On July 20, the commercial and financial authorities of Hunan Province jointly issued an announcement on the utilization of the fund for boosting the construction of the China-Africa Economic and Trade In-depth Cooperation Pilot Zone in 2022.

According to the announcement, the enterprises which are committed to constructing the industrial chain of high-quality African products and expanding trade with African countries may be awarded with a maximum incentive award of 5 million CNY.

The fund will be mainly utilized in eight orientations and key areas to boost the construction of the pilot zone, including:

Support the construction of the industrial chain of high-quality African products. The newly-settled African product producers and processors, which had a value of import from Africa reaching 5 million USD and above in 2021, may receive an award worth 1% of their paid-in capital. A maximum award of 2 million CNY may be provided for a qualified enterprise in one lump sum.

Encourage expanding the trade with African countries. The enterprises, which had a value of import from Africa exceeding 1 million USD (included) with a growth rate of more than 15% in 2021, may receive a reward that will not exceed the standard of 5 CNY per 100 USD. A maximum award of 5 million CNY may be provided for a qualified enterprise in one lump sum.

Support trial orders with African partners based on local currency settlement. The platform enterprises with trial order with African partners based on local currency settlement may receive an award that will not exceed the standard of 6 CNY per 100 USD. A maximum award of 5 million CNY may be provided for a qualified enterprise in one lump sum.

Other orientations and key areas include: improving Africa-oriented public services; encouraging the enterprises trading with African countries to promote investment; boosting investment and cooperation in Africa; supporting setting up business headquarters of Africa-oriented trade; and, promoting other tasks related to the construction of the pilot zone.

The fund for boosting the construction of the China-Africa Economic and Trade In-depth Cooperation Pilot Zone in 2022 will mainly cover Changsha, Xiangtan, Yueyang, and Shaoyang cities.

This article is from the Hunan Provincial Government www.enghunan.gov.cn.

Translator: Pang Yuehui

Chinese source: hunan.gov.cn