Shandong Dongying’s municipal government held a reward and punishment meeting for 2013 on Feb 9. It dealt out awards to 30 companies across the city for their successful transformation and upgrade. Zhenghe Group and Huaxing Petrochemical, both subsidiaries of ChemChina Petrochemical, took first-place, each receiving 500,000 yuan in prizes.
Dongying unveiled implementation methods to reward transformation and upgrade of industrial companies in October 2013. It aimed to foster a group of large-scale backbone enterprises and excellent entrepreneurs as well as promote industrial transformation and upgrade. The methods give awards to 30 model companies every year, including eight first prizes, 10 second and 12 third. The first prize winners will each receive 500,000 yuan; the second, 300,000 yuan; and the third, 200,000 yuan. The awards are based on financial contribution, development speed and quality. Companies submit their development over the previous year in January. The city’s development and reform, economy and information technology, science and technology, finance, environmental protection, safety, national tax, land tax, industry and commerce, and quality supervision departments will jointly review the development information and determine final winners.