Hangzhou's innovation efforts encourage startup firms

As part of its efforts to attract top professionals to make Hangzhou an innovation hub, the capital city of Zhejiang province will provide as much as 100 million yuan ($15.44 million) in subsidies to some of the most valuable startup programs, said a top city official.

The city will also offer subsidies ranging between 5 million and 20 million yuan to leading projects developed overseas.

"We are going all out to turn Hangzhou into a hotbed for innovation and talent plays a key role in realizing that goal," said Zhao Yide, Party chief of Hangzhou, at a news conference.