Jining in East China's Shandong province will allocate 820 million yuan ($128.66 million) in 2022 to support the development of the city's manufacturing industry, according to a government news conference held on March 25.

The amount is 350 million yuan more than what was allocated last year, up 74 percent, an official said.

The money will be used as subsidies for companies' technological upgrading and going public, as well as to set up industrial funds.

A company can receive a maximum of 1 million yuan in subsidies for intelligent or environmentally friendly technological upgrading that costs more than 5 million yuan.

Companies that spend more than 5 million yuan on upgrading their technology for production safety can receive a subsidy of up to 2 million yuan from the local government.

To encourage the transformation and upgrading of traditional industries, the local government offers a subsidy of up to 3 million yuan for a company that invests 20 million yuan or more in equipment upgrading, including introducing smart production lines and industrial robots to reduce manual work and enhance efficiency.

In addition, a one-off award of 10 million yuan will be given to a company that is listed on the Shanghai Stock Exchange or the Shenzhen Stock Exchange and has made its initial public offering.

Those that are listed overseas and have repatriated more than 80 percent of their IPO proceeds back to Jining are eligible for a 6 million yuan award.