Shaoxing recently launched 29 measures to boost the high-quality development of the industrial economy.

The measures focus on the development of the digital economy, particularly the integrated circuit industry. A special fund of more than 10 billion yuan ($1.49 billion) will be set up to support the growth of the digital economy.

Integrated circuit companies will receive 2 million yuan in cash awards when their annual business revenues reach 1 billion yuan for the first time, while manufacturing companies will receive up to 5 million yuan in cash awards when their annual business revenues reach 50 billion yuan for the first time.

The measures also ruled that local governments under the municipal level will be awarded if they are able to agglomerate manufacturing companies.

The measures also state that industrial parks will receive additional support, as they are regarded as the best way to propel the regional economy.

The new measures also encourage the building of intelligent industrial parks, stipulating that any industrial park that completes its designed tasks will receive 30 percent of its actual investment in subsidies. They can receive up to 1 million yuan.

Industrial parks that receive provincial or municipal-level recognition for being intelligent demonstration parks will receive cash awards.