The first batch of five very important entrepreneurship and innovation projects started off in Shandong province according to the provincial government, with some lofty ambitions in mind, according to local officials.

The goal is to advance the integrated development of industry-university research, as well as promote the transformation and application of scientific and technological achievements.

The Shandong Laser Equipment Innovation and Entrepreneurship Center is led by the intelligent equipment industry development center of Jinan High-tech Zone.

It will focus on laser medical treatment, laser remanufacturing and other industries to foster 100 billion yuan ($14.08 billion) level industry clusters of laser crystal materials and components.

The aim is to build Jinan up as the country's third powerhouse in the laser industry, on a par with Wuhan and Shenzhen.

The Shandong marine science and technology achievement transfer and transformation center will be led by the Institute of Oceanology under the Chinese Academy of Sciences and the National Oceanographic Center.

It will focus on the transformation work of marine scientific and technological achievements.

According to the Shandong provincial government, each project will be allocated a subsidy of up to 50 million yuan.

The province's cities and high-tech zones are also being encouraged to launch funds to ignite entrepreneurship and innovation.