The city of Fuzhou, located on China’s southeast coast, has announced a series of incentives aimed at attracting blockchain companies and growing its digital economy.
The local government aims to position Fuzhou as a leading hub for blockchain technology and innovation. According to the report by the Fuzhou Municipal Finance Bureau and the Chinese Communist Party’s big data committee, Fuzhou plans to provide incentives of up to 500,000 yuan (US$71,811) to approved projects.
Various Incentives Will Be Given To Blockchain Companies
According to the statement, companies that rent offices in three industrial complexes in Fuzhou will be able to receive annual rental support of up to 600,000 yuan for each 1,000 square meters of office space.
The local government will offer cash rewards to local companies and institutions that obtain government certifications, reach certain income thresholds, or provide training services in this technology. For example, companies that set up a blockchain lab that complies with government-set rules can be rewarded up to 1 million yuan.
Fuzhou, the capital of China’s Fujian province, positions itself as a leader in China’s digital economy. The city has been hosting the Digital China Summit and Exhibition sponsored by Beijing since April 2018.
China’s central government is promoting the potential of blockchain technology, despite banning cryptocurrency trading and mining. The State Council identified blockchain technology as one of the seven main areas of China’s digital economy in 2021.
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