Nanfang Daily: Huangpu details policy for blockchain development

A detailed plan for the development of the blockchain industry was recently unveiled by Guangzhou’s Huangpu district and the Guangzhou Development District.

The plan suggests a 1 billion yuan ($142.25 million) fund to develop the industry.

Two enterprises or institutions engaged in public blockchain and consortium chains will be subsidized with a maximum of 10 million yuan every year.

The new plan is an upgraded version of the "Blockchain 10" policy 2.0, which was launched by the district several months ago.

The “Blockchain 10" policy 2.0 encourages enterprises to make breakthroughs in the research and practical application of core technologies, and focus on the blockchain industrial ecosystem.

The newly released plan has wider coverage and more incentives for enterprises and projects in the industry. It strengthens financial support, attracts social funds to affect capital supply, provides angel investment, equity investment and value-added services for enterprises, and establishes a "multi-base + large fund" distributed financial ecosphere.

A plan for the establishment of a 1-billion-yuan blockchain fund will be deliberated later.

The new support policy highlights original innovation in the blockchain industry. Enterprises and institutions involved in public blockchain and consortium blockchain development will receive a subsidy worth 50 percent of their research expenses. The maximum subsidies for individual and consortium blockchain developers are 10 million yuan and 3 million yuan respectively.

In order to deepen the integrated application of blockchain technology, 20 enterprises or institutions using the information service of blockchain demonstration projects are selected annually by the district. Each of them will be given a reward of 50 percent of their actual payment for that use, up to 100,000 yuan.

Meanwhile, the district will also foster one to three future leaders in the sector each year, giving priority to those who can provide application scenarios in government affairs and public services. In addition to the above subsidies, an additional subsidy of 10 percent of that part of an applicant’s annual R & D investment exceeding 20 million yuan is available.

The district also supports enterprises or institutions in Hong Kong and Macao in setting up innovation centers or offshore incubation bases in the GBA. The maximum support fund is 1 million yuan per year for site subsidies.

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