Hubei is to set up a special fund of not less than RMB5 billion to help chemical firms transform or upgrade, especially those along the Yangtze River, as detailed in Opinions on Supporting Chemical Firms Along the Yangtze River to Transform or Upgrade, recently issued by Hubei provincial government.

Detailed plans, time schedule and road map must be made to guide chemical firms along the Yangtze River to shut down, reform, relocate or transform. The principle of “high standard and high quality” has to be followed when constructing chemical parks. Proper scale expansion is permitted if the park conforms to the overall plan for land utilization, urban planning and expansion conditions so that more chemical firms can be accommodated.

While increasing bond support and helping firms expand financing channels, the provincial government will allocate RMB200 million per year to chemical firms along the Yangtze River, helping them shut down, reform, relocate or transform. Many projects will be supported by special fund, including projects pertaining to relocation, reform, new product development, intelligent/green manufacturing, establishment of platforms for innovation, etc. In addition, the government will provide support via tax and land policies.