Luqiao, a district in Taizhou, East China's Zhejiang province, opened its annual entrepreneurship and innovation competition on June 18 to solicit talent and projects in intelligent equipment from around the world, local media reported.

The competition aims to introduce 90 high-level projects with the top 10 participants entering the finals in October.

Winners of the competition will receive support funding for their startup projects up to 3 million yuan ($424,000), investment subsidies of up to 20 million yuan, home-buying subsidies of up to 1 million yuan or rent subsidies of up to 3,000 yuan per month, and will enjoy other preferential policies in the district, including physical examinations and children's education.

Luqiao has held the competition for the past two years, attracting 218 high-caliber talents from around the world.

The district is home to a group of world-renowned manufacturing companies, including Geely and Coma, three listed companies, four industrial clusters worth 10 billion yuan and five State-level industrial bases.

The equipment manufacturing sector is the pillar sector in Luqiao's manufacturing industry and in 2019, its added vaue accounted for 70 percent of the added value of industries above designated size.