Haiyan's 3-Year Fastener Industry Transformation Plan

[Abstract]:In July 2025, the People's Government of Haiyan County, Zhejiang Province, officially issued the Implementation Opinions on Supporting the Transformation and Upgrading of the Fastener Industry (2025-2027).

In July 2025, the People's Government of Haiyan County, Zhejiang Province, officially issued the Implementation Opinions on Supporting the Transformation and Upgrading of the Fastener Industry (2025-2027). This initiative introduces 15 policy measures across eight major categories—including output value rewards, R&D subsidies, exhibition support, and green transformation—with a maximum single reward of 500,000 RMB. With an expected cumulative fiscal investment of over 200 million RMB within three years, the plan aims to drive Haiyan's fastener industry from "scale expansion" to "quality and efficiency," establishing a national benchmark for high-end fastener manufacturing.

As a key industrial cluster in China, Haiyan is home to over 800 fastener enterprises, achieving an output value of 18 billion RMB in 2024. However, with high-end products accounting for only 28% (5 percentage points below the national average), the industry faces urgent challenges such as raw material price fluctuations, increasing environmental pressure, and intensified international competition. The new policies precisely target three core areas: cultivating leading enterprises, fostering technological innovation, and promoting green manufacturing.

Cultivating Leading Enterprises
The new policy establishes a tiered reward system based on output value. Enterprises achieving annual operating revenues exceeding 3 billion, 2 billion, and 1 billion RMB for the first time will receive one-time rewards of 500,000, 300,000, and 150,000 RMB, respectively. Additionally, companies with annual tax contributions surpassing 50 million, 30 million, and 10 million RMB will receive refunds equivalent to 30%, 25%, and 20% of the local retained portion of their taxes. To encourage mergers and acquisitions, an extra 100,000 RMB reward is offered to enterprises achieving over 30% revenue growth post-restructuring. By 2027, Haiyan aims to cultivate five leading enterprises with annual revenues exceeding 2 billion RMB. Currently, companies like Gem-Year Industrial and Haiyan Yuxing Nut are launching expansion plans, with Gem-Year investing 500 million RMB in a smart factory projected to generate over 3.5 billion RMB in annual revenue.

Supporting Technological Innovation
To boost R&D, the government offers subsidies covering 12%, 10%, and 8% of annual R&D expenses exceeding 10 million, 5 million, and 2 million RMB, respectively, with a maximum annual subsidy of 3 million RMB per enterprise. Newly recognized national, provincial, and municipal enterprise technology centers will be rewarded with 800,000, 500,000, and 200,000 RMB, respectively. Enterprises leading the formulation of international, national, and industry standards will receive rewards of 500,000, 300,000, and 150,000 RMB. Furthermore, up to 5 million RMB in construction subsidies is available for new public technical service platforms. Haiyan has partnered with the Institute of Metal Research, Chinese Academy of Sciences, to establish an "Advanced Fastener Materials R&D Center," focusing on titanium and superalloys, with industrial application expected by 2026.

Market Expansion & Green Transformation
Enterprises participating in major domestic and international exhibitions (such as the Shanghai International Fastener Expo and Hannover Messe) will receive 30%-50% subsidies on booth fees, capped at 35,000 RMB annually. Companies establishing overseas marketing centers or branches can receive a 20% subsidy on related expenses, up to 500,000 RMB. Brand-building efforts are also incentivized, with rewards of 300,000 RMB for "China Well-Known Trademark" and 150,000 RMB for "Zhejiang Famous Brand Product" recognitions. These measures aim to increase Haiyan's fastener export share from 45% to 60% by 2027.

Regarding green transition, a 20% subsidy is provided for equipment investments in environmental retrofits. Companies obtaining ISO 14001 certification and improving carbon emission accounting systems will receive a 20,000 RMB subsidy, while those reducing energy consumption per unit of output value by over 5% year-on-year will earn a reward of 300 RMB per ton of standard coal saved. "Green Manufacturing Demonstration Enterprises" will be awarded 100,000 RMB. Currently, 32 local enterprises have initiated eco-friendly process upgrades, with an industry-wide adoption rate expected to exceed 60% by 2026.

Industry experts predict that these new policies will significantly accelerate regional transformation, driving a 25% increase in R&D investment and raising the proportion of high-end products to 45% over the next three years, solidifying Haiyan's status as a high-end manufacturing model in the Yangtze River Delta and beyond.

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Haiyan's 3-Year Fastener Industry Transformation Plan

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