COSMOPlat, an industrial internet platform developed by household appliance manufacturer Haier in Qingdao, Shandong province [Photo for China Daily]

The province of Shandong recently issued a financial award and compensation policy to support the development of industrial internet, according to the Shandong Provincial Department of Finance. 

The industrial internet refers to a network of combined, advanced machines with internet-connected sensors that collect and analyze data from consumers, suppliers and factories. It is designed to allow companies to customize products at speed and scale while boosting productivity and reducing costs.

Shandong will support the development of industrial internet platforms.

The top 10 platforms and institutions in terms of main business income, number of industrial equipment connections, number of users and developers, and number of small and medium-sized enterprises they serve will receive subsidies equal to 10-30 percent of their revenue in the previous year, with a maximum of 2 million yuan ($307,400) each.

The province will encourage and incentivize enterprises to move to the cloud facilities. A "cloud service voucher" subsidy of up to 5 million yuan will be given to cities that introduce more than 1,000 cloud centers for key industrial equipment and that have more than 3,000 enterprises join the cloud annually.

It will also support the development of industrial internet parks. The five parks with the most enterprises will be given a one-time bonus of up to 5 million yuan each.