GUANGZHOU: Overseas-funded firms in Guangzhou, Shenzhen, Foshan and Dongguan in Guangdong province have to undergo restructuring to raise their level of efficiency.

The Dongguan city government will offer 1 billion yuan ($140 million) annually to Taiwan-funded firms from this year to encourage their scientific and technological development, a city information office statement said yesterday.

The move is aimed at helping labor-intensive Taiwan-funded firms undergo technological and industrial revamp to enable them to meet the demands of the recent State policy changes, Dongguan Vice-Mayor Jiang Ling said.