China's Yunnan to reward major foreign investors

Southwest China's Yunnan province will encourage foreign companies to invest in the province, offering a maximum reward of 50 million yuan ($7.3 million).

The reward method said the province will grant 2 percent of the total invested foreign capital to newly-registered projects if their foreign investment reaches or exceeds $30 million within a year.

The existing projects that have increased foreign investment by more than $10 million will also enjoy the rewards, and the total amount of the rewards for each project will not exceed 50 million yuan, according to the method jointly released earlier this month by the provincial departments of finance, investment promotion, commerce, market regulation and foreign exchange.

The projects receiving the rewards shall not move out of the province or have their registered capital reduced within five years, according to the method.

The rewards will be granted from 2020 to 2023 for investment in the fiscal years of 2019 to 2022.

The companies that qualified in 2019 can send applications for the rewards by March 1 this year, according to the provincial department of finance.