29 September 2024
On 29 September 2024, the Technology, Industry, Commerce and Information Technology Bureau in Haizhu District of Guangzhou Municipality (“the authorities”) issued the “Notice of Issuing Several Measures for Promoting the Construction of “Pazhou Algorithmic Silicon Valley” in Haizhu District of Guangzhou Municipality” (“the Notice”). The Notice announced supporting primarily in fields such as chip manufacturing or sales, providing various subsidies and rewards, including subsidies for office space. The authorities shall grant subsidies to enterprises with an operating revenue of over RMB 50 million in the previous year in the Pazhou Artificial Intelligence and Digital Economy Pilot Zone, based on the construction area at a standard rate of RMB 20 per square meter per month, up to RMB 500,000 per year. The Measures shall be effective from 12 October 2024 and valid until 1 July 2025.