Taizhou in East China's Zhejiang province recently released 10 measures to encourage investment in research and development (R&D) and stimulate sci-tech innovation, local media reported on June 15.

The measures will remain in effect until the end of 2022.

The city aims to spend more than 18 billion yuan ($2.54 billion) in R&D by 2022, which is expected to account for 3 percent of its regional GDP.

The R&D institutes at the provincial level or above which were recently approved to be built but have no financial support from provincial or central governments will receive an award of 500,000 yuan; R&D institutes which were recently approved to be built by municipal government will be awarded 100,000 yuan.

Newly-recognized State-level high-tech companies will receive an award of 400,000 yuan, while re-recognized State-level high-tech companies will be awarded 200,000 yuan.

Taizhou also encourages leading companies to undertake major scientific projects at the provincial level or above.

Companies which construct major State-level or provincial-level innovation platforms will receive an award of 2 billion yuan and 1 billion yuan, respectively.

The financial support from the Taizhou municipal government will give priority to companies which invest heavily in R&D. Companies which have an annual R&D investment accounting for 3 percent of their annual output and an annual increase of more than 20 percent will enjoy an award amount equivalent to 10 percent of the R&D investment last year, with a maximum of 2 million yuan.

Moreover, Taizhou will also encourage the establishment of cross-regional or inter-industry intellectual property (IP) rights protection organizations. It will also ramp up efforts to nurture IP operation and service institutes and help them to cooperate with companies, universities and research institutes in a bid to establish industrial IP alliances and offer services including patent analysis and assessment and IP operation.