Lihu Scientific and Technological Innovation Center in Binhu district, Wuxi. [Photo provided to chinadaily.com.cn]

Wuxi's Binhu district recently rolled out a number of new industrial policies to bolster local scientific and technological innovation, with plans to allocate over 5 billion yuan ($774.63 million) in funding during the 14th Five-Year Plan (2021-25) period.

The policies were released by the local government to reach the goal of leading the construction of the Taihu Bay Technological Innovation Belt. The funding will be used to provide investment, financial reward and subsidies for the development of local enterprises and industries.

The policy support and funding, both stronger than usual, highlighted the increased efforts to attract major investment projects, incubate sci-tech enterprises, as well as commercialize sci-tech achievements.

Newly-established enterprises engaged in industries like integrated circuits design and new-generation information technology in Binhu may receive an award of up to 20 million yuan. Those with great development potential may be granted equity investment of up to 20 million yuan from the district's business funds.

According to the policies, enterprises' technical cooperation projects with renowned domestic or overseas scientific institutes may receive an award worth 30 percent of the actual spending, up to 500,000 yuan.

Renowned universities, scientific institutes, and scientist teams in China or from abroad who set up new-type R&D institutions in Binhu will receive an award of up to 3 million yuan. Major projects can be negotiated specifically.