Huzhou takes measures to bolster innovation and entrepreneurship | Updated: Jul 10, 2020

More incentives will be offered to innovation and entrepreneurship teams composed of college students in Huzhou, East China's Zhejiang province, as the city looks to enhance its innovation capabilities and core industrial competitiveness.

According to the guidelines recently introduced by local authorities to bolster innovation and entrepreneurship among college students, Huzhou hopes to see the addition of at least 200 innovation and entrepreneurship teams made up of college students every year, and foster at least 1,000 innovation and entrepreneurship projects within the next three years.

Teams will be entitled to a start-up fund of up to 500,000 yuan ($72,463.7), as long as their members are graduates from college within the five years and their projects have promising market prospects, as determined by an evaluation by the local government, said Lin Feng, an official at the Huzhou municipal bureau of human resources and social security.

In addition, a maximum of three million yuan in low-interest loans will be offered to such teams. Those who are included in the Southern Taihu Lake Elite Plan, an initiative launched by Huzhou to attract experienced professionals, will also enjoy preferential polciies in term of renting or purchasing property and employment. 

In addition, local human resource agencies will receive subsidies to attract more innovation and entrepreneurship teams to the city. 

Song Baohua, general manager of Huzhou Haohan Global Human Resources Co Ltd, said the company will be given five percent of the subsidies received by college student teams recruited by the company.

Huzhou will also set up five fixed stations at universities or in cities with many universities across the nation over the next five years.