Inner Mongolia First Machinery Group recently held a scientific and technological innovation conference to recognize scientific and technological innovation teams and individuals who have made outstanding contributions to the company's development –– with total bonuses as high as 4 million yuan ($575,900), reports Baotou Daily.

Founded in 1954, Inner Mongolia First Machinery Group was one of 156 key construction projects during the first Five-Year Plan period (1953-1957), and the largest machinery manufacturer based in Inner Mongolia autonomous region. The company has made significant progress over the years, and its market value is currently worth more than 20 billion yuan.

The company has been working to boost scientific and technological innovation with 4.5 percent of its annual main business income being used for scientific research to ensure the smooth development of scientific research projects.

Inner Mongolia First Machinery Group [Photo/internet]