The Xiamen Innovation and Entrepreneurship Park is a symbol of Xiamen's high-tech development. It is now home to over 1,000 small and medium-sized science and technology enterprises. [Photo/people.com.cn]

In an effort to promote innovative development, Xiamen in East China's Fujian province introduced a series of financial incentives in July and the city's science and technology bureau hosted a policy interpretation meeting on Oct 17.

Xiamen has been pushing for all kinds of innovation drivers such as national scientific research institutions, "Double First-Class" universities, central enterprises, national-level industry-leading enterprises, and well-known international corporations.

New and major research and development (R&D) institutions will receive a one-time grant of 1 million yuan ($141,311), while new R&D institutions will receive a maximum grant of 30 million yuan for purchasing new scientific research equipment. New R&D institutions can also receive a grant of 200,000 yuan for incubating a national-level high-tech enterprise.

Non-independent legal entities are also considered new R&D institutions. The new incentive policies took effect on July 12, and this year's application process for grants has already started. It will end on Oct 25.