Caixin
Sep 01, 2016 05:40 PM
BUSINESS

Chinese robotics makers feast on government subsidies

(Beijing) – Local governments pumped hundreds of millions of yuan into the robotics industry in the first half of the year, helping to boost profits by as much as 60 percent in those companies rushing to take advantage of the generosity.

With strong support from Beijing, China has embarked on a robot-building frenzy in the last two years in an effort to move beyond traditional manufacturing. But as often happens in industries targeted for development, poorly designed incentive programs often lead to abuse that results in millions of dollars in wasted funds.

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