Lishui launches a digital economy entrepreneurship and innovation competition in Hangzhou on Aug 27. [Photo/zjol.com.cn]

Lishui city in East China's Zhejiang province launched a Yangtze River Delta Digital Economy Entrepreneurship and Innovation Competition in Hangzhou, capital of Zhejiang on Aug 27, local media reported.

The event is being co-sponsored by the Zhejiang Provincial Committee of the Communist Youth League, the Zhejiang Yangtze Delta Region Institute of Tsinghua University, the Zhejiang Daily, and the Lishui Municipal People's Government.

Local officials said it aims to attract top young people in the Yangtze River Delta region to contribute to the digital economy of Lishui, to Zhejiang and even to the whole country.

At the launch ceremony, Lishui announced measures to encourage the innovation and entrepreneurial ventures of young professionals in the digital economy.

The measures include incentives for innovative and entrepreneurial  projects that settle in Lishui.

If they meet relevant standards they can receive up to 10 million yuan ($1.45 million) of funding.

Innovation and entrepreneurship teams that settle in Lishui and meet the relevant standards can receive up to 20 million yuan of funding, while qualified talent in the digital economy can enjoy up to 3.5 million yuan in home purchase subsidies.

Officials said there is one first prize, two second prizes, three third prizes and four commendations being offered in the competition. The prize money for each category is 100,000 yuan, 50,000 yuan, 20,000 yuan and 10,000 yuan, respectively.

According to officials, the finals of the competition will be held in Lishui in October.