Zhoushan in Zhejiang province released guidelines to bolster its shipbuilding and marine engineering sector on Nov 30, according to local media reports.

The guidelines provide that authorities will aim to comprehensively enhance Zhoushan's independent research and development and design capabilities, as well as its green and intelligent construction resources by optimizing and adjusting the product structure, encouraging enterprises to pursue technological innovation, strengthening financial support services, and optimizing the business environment.

Specifically, the local government will act as a broker to promote banks, insurance agencies, and major shipbuilding enterprises to establish one-to-one service systems, and roll out stimuli to encourage financial institutions to provide diversified buyer credit financing services to shipowners.

Authorities will also channel more resources into creating more public service platforms, on which eligible shipbuilding enterprises can apply for port openings.

In addition, authorities will provide subsidies of up to one million yuan ($139,866.18) each to those implementing the standardization of safe production and establishing environmental protection management systems.

The guidelines will be valid from Dec 25, 2023 to Dec 31, 2026.

Zhoushan is currently home to 32 ship maintenance enterprises above designated size and its ship repair industry generated an output value of 27.03 billion yuan from January to October this year, an increase of 27.1 percent year-on-year.