Officials from the Jining bureau of industry and information technology, as well as other government departments give an introduction on its new measures at a news conference. [Photo/jnnews.tv]

Jining in East China's Shandong province unveiled 16 new measures on May 16 to reward local companies engaged in the manufacturing industry and to further promote the high-quality development of the sector.

The measures, enacted by the Jining bureau of industry and information technology, the bureau of finance of Jining, as well as other local government departments, came into force on the same day.

According to Li Jialiang, deputy director of the Jining bureau of industry and information technology, the city will carry out these measures to incubate promising local enterprises and entrepreneurs, encouraging them to improve technology and innovate, as well as to transform.

Jining will set up a fund with 500 million yuan ($78.19 million) to support technology improvement projects in local companies, including those in traditional industries, so that their production can turn greener, smarter, and safer. Such projects can also receive loans at lower interest rates.

To stimulate innovation, the city has increased its rewards for national-level innovation platforms from 1 million yuan to a maximum of 3 million yuan. Companies that achieve breakthroughs in revenue will receive a maximum of 5 million yuan from the Jining government.

Jining will explore more channels to raise funds and make the best use of government policies to support the sustainable development of local companies, said Song Quanling, deputy director of the Jining financial services center.