The province of Shandong in East China has launched a slew of supportive measures to promote technical innovation and reform in local industrial companies, local media reported.

According to the Shandong Provincial Department of Finance, the department will give an enterprise support of up to 5 million yuan ($764,500) for the purchase of equipment, intellectual property rights, as well as scientific and technological achievements generated in constructing smart factories and digital workshops through the application of the new generation of information technology.

After the completion and operation of the internationally advanced major industrial technology renovation project, the enterprise will receive financial support at a rate of 35 percent of the latest one-year loan prime rate (LPR), with loans up to 20 million yuan available from the Shandong Provincial Department of Finance.

For more detailed information, please consult the Shandong Provincial Department of Finance.