 2024 12:52
“We will give full play to the driving effect of innovation.”
The Economic Work Conference held by Ningbo Municipal Party Committee on December 25 deployed the eight key economic jobs for the new year, giving priority to the innovation work.
Innovation is the primary driving force for development. Without significant investment in innovation, it is difficult to achieve significant output in development. In recent years, with the focus on the task of technological innovation, Ningbo has promoted a significant increase in the intensity of research and development funding, making research & development and innovation the core driving force for economic growth.
It is estimated that in 2023, the R&D investment maintained a double-digit growth, as it may exceed 3% of the total investment, hitting a historical high.
It should be noted that the double-digit growth rate was achieved on the basis of the high growth rate of the previous year. According to the statistics of the provincial Bureau of Statistics, Ningbo’s R&D investment in 2022 increased by 14.5% compared to the previous year, an increase of 6.4 percentage points, and accounted for 22.5% of the total growth rate of the whole province, ranking first among all the cities in Zhejiang Province.
The continuous and significant increase in R&D investment over the years cannot be achieved without the strong support and guidance of the municipal party committee and the municipal government.
Ningbo has made it clear that the annual growth of the city’s investment in science and technology should not be less than 20%, and the 15 articles of the “New Policy on Developing Science and Technology” may provide an annual financial and tax support of over 20 billion yuan.
“We will focus on innovation with higher intensity, by vigorously investing in innovation, developing high-quality projects, and strengthening the foundation, to promote a leapfrog improvement in innovation level.” said Peng Jiaxue, member of the Standing Committee of Zhejiang Provincial Party Committee and Secretary of Ningbo Municipal Party Committee.
In recent years, Ningbo has made extraordinary and large-scale investment in scientific and technological innovation, and intensively planned and buit innovation platforms, in an effort to continuously enhance the overall potential for innovation. Efforts have been made in building the Yongjiang River Science and Technology Innovation Zone with world-class standards, building the high-level new laboratory system led by the Yongjiang Laboratory, attracting the Joint Fund for Regional Innovation and Development of the National Natural Science Foundation, and launching the “Yongjiang Sci-Tech Innovation 2035” strategic coordination plan, the key technological breakthrough plan, the ecological cultivation plan, and the major demonstration plan.
Enterprises are the main undertaker of technological innovation and the main force for research and development investment. Ningbo has strengthened policy supply and innovation mechanism, and increased support and guidance, to fully supports enterprises to invest in scientific and technological innovation.
Last year, Ningbo Science and Technology Bureau, together with the municipal Bureau of Finance, formulated the “Implementation Rules for Several Policies to Further Promote Science and Technology Innovation and Accelerate the Construction of Innovative City (2023 Edition)”, which clearly stated that for any enterprise with an annual R&D expense of over two million yuan, and an annual growth rate of over 10%, whose internal R&D expense accounting for more than 3% of its operating income, a support at the rate of 10% for the incremental part will be granted, with the maximum of three million yuan.
Ningbo has also strengthened support for the recognition of high-tech enterprises: for small and medium-sized enterprises that have entered the national science and technology industry and submit their application for recognition of high-tech enterprises for the first time, a one-time subsidy of no more than 50,000 yuan will be granted. For high-tech enterprises that have been recognized for the first time, a one-time reward of no more than 200,000 yuan will be given.
The solid investment, together with the precise and effective policies, have created a first-class innovation ecosystem and a good atmosphere for innovation.
