Taizhou's Jiaojiang district recently launched a high-level talent venture contest, local media reported.

The contest, which is in its sixth edition this year, aims to solicit entrepreneurship projects related to smart manufacturing from around the world.

There will be one first prize winner, two second prize winners and several third prize winners, according to the organizers.

The first and second prize winners will be included in the 500 Elite Plan, an initiative launched by the Taizhou municipal government to attract global talents and be given 6 million yuan ($923,076.9) and 2 million yuan in subsidies respectively to start their businesses in the district. 

In addition, the contest's top three winners can enjoy preferential policies, including 10 million yuan worth of low-interest loans, a housing allowance of 1 million yuan, and rent exemptions for a 2,000-square-meter office space for up to three years.

They will also be given favorable treatment in fields of public transportation, social security and offspring education.

Jiaojiang is currently home to high-level innovation platforms like the 500 Elite Plan entrepreneurship park and the science and technology entrepreneurship park established by Peking University.