Shinan district -- located in Qingdao city in East China's Shandong province -- will ramp up efforts to boost the development of the industrial internet sector, the cornerstone of the entire information technology industry which is regarded as being key to the expansion of its production and supply chains.

Gao Jian, the district's deputy secretary, announced 20 policies during the 2020 Qingdao Shinan Entrepreneurs Conference in November last year. Their goal is to attract investment and recruit expertise to spur the district's economic development.

The move is designed to accelerate the high-quality development of the e-industrial internet and the plan is to focus on achieving breakthroughs in crucial basic electronic components for key markets -- such as smart terminals, 5G, the industrial internet and data centers.

Shinan will allocate subsidies ranging from 80,000 yuan ($12,372) to 2 million yuan to encourage local enterprises and key projects related to the industrial internet sector.