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Guangzhou Inputs 200 Million Yuan to Boost the Development of Blockchain Industry

As the international technology innovation hub of Guangzhou Province in China, Huangpu District and Guangzhou Development District are responding to the call for the China’s national development strategy of “blockchain +”. In December 2017, Huangpu District and Guangzhou Development District issued a government document of “Measures for Promotion of the Blockchain Industry Development in Guangzhou Development District and Huangpu District of Guangzhou”. This document provides support for the entire blockchain industry and it is the most effective blockchain supportive policy in China at the moment.guangzhou-travel-guide-bg

At the end of 2017, Huangpu District, Guangzhou Development District joined hands with China Electronic Standardization Institute to host the Blockchain Industry Development Roundtable.

Huangpu District and Guangzhou Development District issued the governmental supportive document at the roundtable. It underlines support on cultivation, development, application, technology, platform, finance and other aspects of the blockchain industry to flourish this new tech in Guangzhou.

Huangpu District announced the local government is expected to increase financial input by about 200 million yuan ($32 million USD) each year, to boost the development of blockchain industry. 10 key points are listed in the document and the core of government support includes 7 aspects which covers growth awards, platform rewards, application awards, technical rewards, financial support and activity subsidies.8c9af13f0b914da289d9d859007b86a8

The identified blockchain startups may get 500,000 yuan talent subsidy every year if their annual income reached more than 2 million yuan with a 100% year-on-year growth rate. When the annual income meets 5 million yuan, 20 million yuan and 100 million yuan, the blockchain startups may get half million yuan, 1 million yuan and 5 million rewards.

For the legalized blockchain exchange center, data center and other public platform at a provincial level, they may get 1 million rewards and the blockchain technical lab will get 1 to 5 million rewards.

The local government will also choose 10 blockchain application scenario every year to offer support, every project may get a subsidy up to 3 million yuan. The new blockchain enterprises and institutions may get a cultivating reward up to 1 million yuan with 1000 m2 and 600,000 yuan rent subsidies.

Enterprises and institutions that participated in setting norms and standards of blockchain technology application may get a 100,000 to 1 million rewards. Launching an outstanding blockchain project or hosting an international blockchain summit or conference are also get subsidies.

Blockchain is under the spotlight on China’s “two session”, Guangzhou local government seeks to boost the development of blockchain industry. This government documents will bring a suitable growth environment and may attacks a large number of good blockchain startups in the future.

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