Chinese City Of Fuzhou Offers Rent Subsidies And Cash Rewards To Blockchain Firms

Blockchain, News | June 13, 2019 By:

Fuzhou, the capital of southeastern China’s Fujian province, is offering rent subsidies to blockchain businesses in a bid to foster blockchain development.

State-run news outlet People’s Daily reported that Fuzhou City will be rewarding blockchain businesses with yearly rent subsidies of up to 600,000 yuan ($86,800 USD), available for three years. Conventional companies that will build blockchain applications are also entitled to get a 20% subsidy on the cost of their development. Projects that receive awards for scientific and technological progress can also get monetary rewards of up to 600,000 yuan.

In addition, the city will also reward blockchain developers with up to 2 million yuan ($290,000 USD) for establishing blockchain research and development centers. Companies that can contribute to high-level meetings at provincial, national, and international levels can get up to 1 million yuan ($144,500 USD).

According to the report, China’s tech hubs, such as Beijing, Shanghai, and eastern China’s Hangzhou, have set high ambitions for blockchain adoption and have rolled out generous subsidies and supportive policies to pursue this goal. Last year, the Hangzhou government announced it would back a $1.6 billion blockchain startup fund.

Smaller tech hubs like Fuzhou are slowly catching up. Last April, the Fuzhou government announced a regional policy to encourage tech companies and startups to adopt blockchain, AI, edge computing, and other cutting-edge technologies.