China's southern tech city of Shenzhen said on Monday it would offer up to 300 million yuan ($47 million) in financial incentives per project as part of a push to become an innovation hub for satellite development and related industry applications.
The city, in Guangdong province, will support projects with up to 40% of their total investment, or as much as 300 million yuan per project, its economic planning agency said.
Shenzhen's push to develop its satellite industry chain is in line with ongoing efforts to transform itself into a smart city powered by artificial intelligence and big data.
The beefing up of Shenzhen's satellite manufacturing and applications capabilities comes as the Greater Bay region – comprising Guangdong, Hong Kong and Macau – develops its own satellite constellation.
In April, two commercial remote-sensing satellites were launched by a Hong Kong-based satellite operator as part of the Golden Bauhinia project, which aims to eventually supply 11 city clusters in the Greater Bay region with near real-time data.
($1 = 6.3923 Chinese yuan renminbi)