QUALIFIED e-commerce platforms in Shenzhen will receive rewards, financial support, subsidies in rent and interest on loans, according to a package of measures on promoting the development of e-commerce that will take effect next week.

The measure will be effective for five years from next Monday.

The city will give financial rewards to e-commerce platforms at 1 percent of the funds that the platforms have acquired from venture capital, strategic investments or initial public offerings (IPOs). The ceiling of the reward is 5 million yuan (US$750,000) a year.

It will offer 50-percent office rent in subsidies based on the value on leasing contracts. The subsidy is capped at 2 million yuan a year.

For loan interest, the city will offer subsidies equivalent to 50 percent of the interest on loans. The ceiling is 2 million yuan a year.

The city will also offer financial support to encourage e-commerce platforms to apply new technologies or new business modes. The fund is 30 percent of the investments in a project and is capped at 3 million yuan a year.

For those retailers whose online business turnover has reached 20 billion, 10 billion and 5 billion yuan for the first time, the city will give rewards of 10 million, 8 million and 3 million yuan, respectively.

The city will speed up construction of e-commerce business clusters by encouraging each district, playing to their own advantages, to build e-commerce business parks and support the industrial parks to apply for e-commerce demonstration bases at provincial and national levels. Those who have won the title of national demonstration bases will get a 3 million yuan reward. For provincial level bases, the reward will be 1.5 million yuan.

The industrial associations or enterprises that cooperate with well-known Internet platforms to set up livestreaming bases, or set up online shops on a third-party platform to promote Shenzhen garments, electronic products, the jewelry and fashion industry and Shenzhen-made brands will get 50 percent in subsides, based on their investments and the operation costs. The amount is capped at 2 million yuan.

(Han Ximin)