June.15 (China Daily) -- Nanchang plans to set up a special fund of 16 million yuan ($2.42 million) this year to support and accelerate its construction of a "national intellectual property demonstration city". The fund will be used to support IP creation, utilization and management and to award patent projects, ranging from 500 yuan to 20,000 yuan each based on their types and from where the applications are made. Companies and institutions registered in the city can apply for the subsidies, as well as individuals studying or working there.