Yantai holds a press conference in Beijing on May 20 to lure more international talents . [Photo/jiaodong.net]

Yantai government held a Yantai, a coastal city in East China's Shandong province, held a press conference in Beijing on May 29 to announce its upcoming international entrepreneurship contest from May to August.

Hosted by the Yantai municipal government, the event aims to lure high-caliber talents at home and abroad to start their businesses in Yantai city and to fuel its innovation-driven growth. It also set additional contests in Europe and North America.

The contest aims to attract entrepreneurship projects covering modern marine, equipment manufacturing, electronic information, high-end chemical industry, health care, efficient agriculture, cultural tourism and modern logistics.

The final will be held in the late August. The winners will be awarded up to 200,000 yuan ($29,850). The award-winning projects will also enjoy startup subsidies of up to 3 million yuan.

Yantai, at the core of the International Economic Circle in Northeast Asia, enjoys a solid industrial foundation, favorable investment environment, and good ecological environment.

To date, the city boasts 1.7 million talents in various fields. It also introduces more than 400 overseas high-level personnel every year which boosting local economy development.