Huzhou in East China's Zhejiang province recently unveiled a string of new measures to stimulate innovation and entrepreneurship.

The city will grant up to 10 million yuan ($1.54 million) for the establishment of significant scientific innovation platforms, including national key labs and national manufacturing innovation centers.

A maximum of 10 billion yuan will be given to those who have achieved core technical breakthroughs in certain fields.

In addition, enterprises will be incentivized to ramp up R&D spending. Those with an annual R&D spending thats account for at least 3 percent of their revenue, or at least 1 million yuan, will be entitled to up to 3 million yuan in rewards.

Local authorities will also step up recruitment efforts and lower costs for setting up enterprises. Job seekers will enjoy a series of preferential policies including free tours to the city and free accommodation in the city.

Enterprises from the city which excel in digital upgrading and win provincial recognition such as the "factory of the future" title will be granted up to 4 million yuan.

Support shall be strengthened for the development of industrial clusters of intelligent logistics equipment, power batteries, and photoelectric communication.

Companies that are listed among China's top 500 manufacturing enterprises or "single champions" whose products top the domestic niche market in market share for the first time will be given an award worth 2 million yuan.

An angel fund valued at 5 billion yuan will be set up in accordance with the laws and regulations to support manufacturing enterprises and bolster innovation and entrepreneurship. 

Efforts will also be made to speed up the redemption of preferential policies such as tax exemptions. All procedures concerned can all be handled on an administrative service platform in the future.

The measures took effect upon their release and are valid till the end of 2023.