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Changsha Issues Support Policies to Boost Seed Industry Growth

Updated: 2019-05-24

Changsha, Central China's Hunan Province on Wednesday issued a support policy package to build a "Silicon Valley" for China's seed industry, including project funding of up to 100 million yuan ($14.5 million) for a single project, in a bid to attract top talent and encourage innovation to boost the seed industry.

Enterprises will be awarded 2 million yuan for introduction of top international talent, a bonus of 1.5 million yuan for national industry-leading talent and a reward of 1 million yuan for municipal-level leading talent, according to the development plan for 2019-2025, domestic news site cnr.cn reported.

Experts will also be given a housing subsidy, according to the plan.

Through equity investment with financial support, Changsha government will embark 10 million yuan in project funding to leading experts and their teams in the seed industry. Those who make significant contributions to industrial development and can bring huge economic and social benefits will be granted a reward of up to 100 million yuan.

Changsha's seed valley is designed to be a major source of innovation in the seed industry, an industrial ecological demonstration area and a cultural exchange exhibition area, according to a news release.

The development plan set four targets to achieve by 2025 on innovation, talent, enterprise and industrial chains. The research and development (R&D) expenses of seed enterprises should account for 8 percent of the sales revenue. Some 1,300 independent intellectual property rights are expected to be developed.

By constructing the seed valley, Changsha hopes to account for 40 percent of China's seed market by 2025, with an estimated total value of 1.35 billion yuan. Seed production should reach 10 billion yuan and the total value of seed-related industries is expected to reach 24 billion yuan.

Source: Global Times