The China (Huzhou) Overseas Youth Innovation Contest was officially launched in Huzhou, East China's Zhejiang province, on June 25.

The competition is aimed at encouraging young overseas talent, including international students and foreign talent, to submit innovative ideas and projects in green and low-carbon industries such as new energy vehicles, semiconductors and optoelectronics.

The contest will run from its official announcement until the end of July, with the preliminary and final rounds scheduled to take place on Aug 14 and 15, respectively.

A total of 15 awards are up for grabs, including one special prize, one first-place prize, three second-place prizes, five third-place prizes, and six honorable mentions, with prizes ranging from 5,000 yuan ($691.74) to 50,000 yuan depending on the level of competition success.

Winners of the third-place prize or above in the final competition will qualify to enter the final round of the sixth China (Huzhou) Global High-Level Talent Innovation and Entrepreneurship Contest.

Successful contestants will also be deemed eligible for the city's recruitment initiative "Southern Taihu Elite Plan", with up to 10 million yuan in start-up funding offered to the top performers.

Additionally, winners may apply for talent funds worth up to 10 million yuan and receive various bonuses and incentives, including interest-free loans, loan guarantees, and free rental of business premises.

To encourage contestants to participate, transportation subsidies ranging from 1,000 yuan to 10,000 yuan, depending on the location of residence, will be provided to cover travel expenses.

Contestants must hold a degree obtained abroad, have entrepreneurial experience, or have held a senior executive position in a well-known international company for more than three years.

They must have studied or worked abroad for at least six years and have returned to China within the three years following Jan 1, 2020.

However, candidates who are classified as A, B, or C talent in the 2021 edition of Huzhou Talent Classification Directory, or whose talent projects have obtained actual investment of more than 15 million yuan from investment institutions registered with the China Securities Investment Fund Industry Association will not be subject to the time limit for returning to China, and the age limit can also be appropriately relaxed.