The city of Wuxi, Jiangsu province hosted a news conference on Dec 4, to launch its latest policy of allocating 20 billion yuan ($3b) to support the city’s modern industry development in the next five years.

Under the policy the city will support seven development projects: industrial investment projects, technical innovation of enterprises, industrial optimization, Internet Plus, green development, modern service industry development and enterprise environment optimization.

Industrial investment projects worth more than 30 million yuan ($4.68m) will receive subsidies of up to 7 percent of their capital paid in technology and equipment. Advanced manufacturing projects and modern service industry projects worth over 10 billion yuan ($1.56b) will get subsidies of up to 150 million yuan ($23m).

The city will also encourage technical innovation and pledge market support, offering subsidies of up to 1 million yuan for each enterprise focusing on technical R&D and rewarding technical project purchasers with 3 percent of their total investment.

The city has welcomed a great number of industrial projects lately, relying on its comprehensive services and favorable environment.

The 20 billion yuan ($3b) funding support aims at helping develop an intelligent, green and high-end industrial city, said one of the officials at the conference.