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Shaoxing recently issued 13 policies to accelerate the development of the integrated circuit industry, local media outlets reported on March 15.

The city will increase the proportion of investment subsidies for IC companies, with a maximum of 30 million yuan ($4.62 million) available for a single project.

Rewards ranging from 500,000 yuan to 8 million yuan will be offered to qualified research and development teams.

Employees with an annual income of over 500,000 yuan will enjoy reductions in personal income taxes.

In 2020, the output value of Shaoxing's IC industry exceeded 30 billion yuan, up 25 percent year-on-year, according to the municipal bureau of economy and information technology.