Beijing's tech hub Zhongguancun, dubbed China's Silicon Valley, will offer grants up to 100 million yuan (around 14.4 million U.S. dollars) for projects with potential for "disruptive innovation", local authorities said Friday.
The management committee of Zhongguancun will provide financial support to companies and teams that are registered within the demonstration zone and whose innovation can "lead to major revolutions in product manufacturing, organizational or commercial models, and potentially change the industry landscape," according to a guideline released Friday.
This marks Zhongguancun's latest move to stay competitive in the fast-changing high-tech sector.
Zhongguancun has more than 20,000 high-tech businesses, with 300 of them listed. The hub just opened a new park for integrated circuits, to draw more companies in the niche that is increasingly important in China's AI push.
Companies in the park enjoy strong talent support thanks to its proximity to some of China's most prestigious universities, as well as its favorable policies for foreign experts. They also benefit from a wide range of tax breaks and funding offered by the government.
The new funds will be offered on a yearly basis over five years, ranging from 2 million yuan to 10 million yuan per year to the projects selected in the program.
Projects with major breakthroughs or those that can be put into industrial production can apply for financial support under another program that can offer up to 30 million yuan per year.
A project can receive up to 100 million yuan, according to the guideline.
The management committee will also introduce an investment fund and venture capital for the selected projects as they proceed to the second or third year.