Oct.27 (China Daily) -- Shenyang has enacted policies to provide subsidies of up to 30 million yuan ($4.43 million) for innovation and entrepreneurship projects, in its quest to lure talented individuals and improve its capability for independent innovation, Shenyang Daily reported on Oct 24.

According to information from the local ministry of human resources and social security, in line with China's trends of innovation and entrepreneurship, the city is working on creating a better business environment for startups and innovative projects.

The newly-launched policies are targeted at two kinds of businesses.

The first type of businesses is high-level firms undertaking research and development into advanced technologies, creating new products or providing high-level services. Firms that qualify will be eligible for a maximum subsidy of 100 million yuan.

The second type of businesses is start-up companies that are newly registered in Shenyang to implement industrialization projects or to offer high-end services. Based on innovation, market prospects, and economic and social benefits, the government will give these businesses a subsidy of between 500,000 to 30 million yuan.

In addition, for people who plan to start a business in Shenyang, the government will provide them with an initial grant of 100,000 to 500,000 yuan if they hold a doctorate and have world-leading leading technologies or patents.

The new policies are expected to attract talented individuals to Shenyang, while boosting local innovation and entrepreneurship.