More than 30 production lines operate day and night to meet domestic demand. [Photo provided to en.whkfq.gov.cn]
Last year, the Wuhan Economic & Technological Development Zone (WEDZ) subsidized and awarded nearly 600 enterprises with 540 million yuan ($83.48 million) in talent fostering, scientific research and more.
Wuhan Kingfa Sci & Tech Co, for example, is located in the zone and was selected among the third group of little giant companies at the provincial level. It has received about 6.1 million in financial rewards from the zone's government since 2021 for meeting the requirements of eight policy incentives, including those for senior executives, intellectual property rights, and R&D.
"The funds we receive from the government are mainly spent in product innovation and production line improvement," said Wang Chuanxin, a higher-up at Kingfa, "we launched an intelligent polymer manufacturing system project in 2021 and purchased robots using the 1.06 million in funds," Wang added.
Over the past three years, Kingfa has maintained a growth rate of above 20 percent and is expected to exceed 3 billion yuan in sales revenue.
