Shinan district in Qingdao released a series of incentives on May 20 to boost the high-quality development of scientific and technological innovation.

The 20 measures cover eight aspects – innovation, company cultivation, platform construction, sci-tech talent, sci-tech finance, innovative services, international cooperation and scenario application, with a 10 million yuan ($1.5 million) subsidy on the table for candidates.

The district plans to increase support to companies for their expansion and research and development investments, as a means to push forward local industrial transformation and upgrading.

Professional domestic and foreign operating agencies are encouraged to utilize spare office buildings in Shinan district to establish sci-tech business incubators, accelerators and industrial parks, in order to attract more global high-end innovation resources.

Well-operated companies will be granted an award of up to 3 million yuan per year.

In the second half of this year, the district government plans to host the district's first scenario innovation press conference, which will focus on its six pillar industries – finance, digital economy, high-end commerce, fashion and consumption, shipping and logistics, and culture and tourism.