Xihu district in Hangzhou launches a program on June 2 to encourage technological innovation. [Photo/zj.zjol.com.cn]

Xihu district in Hangzhou, East China’s Zhejiang province, launched a program on June 2 to encourage technological innovation, Hangzhou Daily reported.

Over the next five years, Xihu district will allocate 500 million yuan ($78.25 million) to support provincial small and medium-sized tech companies, 1.5 billion yuan to cultivate national high-tech companies, 1 billion yuan to help companies go public, 1 billion yuan for research and development institutions, and 2.5 billion yuan to bring in top professionals.

According to the program, the district also plans to cultivate 3,800 provincial small and medium-sized tech companies and 1,800 national high-tech companies and introduce 116 top overseas professionals over the next five years.

Xihu district also published implementation opinions on the cultivation of “flying companies”.

“Flying companies are companies with high growth and strong innovation capacity,” said Du Hao, head of the Xihu district science and technology bureau.

Du noted that the district will support flying companies with R&D investment, housing rental subsidies, industrial funds, and more, and that each company will receive a subsidy of up to 50 million yuan.

Currently, Xihu district is home to 766 national high-tech companies, 2,384 provincial small and medium-sized tech companies, and 14 provincial laboratories.

In addition, the district has to date brought in 4,270 high-level professionals from overseas.

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