Dec. 2023, Shenzhen, an eVTOL. Vision China
For the first time in previous years, the Government Work Report mentioned “low altitude economy”. “Low altitude economy” is an economic form derived from the low altitude flight activities of civilian manned or unmanned aerial vehicles, covering aircraft research and development, manufacturing, commercial operations, and infrastructure construction.
At a forum held in late November 2023, Li Jian, former deputy director of the Civil Aviation Administration of China, mentioned that the real estate and its related home appliance industry were once the backbone of China's economy. Now, the support point is shifting to new energy vehicles, but it will reach its peak in 2030 and rely on the low altitude economy to undertake new growth in the future.
The Central Economic Conference held on December 11, 2023 proposed to build several strategic emerging industries such as low altitude economy. The fourth meeting of the Central Committee of Finance and Economics, held on February 23, 2024, also proposed to encourage the development of new logistics models that combine with platform economy, low altitude economy, unmanned driving, etc.
Electric Vertical Takeoff and Landing (eVTOL) and other new energy aircraft are key industries supported by local governments, and various regions are offering real money to attract businesses to settle down.
In December 2023, seven departments including Shenzhen Transportation Bureau, Industry and Information Technology Bureau, and Finance Bureau jointly issued “Several Measures to Support High Quality Development of Low Altitude Economy”. Officially announced, any eligible eVTOL enterprise that settles in Shenzhen will receive a maximum reward of 20 million yuan from the government; If the enterprise's products pass the airworthiness certification of the Civil Aviation Administration, the government will provide an additional reward of 15 million yuan.
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